Par Pacific Holdings, Inc. (NYSE:PARR – Get Free Report)’s share price fell 5.1% during trading on Tuesday. The company traded as low as $78.36 and last traded at $78.9150. Approximately 75,619 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 1,133,728 shares. The stock had previously closed at $83.17.
Analysts Set New Price Targets
A number of research analysts have recently issued reports on PARR shares. TD Cowen cut their price objective on shares of Par Pacific from $100.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, August 7th. The Goldman Sachs Group downgraded shares of Par Pacific from a “buy” rating to a “neutral” rating and raised their target price for the company from $90.00 to $94.00 in a research note on Thursday, October 15th. Mizuho set a $91.00 price target on shares of Par Pacific and gave the stock a “neutral” rating in a report on Thursday, October 8th. Benchmark reaffirmed a “buy” rating on shares of Par Pacific in a research report on Wednesday, July 8th. Finally, UBS Group reaffirmed a “neutral” rating on shares of Par Pacific in a research report on Wednesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Par Pacific currently has an average rating of “Moderate Buy” and an average price target of $90.43.
View Our Latest Analysis on PARR
Par Pacific Price Performance
The firm has a market cap of $3.69 billion, a PE ratio of 4.30 and a beta of 0.75. The company has a quick ratio of 0.76, a current ratio of 1.84 and a debt-to-equity ratio of 0.38. The stock has a 50 day moving average price of $81.35 and a two-hundred day moving average price of $63.55.
Par Pacific (NYSE:PARR – Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $10.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.22 by $1.88. The firm had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.40 billion. Par Pacific had a net margin of 9.94% and a return on equity of 56.19%. The company’s revenue for the quarter was up 56.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.54 earnings per share. As a group, equities analysts expect that Par Pacific Holdings, Inc. will post 26.88 earnings per share for the current year.
Insider Buying and Selling at Par Pacific
In other news, CEO William Monteleone sold 40,000 shares of Par Pacific stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $81.30, for a total transaction of $3,252,000.00. Following the completion of the sale, the chief executive officer directly owned 457,167 shares in the company, valued at approximately $37,167,677.10. The trade was a 8.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Timothy Clossey sold 10,970 shares of Par Pacific stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $84.00, for a total transaction of $921,480.00. Following the sale, the director owned 51,526 shares of the company’s stock, valued at $4,328,184. The trade was a 17.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 54,248 shares of company stock worth $4,394,057. 3.60% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Par Pacific
Several hedge funds have recently made changes to their positions in PARR. Vise Technologies Inc. purchased a new position in shares of Par Pacific during the 3rd quarter valued at about $369,000. Summit Global Investments lifted its holdings in shares of Par Pacific by 5.3% in the 3rd quarter. Summit Global Investments now owns 18,501 shares of the company’s stock valued at $1,510,000 after buying an additional 932 shares during the period. State of Wyoming boosted its stake in shares of Par Pacific by 2.0% in the third quarter. State of Wyoming now owns 11,702 shares of the company’s stock worth $955,000 after buying an additional 232 shares during the last quarter. Choreo LLC boosted its stake in shares of Par Pacific by 5.1% in the third quarter. Choreo LLC now owns 4,803 shares of the company’s stock worth $392,000 after buying an additional 232 shares during the last quarter. Finally, Sage Rhino Capital LLC purchased a new stake in shares of Par Pacific in the third quarter worth about $205,000. 92.15% of the stock is owned by institutional investors and hedge funds.
Par Pacific Company Profile
Par Pacific Holdings, Inc is an energy company engaged in refining, marketing and distributing transportation fuels and other petroleum products. Its refineries process crude oil into products such as gasoline, diesel, jet fuel, marine fuels and asphalt, serving customers in western U.S. markets.
The company operates refining and related energy businesses in Hawaii, Wyoming and Washington. Its operations also include logistics assets such as storage facilities, pipelines, terminals and other infrastructure used to move and distribute crude oil and refined products.
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