Par Pacific (NYSE:PARR) Cut to “Neutral” at Mizuho

Par Pacific (NYSE:PARR) was downgraded by equities research analysts at Mizuho from an “outperform” rating to a “neutral” rating in a research note issued to investors on Thursday, MarketBeat.com reports. They presently have a $91.00 target price on the stock. Mizuho’s price objective suggests a potential upside of 3.49% from the company’s previous close.

PARR has been the subject of several other reports. Zacks Research raised Par Pacific from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 4th. TD Cowen lowered their price target on Par Pacific from $100.00 to $95.00 and set a “buy” rating for the company in a research report on Friday, August 7th. Raymond James Financial lifted their price objective on shares of Par Pacific from $90.00 to $104.00 and gave the stock an “outperform” rating in a research note on Monday, September 14th. Weiss Ratings raised shares of Par Pacific from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, September 8th. Finally, The Goldman Sachs Group raised their target price on shares of Par Pacific from $77.00 to $92.00 and gave the stock a “buy” rating in a report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $85.14.

Par Pacific Stock Up 2.1%

Shares of PARR opened at $87.93 on Thursday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.84 and a quick ratio of 0.76. The stock has a market capitalization of $4.41 billion, a price-to-earnings ratio of 5.13 and a beta of 0.75. Par Pacific has a 1 year low of $33.21 and a 1 year high of $89.45. The business’s 50 day simple moving average is $80.10 and its 200-day simple moving average is $68.72.

Par Pacific (NYSE:PARR) last released its quarterly earnings results on Tuesday, August 4th. The company reported $10.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.22 by $1.88. Par Pacific had a net margin of 9.94% and a return on equity of 56.19%. The company had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.40 billion. During the same quarter in the prior year, the firm earned $1.54 earnings per share. Par Pacific’s revenue was up 56.8% on a year-over-year basis. As a group, equities analysts expect that Par Pacific will post 23.74 earnings per share for the current fiscal year.

Insider Activity at Par Pacific

In related news, insider Danielle Mattiussi sold 3,278 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $67.29, for a total value of $220,576.62. Following the completion of the sale, the insider owned 27,878 shares in the company, valued at approximately $1,875,910.62. The trade was a 10.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Timothy Clossey sold 10,970 shares of the firm’s stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $84.00, for a total value of $921,480.00. Following the transaction, the director owned 51,526 shares in the company, valued at $4,328,184. The trade was a 17.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 54,248 shares of company stock worth $4,394,057 in the last 90 days. 3.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Par Pacific

A number of hedge funds and other institutional investors have recently made changes to their positions in PARR. EverSource Wealth Advisors LLC grew its stake in shares of Par Pacific by 32.0% during the first quarter. EverSource Wealth Advisors LLC now owns 713 shares of the company’s stock worth $45,000 after acquiring an additional 173 shares during the last quarter. GAMMA Investing LLC increased its stake in Par Pacific by 1.7% during the 3rd quarter. GAMMA Investing LLC now owns 15,254 shares of the company’s stock valued at $1,245,000 after purchasing an additional 255 shares in the last quarter. Birchbrook Inc. raised its holdings in shares of Par Pacific by 12.8% in the second quarter. Birchbrook Inc. now owns 3,385 shares of the company’s stock worth $190,000 after buying an additional 385 shares during the last quarter. NewEdge Advisors LLC acquired a new stake in shares of Par Pacific during the first quarter worth $26,000. Finally, Pictet Asset Management Holding SA grew its holdings in shares of Par Pacific by 6.4% during the first quarter. Pictet Asset Management Holding SA now owns 7,598 shares of the company’s stock valued at $476,000 after buying an additional 455 shares during the last quarter. Institutional investors own 92.15% of the company’s stock.

About Par Pacific

Par Pacific Holdings, Inc is an energy company engaged in refining, marketing and distributing transportation fuels and other petroleum products. Through its refining operations, the company produces gasoline, diesel, jet fuel, asphalt and other refined products for commercial, industrial and retail customers.

Par Pacific operates refineries and related energy infrastructure in the western United States, with a significant presence in Hawaii and additional refining and logistics operations in the Pacific Northwest and Rocky Mountain regions.