Shares of Par Pacific Holdings, Inc. (NYSE:PARR – Get Free Report) rose 5.9% on Wednesday. The company traded as high as $82.15 and last traded at $82.8950. 167,378 shares traded hands during trading, a decline of 86% from the average daily volume of 1,166,472 shares. The stock had previously closed at $78.31.
Wall Street Analysts Forecast Growth
PARR has been the subject of several recent analyst reports. Weiss Ratings raised Par Pacific from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, September 8th. Mizuho raised their target price on shares of Par Pacific from $80.00 to $85.00 and gave the stock an “outperform” rating in a report on Tuesday, August 11th. UBS Group reaffirmed a “neutral” rating on shares of Par Pacific in a report on Wednesday, August 26th. Raymond James Financial lifted their price target on Par Pacific from $90.00 to $104.00 and gave the company an “outperform” rating in a research report on Monday, September 14th. Finally, Zacks Research upgraded Par Pacific from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 4th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $84.29.
View Our Latest Stock Analysis on Par Pacific
Par Pacific Stock Performance
Par Pacific (NYSE:PARR – Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported $10.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.22 by $1.88. The business had revenue of $2.97 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the previous year, the company earned $1.54 EPS. Analysts predict that Par Pacific Holdings, Inc. will post 22.21 EPS for the current year.
Insider Activity
In other news, insider Danielle Mattiussi sold 3,278 shares of the stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $67.29, for a total transaction of $220,576.62. Following the completion of the sale, the insider owned 27,878 shares in the company, valued at approximately $1,875,910.62. This represents a 10.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Timothy Clossey sold 10,970 shares of the stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $84.00, for a total value of $921,480.00. Following the completion of the transaction, 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 position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 54,248 shares of company stock valued at $4,394,057. Insiders own 3.60% of the company’s stock.
Institutional Investors Weigh In On Par Pacific
Large investors have recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership grew its position in shares of Par Pacific by 0.3% in the 1st 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. BNP Paribas Financial Markets increased its holdings in shares of Par Pacific by 22.5% in the fourth quarter. BNP Paribas Financial Markets now owns 506,872 shares of the company’s stock valued at $17,811,000 after buying an additional 93,249 shares in the last quarter. Encompass Capital Advisors LLC purchased a new stake in Par Pacific during the first quarter valued at about $28,839,000. Bank of New York Mellon Corp purchased a new position in shares of Par Pacific during the second quarter valued at $19,353,000. Finally, Nicholas Investment Partners LP lifted its position in shares of Par Pacific by 2.9% in the fourth quarter. Nicholas Investment Partners LP now owns 333,538 shares of the company’s stock worth $11,721,000 after purchasing an additional 9,499 shares in the last quarter. 92.15% of the stock is owned by institutional investors and hedge funds.
Par Pacific Company Profile
Par Pacific Holdings, Inc (NYSE:PARR) is an energy company engaged in refining, logistics and retail operations. The company processes crude oil into transportation fuels and other refined products, including gasoline, diesel, jet fuel and asphalt, which it sells through wholesale and retail channels.
Par Pacific operates refining and fuel-distribution assets serving markets in Hawaii and the western United States, including the Rocky Mountain region. Its logistics operations include fuel terminals, pipelines, storage facilities and related infrastructure used to transport and distribute crude oil and refined petroleum products.
The company also operates retail fuel stations and convenience stores under various brand names, primarily in Hawaii and other western markets.
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