Par Pacific (NYSE:PARR) Trading 6.7% Higher – Here’s What Happened

Par Pacific Holdings, Inc. (NYSE:PARR) shares were up 6.7% during mid-day trading on Tuesday . The company traded as high as $60.27 and last traded at $61.0360. Approximately 173,564 shares changed hands during trading, a decline of 87% from the average daily volume of 1,306,698 shares. The stock had previously closed at $57.20.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on PARR shares. The Goldman Sachs Group boosted their price objective on shares of Par Pacific from $44.00 to $53.00 and gave the company a “neutral” rating in a research report on Thursday, March 12th. Mizuho increased their price target on Par Pacific from $49.00 to $58.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 17th. Piper Sandler set a $57.00 price objective on Par Pacific in a research report on Monday, January 12th. Wall Street Zen upgraded shares of Par Pacific from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 14th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Par Pacific in a research report on Monday, December 29th. Four analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $51.00.

Par Pacific Stock Performance

The stock has a market cap of $3.05 billion, a price-to-earnings ratio of 8.55 and a beta of 1.17. The stock’s 50-day simple moving average is $43.53 and its two-hundred day simple moving average is $40.32. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.49 and a current ratio of 1.61.

Par Pacific (NYSE:PARR) last released its earnings results on Tuesday, February 24th. The company reported $1.17 earnings per share for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.04). The firm had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.68 billion. Par Pacific had a return on equity of 30.19% and a net margin of 4.95%.The firm’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same period last year, the business earned ($0.79) earnings per share. Analysts forecast that Par Pacific Holdings, Inc. will post 0.15 earnings per share for the current year.

Insider Transactions at Par Pacific

In other news, CEO William Monteleone sold 108,948 shares of the firm’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $54.06, for a total transaction of $5,889,728.88. Following the sale, the chief executive officer owned 457,167 shares of the company’s stock, valued at $24,714,448.02. This trade represents a 19.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 4.40% of the company’s stock.

Institutional Trading of Par Pacific

Several institutional investors and hedge funds have recently bought and sold shares of PARR. Encompass Capital Advisors LLC acquired a new position in Par Pacific during the second quarter valued at approximately $34,609,000. Vanguard Group Inc. grew its stake in shares of Par Pacific by 30.9% during the third quarter. Vanguard Group Inc. now owns 5,044,612 shares of the company’s stock worth $178,680,000 after buying an additional 1,190,088 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Par Pacific by 89.9% during the second quarter. Arrowstreet Capital Limited Partnership now owns 1,438,677 shares of the company’s stock worth $38,168,000 after buying an additional 681,190 shares in the last quarter. SG Americas Securities LLC lifted its stake in shares of Par Pacific by 7,787.1% in the 4th quarter. SG Americas Securities LLC now owns 563,930 shares of the company’s stock valued at $19,816,000 after acquiring an additional 556,780 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in shares of Par Pacific by 42.8% during the 3rd quarter. American Century Companies Inc. now owns 1,522,392 shares of the company’s stock valued at $53,923,000 after acquiring an additional 456,473 shares in the last quarter. Institutional investors own 92.15% of the company’s stock.

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.