Par Pacific (NYSE:PARR) Trading Up 6.8% – Here’s What Happened

Par Pacific Holdings, Inc. (NYSE:PARR) shares rose 6.8% during mid-day trading on Wednesday . The company traded as high as $58.30 and last traded at $58.3340. Approximately 206,289 shares traded hands during trading, a decline of 84% from the average daily volume of 1,300,364 shares. The stock had previously closed at $54.64.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. JPMorgan Chase & Co. increased their target price on shares of Par Pacific from $48.00 to $77.00 and gave the company an “overweight” rating in a research report on Wednesday, April 8th. Guggenheim upgraded Par Pacific to an “outperform” rating in a report on Wednesday, May 27th. Raymond James Financial raised their target price on Par Pacific from $50.00 to $77.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 25th. The Goldman Sachs Group upgraded shares of Par Pacific from a “neutral” rating to a “buy” rating and boosted their target price for the company from $53.00 to $77.00 in a research report on Friday, April 10th. Finally, Mizuho raised shares of Par Pacific from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $58.00 to $79.00 in a research note on Wednesday, May 27th. Nine equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Par Pacific presently has a consensus rating of “Moderate Buy” and an average target price of $70.00.

Par Pacific Price Performance

The company has a debt-to-equity ratio of 0.63, a current ratio of 1.62 and a quick ratio of 0.60. The stock has a market capitalization of $2.78 billion, a price-to-earnings ratio of 6.19 and a beta of 0.83. The business’s fifty day moving average price is $60.88 and its 200-day moving average price is $49.51.

Par Pacific (NYSE:PARR) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $0.78 earnings per share for the quarter, missing the consensus estimate of $1.00 by ($0.22). Par Pacific had a net margin of 6.02% and a return on equity of 34.38%. The business had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.78 billion. During the same period in the previous year, the business posted ($0.94) EPS. Par Pacific’s revenue was up 4.5% compared to the same quarter last year. On average, research analysts forecast that Par Pacific Holdings, Inc. will post 15.41 EPS for the current year.

Insider Transactions at Par Pacific

In other Par Pacific 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 completion of the sale, the chief executive officer directly owned 457,167 shares of the company’s stock, valued at approximately $24,714,448.02. This represents a 19.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 3.60% of the company’s stock.

Institutional Trading of Par Pacific

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in shares of Par Pacific by 30.9% during the 3rd quarter. Vanguard Group Inc. now owns 5,044,612 shares of the company’s stock valued at $178,680,000 after purchasing an additional 1,190,088 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Par Pacific by 0.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,774,621 shares of the company’s stock worth $62,363,000 after acquiring an additional 7,280 shares during the period. Arrowstreet Capital Limited Partnership raised its position in Par Pacific by 0.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 1,771,793 shares of the company’s stock worth $110,985,000 after acquiring an additional 6,162 shares during the period. American Century Companies Inc. boosted its stake in Par Pacific by 42.8% in the third quarter. American Century Companies Inc. now owns 1,522,392 shares of the company’s stock valued at $53,923,000 after acquiring an additional 456,473 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Par Pacific by 1.8% during the 4th quarter. Geode Capital Management LLC now owns 1,222,100 shares of the company’s stock valued at $42,954,000 after acquiring an additional 21,254 shares during the period. 92.15% of the stock is currently owned by institutional investors.

About Par Pacific

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.