Par Pacific (NYSE:PARR) Hits New 12-Month High – What’s Next?

Par Pacific Holdings, Inc. (NYSE:PARR)’s stock price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $77.33 and last traded at $76.9950, with a volume of 60628 shares traded. The stock had previously closed at $76.25.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PARR. JPMorgan Chase & Co. upped their price target on Par Pacific from $48.00 to $77.00 and gave the company an “overweight” rating in a research note on Wednesday, April 8th. Zacks Research upgraded shares of Par Pacific from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 7th. Evercore upgraded shares of Par Pacific to an “outperform” rating in a research report on Wednesday, May 27th. Raymond James Financial increased their price objective on shares of Par Pacific from $80.00 to $85.00 and gave the company an “outperform” rating in a report on Monday, July 13th. Finally, Mizuho lifted their target price on shares of Par Pacific from $79.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $72.00.

Par Pacific Trading Up 0.6%

The company has a debt-to-equity ratio of 0.63, a current ratio of 1.62 and a quick ratio of 0.60. The business’s 50-day moving average price is $59.03 and its two-hundred day moving average price is $52.93. The company has a market capitalization of $3.85 billion, a P/E ratio of 8.58 and a beta of 0.82.

Par Pacific (NYSE:PARR) last posted its earnings results on Tuesday, May 5th. The company reported $0.78 earnings per share 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 business had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.78 billion. During the same quarter in the prior year, the firm posted ($0.94) earnings per share. The business’s revenue was up 4.5% on a year-over-year basis. As a group, analysts forecast that Par Pacific Holdings, Inc. will post 17.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada raised its holdings in shares of Par Pacific by 23.9% during the first quarter. Royal Bank of Canada now owns 23,453 shares of the company’s stock worth $334,000 after acquiring an additional 4,525 shares during the period. AQR Capital Management LLC increased its holdings in Par Pacific by 118.2% during the 1st quarter. AQR Capital Management LLC now owns 164,358 shares of the company’s stock worth $2,344,000 after purchasing an additional 89,023 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Par Pacific by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,304 shares of the company’s stock valued at $461,000 after purchasing an additional 1,427 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Par Pacific by 4.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 146,241 shares of the company’s stock worth $2,085,000 after buying an additional 6,618 shares during the period. Finally, Jane Street Group LLC boosted its position in shares of Par Pacific by 352.7% during the first quarter. Jane Street Group LLC now owns 270,835 shares of the company’s stock worth $3,862,000 after buying an additional 211,002 shares during the period. Institutional investors and hedge funds own 92.15% of the company’s stock.

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.