Par Pacific (NYSE:PARR) Trading Down 5.9% – Here’s Why

Par Pacific Holdings, Inc. (NYSE:PARR)’s stock price was down 5.9% on Thursday . The stock traded as low as $57.29 and last traded at $57.1880. Approximately 453,375 shares were traded during trading, a decline of 66% from the average daily volume of 1,352,992 shares. The stock had previously closed at $60.80.

Wall Street Analyst Weigh In

Several analysts recently weighed in on PARR shares. TD Cowen increased their target price on Par Pacific from $39.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Raymond James Financial increased their target price on Par Pacific from $50.00 to $77.00 and gave the company an “outperform” rating in a research note on Wednesday, March 25th. Wall Street Zen upgraded Par Pacific from a “buy” rating to a “strong-buy” rating in a research note on Sunday. Piper Sandler increased their target price on Par Pacific from $63.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday, April 8th. Finally, The Goldman Sachs Group upgraded Par Pacific from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $53.00 to $77.00 in a research report on Friday, April 10th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Par Pacific has an average rating of “Moderate Buy” and a consensus price target of $67.00.

Par Pacific Price Performance

The stock has a 50-day simple moving average of $61.16 and a 200 day simple moving average of $47.87. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.60 and a current ratio of 1.62. The company has a market cap of $2.89 billion, a P/E ratio of 6.43 and a beta of 0.91.

Par Pacific (NYSE:PARR) last announced its quarterly earnings data 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 return on equity of 34.38% and a net margin of 6.02%.The firm had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.78 billion. During the same quarter in the prior year, the business posted ($0.94) EPS. Par Pacific’s revenue was up 4.5% compared to the same quarter last year. On average, equities analysts expect that Par Pacific Holdings, Inc. will post 13.72 EPS for the current year.

Insider Activity at Par Pacific

In other news, CEO William Monteleone sold 108,948 shares of the stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $54.06, for a total value of $5,889,728.88. Following the completion of the transaction, the chief executive officer directly owned 457,167 shares of the company’s stock, valued at approximately $24,714,448.02. This represents a 19.24% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 3.60% of the company’s stock.

Hedge Funds Weigh In On Par Pacific

Hedge funds have recently modified their holdings of the stock. EverSource Wealth Advisors LLC raised its holdings 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 buying an additional 173 shares in the last quarter. Federated Hermes Inc. acquired a new position in shares of Par Pacific in the 3rd quarter worth approximately $44,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Par Pacific in the 3rd quarter worth approximately $48,000. Rockefeller Capital Management L.P. raised its holdings in shares of Par Pacific by 385.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,962 shares of the company’s stock worth $69,000 after buying an additional 1,558 shares in the last quarter. Finally, Smartleaf Asset Management LLC raised its holdings in shares of Par Pacific by 81.1% in the 2nd quarter. Smartleaf Asset Management LLC now owns 2,340 shares of the company’s stock worth $62,000 after buying an additional 1,048 shares in the last quarter. 92.15% of the stock is owned by institutional investors and hedge funds.

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.