Par Pacific (NYSE:PARR) Price Target Raised to $62.00 at Piper Sandler

Par Pacific (NYSE:PARR) had its target price increased by research analysts at Piper Sandler from $44.00 to $62.00 in a report issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price target points to a potential upside of 40.20% from the stock’s current price.

Several other equities analysts have also weighed in on PARR. TD Cowen cut their price objective on shares of Par Pacific from $35.00 to $33.00 and set a “buy” rating on the stock in a research report on Thursday, August 7th. UBS Group boosted their target price on Par Pacific from $37.00 to $40.00 and gave the stock a “neutral” rating in a report on Wednesday, November 5th. Tudor, Pickering, Holt & Co. raised shares of Par Pacific from a “hold” rating to a “buy” rating in a report on Thursday, November 6th. Mizuho raised their price target on Par Pacific from $40.00 to $45.00 and gave the company a “neutral” rating in a research report on Tuesday. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Par Pacific in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $41.57.

Par Pacific Stock Up 7.5%

PARR stock traded up $3.09 during midday trading on Friday, reaching $44.22. The company had a trading volume of 454,844 shares, compared to its average volume of 1,380,152. The company has a 50 day moving average of $37.05 and a two-hundred day moving average of $30.22. The company has a market capitalization of $2.22 billion, a P/E ratio of -157.83 and a beta of 1.74. Par Pacific has a 1 year low of $11.86 and a 1 year high of $44.52. The company has a current ratio of 1.42, a quick ratio of 0.56 and a debt-to-equity ratio of 0.97.

Par Pacific (NYSE:PARR) last announced its quarterly earnings data on Tuesday, November 4th. The company reported $5.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $3.97. Par Pacific had a negative return on equity of 1.79% and a negative net margin of 0.25%.The business had revenue of $2.01 billion during the quarter, compared to analyst estimates of $1.72 billion. During the same period last year, the company earned ($0.10) earnings per share. Par Pacific’s quarterly revenue was down 6.1% compared to the same quarter last year. On average, equities research analysts expect that Par Pacific will post 0.15 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Shawn David Flores sold 8,062 shares of the company’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $34.50, for a total value of $278,139.00. Following the sale, the insider directly owned 39,089 shares of the company’s stock, valued at approximately $1,348,570.50. This represents a 17.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Ivan Daniel Guerra sold 5,500 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $35.11, for a total value of $193,105.00. Following the completion of the transaction, the chief accounting officer owned 17,491 shares in the company, valued at approximately $614,109.01. The trade was a 23.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 36,638 shares of company stock worth $1,371,866. 4.40% of the stock is owned by insiders.

Institutional Trading of Par Pacific

Institutional investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its holdings in Par Pacific by 32.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,205,756 shares of the company’s stock valued at $17,194,000 after purchasing an additional 296,536 shares during the period. First Citizens Bank & Trust Co. raised its position in shares of Par Pacific by 213.5% in the second quarter. First Citizens Bank & Trust Co. now owns 48,121 shares of the company’s stock worth $1,277,000 after buying an additional 32,772 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Par Pacific by 2.7% during the first quarter. Principal Financial Group Inc. now owns 278,536 shares of the company’s stock valued at $3,972,000 after buying an additional 7,294 shares during the period. Jump Financial LLC bought a new stake in Par Pacific during the first quarter valued at $3,289,000. Finally, Petrus Trust Company LTA purchased a new position in Par Pacific during the first quarter worth about $792,000. 92.15% of the stock is currently owned by hedge funds and other institutional investors.

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.