Par Pacific (NYSE:PARR) Upgraded at Zacks Research

Zacks Research upgraded shares of Par Pacific (NYSE:PARR) from a hold rating to a strong-buy rating in a research report report published on Wednesday,Zacks.com reports.

PARR has been the topic of a number of other reports. The Goldman Sachs Group raised their price objective on shares of Par Pacific from $34.00 to $40.00 and gave the company a “neutral” rating in a research note on Wednesday. Piper Sandler raised their price objective on shares of Par Pacific from $39.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, September 11th. Wall Street Zen raised shares of Par Pacific from a “buy” rating to a “strong-buy” rating in a research note on Saturday, September 13th. TD Cowen dropped their price objective on shares of Par Pacific from $35.00 to $33.00 and set a “buy” rating on the stock in a research note on Thursday, August 7th. Finally, Mizuho raised their price objective on shares of Par Pacific from $34.00 to $40.00 and gave the company a “neutral” rating in a research note on Monday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Par Pacific currently has an average rating of “Moderate Buy” and a consensus price target of $37.86.

Par Pacific Stock Down 0.8%

Shares of NYSE PARR opened at $39.97 on Wednesday. Par Pacific has a 12-month low of $11.86 and a 12-month high of $41.64. The firm has a market cap of $2.03 billion, a PE ratio of -142.73 and a beta of 1.74. The company’s fifty day simple moving average is $34.79 and its 200 day simple moving average is $27.46. The company has a quick ratio of 0.56, a current ratio of 1.42 and a debt-to-equity ratio of 0.97.

Par Pacific (NYSE:PARR) last released its quarterly earnings data on Tuesday, August 5th. The company reported $1.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.80. Par Pacific had a negative net margin of 0.25% and a negative return on equity of 1.79%. The firm had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.47 billion. During the same period last year, the firm earned $0.49 earnings per share. The business’s quarterly revenue was down 6.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Par Pacific will post 0.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CAO Ivan Daniel Guerra sold 5,500 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $35.11, for a total value of $193,105.00. Following the completion of the sale, the chief accounting officer owned 17,491 shares in the company, valued at $614,109.01. This represents a 23.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jeffrey Ryan Hollis sold 5,228 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $34.55, for a total transaction of $180,627.40. Following the completion of the sale, the insider owned 24,679 shares of the company’s stock, valued at approximately $852,659.45. This represents a 17.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,954 shares of company stock valued at $863,048 over the last 90 days. 4.40% of the stock is currently owned by company insiders.

Institutional Trading of Par Pacific

A number of large investors have recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership increased its holdings in Par Pacific by 89.9% during the second quarter. Arrowstreet Capital Limited Partnership now owns 1,438,677 shares of the company’s stock worth $38,168,000 after buying an additional 681,190 shares during the last quarter. Encompass Capital Advisors LLC purchased a new stake in Par Pacific during the second quarter worth about $34,609,000. Charles Schwab Investment Management Inc. increased its holdings in Par Pacific by 32.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,205,756 shares of the company’s stock worth $17,194,000 after buying an additional 296,536 shares during the last quarter. Invesco Ltd. increased its holdings in Par Pacific by 6.2% during the first quarter. Invesco Ltd. now owns 1,157,058 shares of the company’s stock worth $16,500,000 after buying an additional 67,481 shares during the last quarter. Finally, FJ Investments LLC purchased a new stake in Par Pacific during the second quarter worth about $26,294,000. Hedge funds and other institutional investors own 92.15% of the company’s stock.

About Par Pacific

Par Pacific Holdings, Inc owns and operates energy and infrastructure businesses. The company operates through Refining, Retail, and Logistics segments. The Refining segment owns and operates refineries that produce gasoline, distillate, asphalt, and other products primarily for consumption in Kapolei, Hawaii, Newcastle, Wyoming, Tacoma, Washington, and Billings, Montana.