Par Pacific Holdings, Inc. (NYSE:PARR – Get Free Report) shares shot up 5.7% during mid-day trading on Monday . The stock traded as high as $69.95 and last traded at $69.5190. 51,094 shares changed hands during trading, a decline of 96% from the average session volume of 1,238,866 shares. The stock had previously closed at $65.78.
Analysts Set New Price Targets
PARR has been the subject of a number of research analyst reports. Zacks Research raised Par Pacific from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 7th. Mizuho boosted their price objective on shares of Par Pacific from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday. Wall Street Zen upgraded shares of Par Pacific from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 17th. JPMorgan Chase & Co. raised their target price on shares of Par Pacific from $48.00 to $77.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 8th. Finally, Evercore raised shares of Par Pacific to an “outperform” rating in a research report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $72.00.
Par Pacific Trading Up 6.8%
Par Pacific (NYSE:PARR – Get Free Report) last issued its quarterly 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). The firm had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.78 billion. Par Pacific had a return on equity of 34.38% and a net margin of 6.02%.Par Pacific’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same period in the previous year, the company earned ($0.94) earnings per share. Sell-side analysts predict that Par Pacific Holdings, Inc. will post 16.92 EPS for the current fiscal year.
Institutional Trading of Par Pacific
Hedge funds and other institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP increased its stake in shares of Par Pacific by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,774,621 shares of the company’s stock worth $62,363,000 after acquiring an additional 7,280 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in Par Pacific by 0.3% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,771,793 shares of the company’s stock worth $110,985,000 after acquiring an additional 6,162 shares in the last quarter. Geode Capital Management LLC boosted its stake in Par Pacific by 1.8% during the fourth quarter. Geode Capital Management LLC now owns 1,222,100 shares of the company’s stock worth $42,954,000 after acquiring an additional 21,254 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Par Pacific by 13.1% in the fourth quarter. Renaissance Technologies LLC now owns 1,008,964 shares of the company’s stock worth $35,455,000 after purchasing an additional 117,200 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in Par Pacific by 36.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 947,686 shares of the company’s stock worth $33,302,000 after purchasing an additional 255,173 shares during the period. 92.15% of the stock is owned by hedge funds and other institutional investors.
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.
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