Par Pacific (NYSE:PARR) Trading 7.3% Higher – Here’s Why

Par Pacific Holdings, Inc. (NYSE:PARR) shares traded up 7.3% during mid-day trading on Monday . The company traded as high as $71.03 and last traded at $71.0990. 113,669 shares traded hands during trading, a decline of 91% from the average session volume of 1,219,968 shares. The stock had previously closed at $66.29.

Analyst Ratings Changes

Several research firms recently commented on PARR. Benchmark reaffirmed a “buy” rating on shares of Par Pacific in a research note on Wednesday, July 8th. Wall Street Zen upgraded shares of Par Pacific from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 17th. Zacks Research lowered shares of Par Pacific from a “strong-buy” rating to a “hold” rating in a research report on Thursday. UBS Group lifted their price target on shares of Par Pacific from $60.00 to $65.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th. Finally, Weiss Ratings upgraded Par Pacific from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday. Eleven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Par Pacific has a consensus rating of “Moderate Buy” and an average price target of $80.86.

Par Pacific Price Performance

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 firm has a fifty day moving average of $64.79 and a two-hundred day moving average of $57.34. The stock has a market capitalization of $3.63 billion, a P/E ratio of 4.22 and a beta of 0.78.

Par Pacific (NYSE:PARR) last issued its earnings results on Tuesday, August 4th. The company reported $10.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.22 by $1.88. The company had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $2.40 billion. Par Pacific had a net margin of 9.94% and a return on equity of 56.19%. The firm’s quarterly revenue was up 56.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.54 EPS. On average, analysts predict that Par Pacific Holdings, Inc. will post 19.35 EPS for the current year.

Hedge Funds Weigh In On Par Pacific

A number of hedge funds and other institutional investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC increased its stake in shares of Par Pacific by 32.0% in the 1st 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. Natixis Advisors LLC boosted its position in shares of Par Pacific by 2.8% during the 4th quarter. Natixis Advisors LLC now owns 11,102 shares of the company’s stock valued at $390,000 after acquiring an additional 299 shares during the last quarter. Birchbrook Inc. boosted its position in shares of Par Pacific by 12.8% during the 2nd quarter. Birchbrook Inc. now owns 3,385 shares of the company’s stock valued at $190,000 after acquiring an additional 385 shares during the last quarter. Amundi grew its holdings in shares of Par Pacific by 3.6% in the third quarter. Amundi now owns 11,013 shares of the company’s stock valued at $388,000 after purchasing an additional 386 shares during the period. Finally, NewEdge Advisors LLC purchased a new stake in shares of Par Pacific in the first quarter valued at about $26,000. 92.15% of the stock is currently owned by institutional investors.

Par Pacific Company Profile

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.