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

Par Pacific Holdings, Inc. (NYSE:PARR) hit a new 52-week high on Wednesday after Raymond James Financial raised their price target on the stock from $50.00 to $77.00. Raymond James Financial currently has an outperform rating on the stock. Par Pacific traded as high as $62.64 and last traded at $61.6980, with a volume of 1564166 shares changing hands. The stock had previously closed at $57.20.

Several other equities research analysts also recently issued reports on PARR. Zacks Research downgraded shares of Par Pacific from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 16th. The Goldman Sachs Group boosted their price objective on shares of Par Pacific from $44.00 to $53.00 and gave the company a “neutral” rating in a research report on Thursday, March 12th. Mizuho upped their target price on shares of Par Pacific from $49.00 to $58.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 17th. Piper Sandler set a $57.00 target price on Par Pacific in a report on Monday, January 12th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Par Pacific in a research note on Monday, December 29th. Four investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Par Pacific currently has a consensus rating of “Hold” and an average price target of $55.50.

Insider Activity

In other news, CEO William Monteleone sold 108,948 shares of Par Pacific stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $54.06, for a total value of $5,889,728.88. Following the sale, the chief executive officer directly owned 457,167 shares in the company, valued at $24,714,448.02. This trade represents a 19.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Par Pacific

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rockefeller Capital Management L.P. boosted its stake in shares of Par Pacific by 385.6% during 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 during the last quarter. Corient Private Wealth LLC bought a new position in shares of Par Pacific in the 4th quarter valued at about $345,000. Hsbc Holdings PLC grew its position in shares of Par Pacific by 3.3% in the 4th quarter. Hsbc Holdings PLC now owns 49,096 shares of the company’s stock valued at $1,729,000 after acquiring an additional 1,578 shares during the period. Virtu Financial LLC increased its stake in shares of Par Pacific by 378.3% during the 4th quarter. Virtu Financial LLC now owns 30,215 shares of the company’s stock worth $1,062,000 after purchasing an additional 23,898 shares during the last quarter. Finally, Compound Planning Inc. bought a new stake in shares of Par Pacific in the 4th quarter valued at about $392,000. 92.15% of the stock is currently owned by institutional investors and hedge funds.

Par Pacific Stock Performance

The company has a market capitalization of $3.13 billion, a P/E ratio of 8.67 and a beta of 1.17. The stock’s fifty day moving average price is $44.96 and its 200-day moving average price is $40.82. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.49 and a current ratio of 1.61.

Par Pacific (NYSE:PARR) last posted 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 business had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.68 billion. Par Pacific had a return on equity of 30.19% and a net margin of 4.95%.The company’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.79) EPS. As a group, research 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.