Par Pacific (NYSE:PARR) Sets New 1-Year High – What’s Next?

Shares of Par Pacific Holdings, Inc. (NYSE:PARR) reached a new 52-week high on Tuesday . The stock traded as high as $71.29 and last traded at $70.9760, with a volume of 883245 shares trading hands. The stock had previously closed at $65.78.

Wall Street Analysts Forecast Growth

PARR has been the topic of a number of research reports. UBS Group increased their target price on shares of Par Pacific from $60.00 to $65.00 and gave the stock a “neutral” rating in a report on Wednesday, July 8th. Mizuho boosted their price objective on shares of Par Pacific from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, July 9th. Raymond James Financial boosted their price objective on shares of Par Pacific from $80.00 to $85.00 and gave the company an “outperform” rating in a research report on Monday. Weiss Ratings reiterated a “hold (c+)” rating on shares of Par Pacific in a research note on Wednesday, June 24th. Finally, Wall Street Zen raised shares of Par Pacific from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 17th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $72.00.

Par Pacific Stock Down 0.4%

The company has a current ratio of 1.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.63. The stock has a 50-day simple moving average of $58.56 and a 200-day simple moving average of $52.37. The company has a market cap of $3.67 billion, a price-to-earnings ratio of 8.17 and a beta of 0.82.

Par Pacific (NYSE:PARR) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.22). Par Pacific had a net margin of 6.02% and a return on equity of 34.38%. The business had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same period last year, the business posted ($0.94) earnings per share. Par Pacific’s revenue for the quarter was up 4.5% on a year-over-year basis. As a group, analysts predict that Par Pacific Holdings, Inc. will post 17.85 EPS for the current year.

Institutional Trading of Par Pacific

Hedge funds and other institutional investors have recently made changes to their positions in the stock. NewEdge Advisors LLC acquired a new position in shares of Par Pacific during the first quarter valued at approximately $26,000. EverSource Wealth Advisors LLC lifted its position in Par Pacific by 32.0% in the first quarter. EverSource Wealth Advisors LLC now owns 713 shares of the company’s stock worth $45,000 after purchasing an additional 173 shares during the period. Smartleaf Asset Management LLC lifted its position in Par Pacific by 81.1% in the second quarter. Smartleaf Asset Management LLC now owns 2,340 shares of the company’s stock worth $62,000 after purchasing an additional 1,048 shares during the period. Aster Capital Management DIFC Ltd boosted its stake in Par Pacific by 34.9% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,847 shares of the company’s stock valued at $65,000 after purchasing an additional 478 shares in the last quarter. Finally, Rockefeller Capital Management L.P. boosted its stake in Par Pacific by 385.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,962 shares of the company’s stock valued at $69,000 after purchasing an additional 1,558 shares in the last quarter. 92.15% of the stock is currently owned by institutional investors.

About Par Pacific

Par Pacific Holdings, Inc (NYSE: PARR) is a diversified downstream energy company engaged in the refining, marketing and logistics of petroleum products. Through its subsidiaries, Par Pacific operates the Par Hawaii Refinery on the island of Oʻahu, which processes crude oil into transportation fuels such as gasoline, diesel and jet fuel, as well as asphalt, petroleum coke and sulfur. In the Rocky Mountain region, the company owns and operates the Salt Lake City Refinery in Utah and associated logistics infrastructure, including pipelines and storage terminals, to support both crude supply and product distribution.

In marketing its refined products, Par Pacific maintains a network of branded and unbranded wholesale accounts across Hawaii and the U.S.