Oppenheimer Initiates Coverage on Par Pacific (PARR)

Equities researchers at Oppenheimer assumed coverage on shares of Par Pacific (NYSEAMERICAN:PARR) in a report issued on Thursday. The brokerage set an “outperform” rating and a $22.00 price target on the oil and gas company’s stock. Oppenheimer’s target price would suggest a potential upside of 27.02% from the company’s current price.

A number of other research analysts have also weighed in on the company. Zacks Investment Research lowered Par Pacific from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 9th. Cowen lowered Par Pacific from an “outperform” rating to a “market perform” rating and set a $22.00 price objective on the stock. in a report on Wednesday, September 12th.

Shares of PARR stock traded up $0.36 during mid-day trading on Thursday, reaching $17.32. The stock had a trading volume of 13,173 shares, compared to its average volume of 233,449. Par Pacific has a 1-year low of $16.10 and a 1-year high of $21.34.

Par Pacific (NYSEAMERICAN:PARR) last announced its quarterly earnings data on Tuesday, November 6th. The oil and gas company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.15). The firm had revenue of $909.78 million during the quarter, compared to analyst estimates of $744.50 million.

Several institutional investors and hedge funds have recently modified their holdings of the company. Victory Capital Management Inc. boosted its position in Par Pacific by 15.9% during the second quarter. Victory Capital Management Inc. now owns 22,757 shares of the oil and gas company’s stock worth $396,000 after purchasing an additional 3,121 shares in the last quarter. Rhumbline Advisers boosted its position in Par Pacific by 5.3% during the third quarter. Rhumbline Advisers now owns 69,534 shares of the oil and gas company’s stock worth $1,418,000 after purchasing an additional 3,489 shares in the last quarter. Globeflex Capital L P boosted its position in Par Pacific by 4.5% during the second quarter. Globeflex Capital L P now owns 81,143 shares of the oil and gas company’s stock worth $1,410,000 after purchasing an additional 3,522 shares in the last quarter. Strs Ohio boosted its position in Par Pacific by 8.9% during the second quarter. Strs Ohio now owns 46,600 shares of the oil and gas company’s stock worth $809,000 after purchasing an additional 3,800 shares in the last quarter. Finally, Arizona State Retirement System boosted its position in Par Pacific by 10.5% during the third quarter. Arizona State Retirement System now owns 40,599 shares of the oil and gas company’s stock worth $828,000 after purchasing an additional 3,851 shares in the last quarter. Hedge funds and other institutional investors own 83.57% of the company’s stock.

Par Pacific Company Profile

Par Pacific Holdings, Inc owns, manages, and maintains interests in energy and infrastructure businesses. It operates through three segments: Refining, Retail, and Logistics. The Refining segment operates a refinery that produces ultra-low sulfur diesel, gasoline, jet fuel, marine fuel, and other associated refined products.

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