Par Pacific (NYSE:PARR – Get Free Report) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.
Other analysts have also issued research reports about the stock. JPMorgan Chase & Co. raised their price objective on shares of Par Pacific from $48.00 to $77.00 and gave the stock an “overweight” rating in a report on Wednesday, April 8th. Weiss Ratings reissued a “hold (c+)” rating on shares of Par Pacific in a report on Friday, March 27th. Evercore raised Par Pacific to an “outperform” rating in a report on Wednesday, May 27th. The Goldman Sachs Group upgraded Par Pacific from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $53.00 to $77.00 in a research report on Friday, April 10th. Finally, Wall Street Zen raised Par Pacific from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 17th. Nine equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $70.00.
Check Out Our Latest Analysis on PARR
Par Pacific Stock Down 4.5%
Par Pacific (NYSE:PARR – Get Free Report) 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 firm had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.78 billion. During the same period in the previous year, the company posted ($0.94) EPS. The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year. As a group, equities research analysts expect that Par Pacific will post 15.41 earnings per share for the current fiscal year.
Insider Activity 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 value of $5,889,728.88. Following the completion of the sale, the chief executive officer owned 457,167 shares of the company’s stock, valued at $24,714,448.02. This trade represents a 19.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 3.60% of the stock is owned by company insiders.
Institutional Trading of Par Pacific
Several institutional investors and hedge funds have recently added to or reduced their stakes in PARR. NewEdge Advisors LLC acquired a new position in shares of Par Pacific in the 1st quarter valued at $26,000. Federated Hermes Inc. acquired a new stake in shares of Par Pacific in the 3rd quarter valued at approximately $44,000. EverSource Wealth Advisors LLC raised its position in shares of Par Pacific by 32.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 713 shares of the company’s stock valued at $45,000 after acquiring an additional 173 shares during the period. Aster Capital Management DIFC Ltd bought a new position in Par Pacific during the 3rd quarter worth approximately $48,000. Finally, Smartleaf Asset Management LLC boosted its stake in Par Pacific by 81.1% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,340 shares of the company’s stock worth $62,000 after acquiring an additional 1,048 shares during the last quarter. 92.15% of the stock is owned by institutional investors.
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.
Featured Articles
- Five stocks we like better than Par Pacific
- The Bank of Mom and Dad Is Booming—3 Stocks to Watch
- Corning Is Paving AI’s Future With Glass
- Why’s Amazon Suddenly Lagging the S&P 500, and Is It a Warning?
- Crypto Winter Is Here: 3 Stocks To Put On Ice This Summer
Receive News & Ratings for Par Pacific Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Par Pacific and related companies with MarketBeat.com's FREE daily email newsletter.
