Par Pacific (NYSE:PARR) Shares Gap Down on Disappointing Earnings

Par Pacific Holdings, Inc. (NYSE:PARR)’s share price gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $41.03, but opened at $36.71. Par Pacific shares last traded at $38.0860, with a volume of 294,323 shares trading hands.

The company reported $1.17 EPS for the quarter, missing the consensus estimate of $1.21 by ($0.04). The firm had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. Par Pacific had a net margin of 3.15% and a return on equity of 23.69%. Par Pacific’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.79) earnings per share.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Tudor Pickering upgraded Par Pacific from a “hold” rating to a “buy” rating in a research report on Thursday, November 6th. Zacks Research lowered Par Pacific from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 16th. UBS Group upped their target price on Par Pacific from $37.00 to $40.00 and gave the company a “neutral” rating in a report on Wednesday, November 5th. Weiss Ratings reissued a “hold (c+)” rating on shares of Par Pacific in a research report on Monday, December 29th. Finally, Wall Street Zen upgraded shares of Par Pacific from a “buy” rating to a “strong-buy” rating in a research report on Sunday, February 15th. Four equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $44.00.

Institutional Trading of Par Pacific

Several hedge funds have recently modified their holdings of the stock. Encompass Capital Advisors LLC bought a new position in Par Pacific during the second quarter worth $34,609,000. Vanguard Group Inc. increased its stake in Par Pacific by 30.9% in the third quarter. Vanguard Group Inc. now owns 5,044,612 shares of the company’s stock valued at $178,680,000 after purchasing an additional 1,190,088 shares in the last quarter. FJ Investments LLC acquired a new position in shares of Par Pacific during the second quarter valued at about $26,294,000. Arrowstreet Capital Limited Partnership boosted its position in shares of Par Pacific by 89.9% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,438,677 shares of the company’s stock worth $38,168,000 after purchasing an additional 681,190 shares in the last quarter. Finally, SG Americas Securities LLC boosted its position in shares of Par Pacific by 7,787.1% during the 4th quarter. SG Americas Securities LLC now owns 563,930 shares of the company’s stock worth $19,816,000 after purchasing an additional 556,780 shares in the last quarter. Institutional investors own 92.15% of the company’s stock.

Par Pacific Stock Performance

The company has a market capitalization of $1.90 billion, a price-to-earnings ratio of 8.01 and a beta of 1.23. The company has a 50 day moving average price of $38.24 and a 200 day moving average price of $37.84. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.48 and a current ratio of 1.51.

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.