Par Pacific (NYSE:PARR) Trading 6.8% Higher – Here’s Why

Par Pacific Holdings, Inc. (NYSE:PARR)’s share price was up 6.8% on Wednesday . The stock traded as high as $58.30 and last traded at $58.3340. Approximately 206,289 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 1,300,364 shares. The stock had previously closed at $54.64.

Analysts Set New Price Targets

Several analysts have recently weighed in on PARR shares. Guggenheim upgraded Par Pacific to an “outperform” rating in a report on Wednesday, May 27th. The Goldman Sachs Group upgraded Par Pacific from a “neutral” rating to a “buy” rating and upped their price objective for the company from $53.00 to $77.00 in a report on Friday, April 10th. TD Cowen upped their price objective on Par Pacific from $39.00 to $48.00 and gave the company a “buy” rating in a report on Friday, February 27th. Weiss Ratings restated a “hold (c+)” rating on shares of Par Pacific in a report on Friday, March 27th. Finally, Zacks Research downgraded Par Pacific from a “strong-buy” rating to a “hold” rating in a report on Monday. Nine analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $70.00.

Par Pacific Stock Performance

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 firm has a market cap of $2.89 billion, a price-to-earnings ratio of 6.44 and a beta of 0.83. The stock has a fifty day moving average price of $61.15 and a 200 day moving average price of $49.32.

Par Pacific (NYSE:PARR) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.22). The company had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.78 billion. Par Pacific had a net margin of 6.02% and a return on equity of 34.38%. The business’s revenue was up 4.5% on a year-over-year basis. During the same period in the prior year, the company posted ($0.94) EPS. As a group, analysts predict that Par Pacific Holdings, Inc. will post 15.41 earnings per share for the current year.

Insider Buying and Selling at Par Pacific

In other news, CEO William Monteleone sold 108,948 shares of Par Pacific stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $54.06, for a total transaction of $5,889,728.88. Following the sale, the chief executive officer owned 457,167 shares of the company’s stock, valued at approximately $24,714,448.02. This trade represents a 19.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.60% of the company’s stock.

Institutional Trading of Par Pacific

Several institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its position in shares of Par Pacific by 32.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 713 shares of the company’s stock worth $45,000 after buying an additional 173 shares during the period. Smartleaf Asset Management LLC lifted its position in shares of Par Pacific by 12.5% during the 3rd quarter. Smartleaf Asset Management LLC now owns 2,633 shares of the company’s stock worth $94,000 after buying an additional 293 shares during the period. Natixis Advisors LLC lifted its position in shares of Par Pacific by 2.8% during the 4th quarter. Natixis Advisors LLC now owns 11,102 shares of the company’s stock worth $390,000 after buying an additional 299 shares during the period. GAMMA Investing LLC lifted its position in shares of Par Pacific by 2.5% during the 4th quarter. GAMMA Investing LLC now owns 15,787 shares of the company’s stock worth $555,000 after buying an additional 382 shares during the period. Finally, Amundi lifted its position in shares of Par Pacific by 3.6% during the 3rd quarter. Amundi now owns 11,013 shares of the company’s stock worth $388,000 after buying an additional 386 shares during the period. Institutional investors and hedge funds own 92.15% of the company’s stock.

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.