Par Pacific (NYSE:PARR) Releases Earnings Results, Misses Expectations By $0.04 EPS

Par Pacific (NYSE:PARR) announced its quarterly earnings data on Tuesday. The company reported $1.17 earnings per share for the quarter, missing the consensus estimate of $1.21 by ($0.04), Zacks reports. Par Pacific had a net margin of 3.15% and a return on equity of 23.69%. The business had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the prior year, the company earned ($0.79) earnings per share. The company’s quarterly revenue was down 1.0% on a year-over-year basis.

Par Pacific Stock Up 1.4%

Par Pacific stock opened at $41.27 on Wednesday. The company has a 50 day moving average of $38.24 and a 200-day moving average of $37.84. The company has a quick ratio of 0.48, a current ratio of 1.51 and a debt-to-equity ratio of 0.70. Par Pacific has a twelve month low of $11.86 and a twelve month high of $48.40. The stock has a market capitalization of $2.08 billion, a PE ratio of 8.69 and a beta of 1.23.

Hedge Funds Weigh In On Par Pacific

A number of large investors have recently added to or reduced their stakes in PARR. Smartleaf Asset Management LLC lifted its holdings in shares of Par Pacific by 81.1% in the second quarter. Smartleaf Asset Management LLC now owns 2,340 shares of the company’s stock valued at $62,000 after purchasing an additional 1,048 shares in the last quarter. Aster Capital Management DIFC Ltd raised its position in Par Pacific by 34.9% in the 4th 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 during the last quarter. Federated Hermes Inc. lifted its stake in Par Pacific by 70.4% in the 4th quarter. Federated Hermes Inc. now owns 2,096 shares of the company’s stock valued at $74,000 after acquiring an additional 866 shares in the last quarter. Royal Bank of Canada boosted its position in Par Pacific by 86.3% during the 4th quarter. Royal Bank of Canada now owns 3,697 shares of the company’s stock worth $130,000 after acquiring an additional 1,713 shares during the last quarter. Finally, Quadrant Capital Group LLC bought a new position in shares of Par Pacific during the 3rd quarter worth approximately $136,000. Institutional investors own 92.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on PARR shares. UBS Group increased their price target on Par Pacific from $37.00 to $40.00 and gave the company a “neutral” rating in a research note on Wednesday, November 5th. Tudor Pickering upgraded Par Pacific from a “hold” rating to a “buy” rating in a report on Thursday, November 6th. Weiss Ratings restated a “hold (c+)” rating on shares of Par Pacific in a report on Monday, December 29th. Piper Sandler set a $57.00 target price on Par Pacific in a research report on Monday, January 12th. Finally, Mizuho increased their price target on shares of Par Pacific from $45.00 to $49.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. Four analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $44.00.

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.