Par Pacific (NYSE:PARR) Announces Earnings Results, Beats Expectations By $1.88 EPS

Par Pacific (NYSE:PARR) announced its earnings results on Tuesday. The company reported $10.10 earnings per share for the quarter, beating analysts’ consensus estimates of $8.22 by $1.88, Zacks reports. Par Pacific had a net margin of 6.02% and a return on equity of 34.38%. The business had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.40 billion. During the same period last year, the firm posted $1.54 earnings per share. Par Pacific’s quarterly revenue was up 56.8% on a year-over-year basis.

Par Pacific Trading Down 8.5%

NYSE PARR traded down $7.07 during trading on Wednesday, hitting $75.93. 326,425 shares of the company’s stock traded hands, compared to its average volume of 1,211,726. The stock has a fifty day moving average of $64.07 and a two-hundred day moving average of $56.69. Par Pacific has a 12-month low of $26.83 and a 12-month high of $87.03. The firm has a market cap of $3.81 billion, a P/E ratio of 8.47 and a beta of 0.78. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.62 and a quick ratio of 0.60.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Evercore upgraded shares of Par Pacific to an “outperform” rating in a research report on Wednesday, May 27th. TD Cowen raised their price target on Par Pacific from $78.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, July 21st. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Par Pacific in a research note on Wednesday, June 24th. UBS Group upped their price objective on Par Pacific from $60.00 to $65.00 and gave the stock a “neutral” rating in a report on Wednesday, July 8th. Finally, Mizuho increased their price objective on Par Pacific from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $81.57.

Institutional Investors Weigh In On Par Pacific

A number of hedge funds and other institutional investors have recently modified their holdings of PARR. Natixis Advisors LLC grew its position in 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 acquiring an additional 299 shares during the last quarter. Amundi boosted its stake in shares of Par Pacific by 3.6% during the third quarter. Amundi now owns 11,013 shares of the company’s stock valued at $388,000 after purchasing an additional 386 shares during the period. Inspire Investing LLC grew its holdings in shares of Par Pacific by 3.7% in the fourth quarter. Inspire Investing LLC now owns 13,264 shares of the company’s stock worth $466,000 after purchasing an additional 474 shares during the last quarter. Aster Capital Management DIFC Ltd grew its holdings in shares of Par Pacific by 34.9% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,847 shares of the company’s stock worth $65,000 after purchasing an additional 478 shares during the last quarter. Finally, Federated Hermes Inc. increased its stake in shares of Par Pacific by 70.4% in the fourth quarter. Federated Hermes Inc. now owns 2,096 shares of the company’s stock worth $74,000 after buying an additional 866 shares during the period. Institutional investors 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.