Par Pacific (NYSE:PARR) Trading Down 4.2% – Here’s What Happened

Par Pacific Holdings, Inc. (NYSE:PARR)’s stock price dropped 4.2% during mid-day trading on Friday . The stock traded as low as $35.86 and last traded at $36.1750. Approximately 312,214 shares traded hands during trading, a decline of 70% from the average daily volume of 1,024,268 shares. The stock had previously closed at $37.77.

Analyst Upgrades and Downgrades

PARR has been the topic of several recent research reports. Tudor Pickering raised Par Pacific from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 6th. Piper Sandler decreased their target price on shares of Par Pacific from $62.00 to $59.00 and set an “overweight” rating on the stock in a research note on Thursday. Tudor, Pickering, Holt & Co. upgraded shares of Par Pacific from a “hold” rating to a “buy” rating in a research report on Thursday, November 6th. UBS Group increased their price objective on shares of Par Pacific from $37.00 to $40.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 5th. Finally, Mizuho upped their target price on shares of Par Pacific from $45.00 to $49.00 and gave the stock a “neutral” rating in a report on Friday, December 12th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $41.71.

Par Pacific Stock Performance

The firm’s 50 day simple moving average is $40.68 and its 200 day simple moving average is $35.75. The firm has a market cap of $1.85 billion, a PE ratio of 7.72 and a beta of 1.24. The company has a current ratio of 1.51, a quick ratio of 0.48 and a debt-to-equity ratio of 0.70.

Par Pacific (NYSE:PARR) last issued its earnings results on Tuesday, November 4th. The company reported $5.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $3.97. The firm had revenue of $2.01 billion for the quarter, compared to analysts’ expectations of $1.72 billion. Par Pacific had a return on equity of 23.69% and a net margin of 3.15%.The business’s revenue was down 6.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.10) earnings per share. On average, research analysts forecast that Par Pacific Holdings, Inc. will post 0.15 EPS for the current fiscal year.

Insiders Place Their Bets

In other Par Pacific news, EVP Richard Creamer sold 15,848 shares of the stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $41.22, for a total transaction of $653,254.56. Following the completion of the transaction, the executive vice president owned 54,654 shares in the company, valued at $2,252,837.88. This trade represents a 22.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William Monteleone sold 99,284 shares of Par Pacific stock in a transaction on Friday, November 21st. The stock was sold at an average price of $43.15, for a total transaction of $4,284,104.60. Following the completion of the transaction, the chief executive officer directly owned 423,022 shares of the company’s stock, valued at $18,253,399.30. The trade was a 19.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 4.40% of the stock is owned by corporate insiders.

Institutional Trading of Par Pacific

Institutional investors have recently bought and sold shares of the stock. Farther Finance Advisors LLC lifted its holdings in shares of Par Pacific by 175.9% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,181 shares of the company’s stock worth $31,000 after acquiring an additional 753 shares during the last quarter. Federated Hermes Inc. purchased a new stake in Par Pacific in the 3rd quarter worth about $44,000. Parallel Advisors LLC lifted its stake in Par Pacific by 232.9% in the second quarter. Parallel Advisors LLC now owns 1,325 shares of the company’s stock worth $35,000 after purchasing an additional 927 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new stake in Par Pacific in the third quarter worth about $48,000. Finally, Nisa Investment Advisors LLC boosted its position in shares of Par Pacific by 157.4% during the second quarter. Nisa Investment Advisors LLC now owns 1,596 shares of the company’s stock valued at $42,000 after buying an additional 976 shares during the period. 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.