Par Pacific (NYSE:PARR) Price Target Raised to $77.00

Par Pacific (NYSE:PARR) had its price target raised by JPMorgan Chase & Co. from $48.00 to $77.00 in a research note released on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages also recently issued reports on PARR. TD Cowen boosted their price objective on shares of Par Pacific from $39.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Zacks Research downgraded shares of Par Pacific from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 16th. Piper Sandler boosted their price objective on shares of Par Pacific from $63.00 to $72.00 and gave the company an “overweight” rating in a research report on Wednesday. Weiss Ratings reissued a “hold (c+)” rating on shares of Par Pacific in a research report on Friday, March 27th. Finally, Wall Street Zen raised shares of Par Pacific from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 14th. Six research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.00.

Par Pacific Stock Up 5.7%

Shares of NYSE:PARR opened at $62.85 on Wednesday. Par Pacific has a 1 year low of $12.17 and a 1 year high of $67.39. The company has a market cap of $3.11 billion, a PE ratio of 8.62 and a beta of 0.97. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.61 and a quick ratio of 0.49. The stock’s 50-day moving average is $50.88 and its 200 day moving average is $43.02.

Par Pacific (NYSE:PARR) last announced its quarterly earnings results on Tuesday, February 24th. The company reported $1.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.04). The business had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.68 billion. Par Pacific had a net margin of 4.95% and a return on equity of 30.19%. The firm’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.79) EPS. Sell-side analysts anticipate that Par Pacific will post 0.15 EPS for the current year.

Insider Buying and Selling at Par Pacific

In other news, CEO William Monteleone sold 108,948 shares of the company’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $54.06, for a total value of $5,889,728.88. Following the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.60% of the stock is owned by corporate insiders.

Institutional Trading of Par Pacific

Hedge funds and other institutional investors have recently modified their holdings of the business. Federated Hermes Inc. purchased a new stake in shares of Par Pacific in the 3rd quarter worth about $44,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Par Pacific in the 3rd quarter worth approximately $48,000. Nisa Investment Advisors LLC grew its stake in shares of Par Pacific by 16.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,855 shares of the company’s stock worth $66,000 after buying an additional 259 shares during the last quarter. Rockefeller Capital Management L.P. grew its stake in shares of Par Pacific by 385.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,962 shares of the company’s stock worth $69,000 after buying an additional 1,558 shares during the last quarter. Finally, USA Financial Formulas purchased a new stake in shares of Par Pacific in the 3rd quarter worth approximately $82,000. 92.15% of the stock is owned by hedge funds and other 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.