Par Pacific (NYSE:PARR) Lowered to Hold Rating by Zacks Research

Par Pacific (NYSE:PARR) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

A number of other research analysts have also recently commented on the company. Mizuho boosted their price objective on Par Pacific from $34.00 to $40.00 and gave the stock a “neutral” rating in a research note on Monday, September 15th. Cowen reiterated a “buy” rating on shares of Par Pacific in a report on Thursday, August 7th. The Goldman Sachs Group cut Par Pacific from a “buy” rating to a “neutral” rating and set a $19.00 price target for the company. in a report on Wednesday, May 28th. UBS Group increased their price objective on shares of Par Pacific from $23.00 to $37.00 and gave the company a “neutral” rating in a research report on Tuesday. Finally, Raymond James Financial lifted their price objective on shares of Par Pacific from $36.00 to $38.00 and gave the company an “outperform” rating in a research note on Tuesday, September 9th. Five research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $33.86.

Par Pacific Price Performance

PARR opened at $37.13 on Monday. Par Pacific has a 52-week low of $11.86 and a 52-week high of $38.60. The company has a 50 day moving average of $32.18 and a two-hundred day moving average of $24.02. The company has a market cap of $1.89 billion, a P/E ratio of -132.61 and a beta of 1.82. The company has a quick ratio of 0.56, a current ratio of 1.42 and a debt-to-equity ratio of 0.97.

Par Pacific (NYSE:PARR) last issued its earnings results on Tuesday, August 5th. The company reported $1.54 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.80. The business had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.47 billion. Par Pacific had a negative net margin of 0.25% and a negative return on equity of 1.79%. The business’s revenue for the quarter was down 6.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.49 EPS. On average, analysts expect that Par Pacific will post 0.15 earnings per share for the current year.

Insider Activity at Par Pacific

In other news, Director Timothy Clossey sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $33.37, for a total transaction of $66,740.00. Following the completion of the sale, the director owned 84,000 shares of the company’s stock, valued at approximately $2,803,080. This trade represents a 2.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Terrill Pitkin sold 5,164 shares of Par Pacific stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $27.97, for a total transaction of $144,437.08. Following the completion of the sale, the senior vice president owned 41,223 shares of the company’s stock, valued at approximately $1,153,007.31. This trade represents a 11.13% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 25,954 shares of company stock worth $863,048. 4.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Par Pacific

Several large investors have recently modified their holdings of PARR. Bank of America Corp DE grew its stake in Par Pacific by 51.3% in the fourth quarter. Bank of America Corp DE now owns 303,442 shares of the company’s stock worth $4,973,000 after purchasing an additional 102,858 shares in the last quarter. ProShare Advisors LLC raised its stake in Par Pacific by 40.5% during the fourth quarter. ProShare Advisors LLC now owns 16,420 shares of the company’s stock valued at $269,000 after buying an additional 4,733 shares in the last quarter. Two Sigma Investments LP bought a new position in Par Pacific during the 4th quarter worth approximately $544,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Par Pacific by 9.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 139,623 shares of the company’s stock worth $2,288,000 after acquiring an additional 11,891 shares in the last quarter. Finally, GTS Securities LLC bought a new stake in shares of Par Pacific in the 4th quarter valued at approximately $276,000. Institutional investors own 92.15% of the company’s stock.

About Par Pacific

Par Pacific Holdings, Inc owns and operates energy and infrastructure businesses. The company operates through Refining, Retail, and Logistics segments. The Refining segment owns and operates refineries that produce gasoline, distillate, asphalt, and other products primarily for consumption in Kapolei, Hawaii, Newcastle, Wyoming, Tacoma, Washington, and Billings, Montana.