Par Pacific (NYSE:PARR) Upgraded by Wall Street Zen to “Strong-Buy” Rating

Wall Street Zen upgraded shares of Par Pacific (NYSE:PARR) from a buy rating to a strong-buy rating in a research report released on Sunday.

Several other research analysts have also commented on PARR. TD Cowen boosted their price objective on Par Pacific from $39.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Weiss Ratings restated a “hold (c+)” rating on shares of Par Pacific in a research report on Friday, March 27th. Zacks Research upgraded Par Pacific from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 21st. The Goldman Sachs Group upgraded Par Pacific from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $53.00 to $77.00 in a research report on Friday, April 10th. Finally, Piper Sandler boosted their target price on Par Pacific from $63.00 to $72.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $67.00.

Par Pacific Stock Up 0.0%

Shares of NYSE PARR opened at $58.33 on Friday. Par Pacific has a 12 month low of $19.28 and a 12 month high of $70.39. The company has a current ratio of 1.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $2.92 billion, a price-to-earnings ratio of 6.51 and a beta of 0.91. The business has a 50-day moving average of $60.45 and a 200-day moving average of $47.45.

Par Pacific (NYSE:PARR) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $0.78 EPS for the quarter, missing the consensus estimate of $1.00 by ($0.22). Par Pacific had a return on equity of 34.38% and a net margin of 6.02%.The business had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.78 billion. During the same period in the previous year, the firm posted ($0.94) EPS. The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year. Sell-side analysts expect that Par Pacific will post 13.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO William Monteleone sold 108,948 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The stock was 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 owned 457,167 shares in the company, valued at $24,714,448.02. The trade was a 19.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 3.60% of the stock is owned by insiders.

Institutional Trading of Par Pacific

Several hedge funds and other institutional investors have recently bought and sold shares of PARR. Federated Hermes Inc. purchased a new position in shares of Par Pacific in the third quarter worth $44,000. Aster Capital Management DIFC Ltd bought a new stake in Par Pacific during the 3rd quarter valued at $48,000. Smartleaf Asset Management LLC raised its holdings in Par Pacific by 81.1% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,340 shares of the company’s stock valued at $62,000 after buying an additional 1,048 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in Par Pacific by 16.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,855 shares of the company’s stock valued at $66,000 after buying an additional 259 shares during the last quarter. Finally, Rockefeller Capital Management L.P. raised its holdings in Par Pacific by 385.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,962 shares of the company’s stock valued at $69,000 after buying an additional 1,558 shares during the last quarter. Institutional investors own 92.15% of the company’s stock.

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.