Par Pacific (NYSE:PARR) Upgraded at Zacks Research

Par Pacific (NYSE:PARR) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other research firms have also commented on PARR. TD Cowen increased their price target on shares of Par Pacific from $39.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Wall Street Zen upgraded shares of Par Pacific from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 14th. Piper Sandler increased their price target on shares of Par Pacific from $63.00 to $72.00 and gave the company an “overweight” rating in a research report on Wednesday, April 8th. Mizuho increased their price target on shares of Par Pacific from $49.00 to $58.00 and gave the company a “neutral” rating in a research report on Tuesday, March 17th. Finally, JPMorgan Chase & Co. increased their price target on shares of Par Pacific from $48.00 to $77.00 and gave the company an “overweight” rating in a research report on Wednesday, April 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Par Pacific currently has an average rating of “Moderate Buy” and a consensus target price of $67.00.

Par Pacific Stock Up 5.4%

PARR stock opened at $64.90 on Tuesday. The company’s 50 day simple moving average is $54.27 and its 200-day simple moving average is $44.53. The firm has a market capitalization of $3.21 billion, a PE ratio of 8.90 and a beta of 0.97. Par Pacific has a 12 month low of $13.92 and a 12 month high of $67.39. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.61 and a quick ratio of 0.49.

Par Pacific (NYSE:PARR) last released its quarterly earnings results on Tuesday, February 24th. The company reported $1.17 EPS for the quarter, missing the consensus estimate of $1.21 by ($0.04). The business 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%. The firm’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.79) earnings per share. Equities analysts expect that Par Pacific will post 13.32 earnings per share for the current fiscal year.

Insider Transactions at Par Pacific

In related news, CEO William Monteleone sold 108,948 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The shares were 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 in the company, valued at approximately $24,714,448.02. This trade represents a 19.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 3.60% of the company’s stock.

Institutional Trading of Par Pacific

A number of hedge funds have recently bought and sold shares of the company. Janney Montgomery Scott LLC boosted its position in Par Pacific by 29.4% during the first quarter. Janney Montgomery Scott LLC now owns 93,335 shares of the company’s stock worth $5,847,000 after acquiring an additional 21,223 shares during the last quarter. Pictet Asset Management Holding SA boosted its position in Par Pacific by 6.4% during the first quarter. Pictet Asset Management Holding SA now owns 7,598 shares of the company’s stock worth $476,000 after acquiring an additional 455 shares during the last quarter. Louisiana State Employees Retirement System acquired a new stake in Par Pacific during the first quarter worth approximately $1,397,000. LMG Wealth Partners LLC boosted its position in Par Pacific by 24.3% during the first quarter. LMG Wealth Partners LLC now owns 26,866 shares of the company’s stock worth $1,683,000 after acquiring an additional 5,244 shares during the last quarter. Finally, Diversified Trust Co boosted its position in Par Pacific by 12.6% during the first quarter. Diversified Trust Co now owns 13,936 shares of the company’s stock worth $873,000 after acquiring an additional 1,562 shares during the last quarter. 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 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.