Par Pacific (NYSE:PARR) Price Target Raised to $72.00 at Piper Sandler

Par Pacific (NYSE:PARR) had its price objective hoisted by Piper Sandler from $63.00 to $72.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other research firms also recently commented on PARR. Wall Street Zen raised Par Pacific from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 14th. Zacks Research downgraded Par Pacific from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 16th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Par Pacific in a report on Friday, March 27th. Raymond James Financial upped their price target on Par Pacific from $50.00 to $77.00 and gave the company an “outperform” rating in a report on Wednesday, March 25th. Finally, Mizuho upped their price target on Par Pacific from $49.00 to $58.00 and gave the company a “neutral” rating in a report on Tuesday, March 17th. Five investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Par Pacific presently has a consensus rating of “Moderate Buy” and an average target price of $60.71.

Par Pacific Trading Down 6.2%

Par Pacific stock opened at $60.58 on Wednesday. The company has a current ratio of 1.61, a quick ratio of 0.49 and a debt-to-equity ratio of 0.54. The business’s fifty day simple moving average is $49.92 and its two-hundred day simple moving average is $42.71. Par Pacific has a 12 month low of $12.17 and a 12 month high of $67.39. The company has a market capitalization of $3.00 billion, a price-to-earnings ratio of 8.31 and a beta of 0.97.

Par Pacific (NYSE:PARR) last released its earnings results on Tuesday, February 24th. The company reported $1.17 EPS for the quarter, missing the consensus estimate of $1.21 by ($0.04). Par Pacific had a return on equity of 30.19% and a net margin of 4.95%.The company had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same period last year, the firm posted ($0.79) earnings per share. The company’s revenue was down 1.0% compared to the same quarter last year. As a group, equities analysts predict that Par Pacific will post 0.15 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO William Monteleone sold 108,948 shares of the company’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $54.06, for a total transaction of $5,889,728.88. Following the transaction, the chief executive officer directly owned 457,167 shares of the company’s stock, valued at $24,714,448.02. This represents a 19.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 4.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Nisa Investment Advisors LLC lifted its holdings in shares of Par Pacific by 16.2% during the third quarter. Nisa Investment Advisors LLC now owns 1,855 shares of the company’s stock valued at $66,000 after purchasing an additional 259 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in Par Pacific by 1.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 16,948 shares of the company’s stock valued at $596,000 after acquiring an additional 266 shares during the period. Smartleaf Asset Management LLC lifted its holdings in Par Pacific by 12.5% in the third quarter. Smartleaf Asset Management LLC now owns 2,633 shares of the company’s stock valued at $94,000 after acquiring an additional 293 shares during the period. Natixis Advisors LLC lifted its holdings in Par Pacific by 2.8% in the fourth quarter. Natixis Advisors LLC now owns 11,102 shares of the company’s stock valued at $390,000 after acquiring an additional 299 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Par Pacific by 2.5% in the fourth quarter. GAMMA Investing LLC now owns 15,787 shares of the company’s stock valued at $555,000 after acquiring an additional 382 shares during the period. 92.15% of the stock is owned by institutional investors.

Par Pacific Company Profile

Par Pacific Holdings, Inc (NYSE: PARR) is a diversified downstream energy company engaged in the refining, marketing and logistics of petroleum products. Through its subsidiaries, Par Pacific operates the Par Hawaii Refinery on the island of Oʻahu, which processes crude oil into transportation fuels such as gasoline, diesel and jet fuel, as well as asphalt, petroleum coke and sulfur. In the Rocky Mountain region, the company owns and operates the Salt Lake City Refinery in Utah and associated logistics infrastructure, including pipelines and storage terminals, to support both crude supply and product distribution.

In marketing its refined products, Par Pacific maintains a network of branded and unbranded wholesale accounts across Hawaii and the U.S.