Par Pacific (NYSE:PARR) Raised to Strong-Buy at Zacks Research

Par Pacific (NYSE:PARR) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.

Other equities analysts have also issued research reports about the company. UBS Group raised their price objective on Par Pacific from $60.00 to $65.00 and gave the stock a “neutral” rating in a report on Wednesday. Benchmark reissued a “buy” rating on shares of Par Pacific in a report on Wednesday. Mizuho raised Par Pacific from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $58.00 to $79.00 in a report on Wednesday, May 27th. The Goldman Sachs Group raised Par Pacific from a “neutral” rating to a “buy” rating and upped their target price for the company from $53.00 to $77.00 in a research report on Friday, April 10th. Finally, Evercore raised Par Pacific to an “outperform” rating in a research report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.71.

Par Pacific Trading Up 11.4%

Shares of Par Pacific stock opened at $68.45 on Tuesday. The company has a current ratio of 1.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.63. The company has a fifty day simple moving average of $58.11 and a 200-day simple moving average of $51.18. The stock has a market cap of $3.43 billion, a price-to-earnings ratio of 7.64 and a beta of 0.82. Par Pacific has a 12-month low of $26.83 and a 12-month high of $70.39.

Par Pacific (NYSE:PARR) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $0.78 EPS for the quarter, missing the consensus estimate of $1.00 by ($0.22). Par Pacific had a return on equity of 34.38% and a net margin of 6.02%.The company had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same quarter in the prior year, the business earned ($0.94) earnings per share. Par Pacific’s revenue was up 4.5% compared to the same quarter last year. On average, equities analysts forecast that Par Pacific will post 16.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC acquired a new position in Par Pacific during the 1st quarter worth approximately $26,000. EverSource Wealth Advisors LLC lifted 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 valued at $45,000 after buying an additional 173 shares during the period. Aster Capital Management DIFC Ltd boosted its stake in shares of Par Pacific by 34.9% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,847 shares of the company’s stock valued at $65,000 after buying an additional 478 shares in the last quarter. Rockefeller Capital Management L.P. boosted its stake in shares of Par Pacific by 385.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,962 shares of the company’s stock valued at $69,000 after buying an additional 1,558 shares in the last quarter. Finally, Federated Hermes Inc. grew its holdings in Par Pacific by 70.4% during the fourth quarter. Federated Hermes Inc. now owns 2,096 shares of the company’s stock worth $74,000 after acquiring an additional 866 shares during the period. 92.15% of the stock is owned by hedge funds and other 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 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.