Par Pacific (NYSE:PARR) Sets New 52-Week High Following Analyst Upgrade

Par Pacific Holdings, Inc. (NYSE:PARR) hit a new 52-week high on Thursday after Wall Street Zen upgraded the stock from a buy rating to a strong-buy rating. The stock traded as high as $53.55 and last traded at $53.8390, with a volume of 158439 shares changing hands. The stock had previously closed at $50.92.

Other analysts have also issued research reports about the company. TD Cowen upped their target price on Par Pacific from $39.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Raymond James Financial reaffirmed an “outperform” rating and set a $50.00 price target on shares of Par Pacific in a research report on Wednesday, February 25th. Mizuho upped their price objective on Par Pacific from $45.00 to $49.00 and gave the stock a “neutral” rating in a research note on Friday, December 12th. Zacks Research downgraded Par Pacific from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 16th. Finally, Piper Sandler set a $57.00 target price on shares of Par Pacific in a research note on Monday, January 12th. Four research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $49.50.

Institutional Trading of Par Pacific

Hedge funds have recently made changes to their positions in the business. Corient Private Wealth LLC acquired a new stake in Par Pacific during the 4th quarter valued at $345,000. Hsbc Holdings PLC increased its holdings in shares of Par Pacific by 3.3% in the fourth quarter. Hsbc Holdings PLC now owns 49,096 shares of the company’s stock valued at $1,729,000 after purchasing an additional 1,578 shares during the last quarter. Virtu Financial LLC raised its position in shares of Par Pacific by 378.3% in the fourth quarter. Virtu Financial LLC now owns 30,215 shares of the company’s stock valued at $1,062,000 after purchasing an additional 23,898 shares during the period. Compound Planning Inc. bought a new position in shares of Par Pacific in the fourth quarter valued at about $392,000. Finally, XTX Topco Ltd lifted its stake in shares of Par Pacific by 271.2% during the 4th quarter. XTX Topco Ltd now owns 92,694 shares of the company’s stock worth $3,257,000 after buying an additional 67,720 shares during the last quarter. 92.15% of the stock is owned by institutional investors and hedge funds.

Par Pacific Trading Up 1.2%

The company has a market cap of $2.64 billion, a price-to-earnings ratio of 7.38 and a beta of 1.17. The company has a current ratio of 1.61, a quick ratio of 0.49 and a debt-to-equity ratio of 0.54. The business’s 50 day moving average price is $41.17 and its 200-day moving average price is $39.32.

Par Pacific (NYSE:PARR) last announced its quarterly earnings results on Tuesday, February 24th. The company reported $1.17 EPS for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.04). The company had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.68 billion. Par Pacific had a net margin of 4.95% and a return on equity of 30.19%. The firm’s quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter last year, the company posted ($0.79) EPS. On average, equities analysts anticipate that Par Pacific Holdings, Inc. will post 0.15 EPS for the current fiscal year.

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 O?ahu, 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.