Raymond James Financial Raises Par Pacific (NYSE:PARR) Price Target to $77.00

Par Pacific (NYSE:PARR) had its price objective increased by investment analysts at Raymond James Financial from $50.00 to $77.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Raymond James Financial’s price target would suggest a potential upside of 25.50% from the stock’s previous close.

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

Par Pacific Price Performance

Shares of Par Pacific stock traded down $0.35 on Wednesday, reaching $61.36. The company’s stock had a trading volume of 597,408 shares, compared to its average volume of 1,318,660. The company has a quick ratio of 0.49, a current ratio of 1.61 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $3.04 billion, a P/E ratio of 8.47 and a beta of 1.17. The stock has a 50-day moving average price of $44.02 and a 200-day moving average price of $40.52. Par Pacific has a 52-week low of $12.04 and a 52-week high of $63.68.

Par Pacific (NYSE:PARR) last released its quarterly earnings results on Tuesday, February 24th. The company reported $1.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.04). The company had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.68 billion. Par Pacific had a net margin of 4.95% and a return on equity of 30.19%. Par Pacific’s revenue was down 1.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.79) EPS. Analysts expect that Par Pacific will post 0.15 EPS for the current year.

Insider Buying and Selling

In related news, CEO William Monteleone sold 108,948 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief executive officer directly 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 this hyperlink. 4.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Par Pacific

Institutional investors have recently made changes to their positions in the stock. Rockefeller Capital Management L.P. boosted its position 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 purchasing an additional 1,558 shares during the period. Corient Private Wealth LLC acquired a new position in Par Pacific during the fourth quarter worth $345,000. Hsbc Holdings PLC lifted its stake in Par Pacific by 3.3% during the fourth quarter. Hsbc Holdings PLC now owns 49,096 shares of the company’s stock worth $1,729,000 after purchasing an additional 1,578 shares in the last quarter. Virtu Financial LLC boosted its position in shares of Par Pacific by 378.3% during the fourth quarter. Virtu Financial LLC now owns 30,215 shares of the company’s stock worth $1,062,000 after buying an additional 23,898 shares during the period. Finally, Compound Planning Inc. purchased a new position in shares of Par Pacific during the fourth quarter worth $392,000. 92.15% of the stock is currently owned by institutional investors and hedge funds.

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 Oʻahu, 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.