Par Pacific (NYSE:PARR) Announces Earnings Results, Beats Estimates By $1.88 EPS

Par Pacific (NYSE:PARR) issued its earnings results on Tuesday. The company reported $10.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.22 by $1.88, Zacks reports. Par Pacific had a net margin of 6.02% and a return on equity of 34.38%. Par Pacific’s revenue was up 56.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.54 EPS.

Par Pacific Price Performance

NYSE PARR traded up $0.04 during trading hours on Tuesday, reaching $82.91. 1,178,244 shares of the stock traded hands, compared to its average volume of 1,218,622. 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 50 day simple moving average of $63.54 and a two-hundred day simple moving average of $56.37. Par Pacific has a 1 year low of $26.83 and a 1 year high of $87.03. The company has a market cap of $4.16 billion, a price-to-earnings ratio of 9.25 and a beta of 0.78.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Mizuho lifted their price target on Par Pacific from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, July 9th. Raymond James Financial raised their target price on Par Pacific from $80.00 to $85.00 and gave the stock an “outperform” rating in a research note on Monday, July 13th. Wall Street Zen upgraded shares of Par Pacific from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 17th. Guggenheim upgraded Par Pacific to an “outperform” rating in a research report on Wednesday, May 27th. Finally, UBS Group lifted their price objective on Par Pacific from $60.00 to $65.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $81.57.

Hedge Funds Weigh In On Par Pacific

A number of large investors have recently modified their holdings of the company. Royal Bank of Canada boosted its stake in Par Pacific by 23.9% in the first quarter. Royal Bank of Canada now owns 23,453 shares of the company’s stock worth $334,000 after buying an additional 4,525 shares in the last quarter. AQR Capital Management LLC grew its position in Par Pacific by 118.2% during the first quarter. AQR Capital Management LLC now owns 164,358 shares of the company’s stock valued at $2,344,000 after acquiring an additional 89,023 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Par Pacific by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,304 shares of the company’s stock worth $461,000 after acquiring an additional 1,427 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Par Pacific by 4.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 146,241 shares of the company’s stock worth $2,085,000 after acquiring an additional 6,618 shares in the last quarter. Finally, Jane Street Group LLC lifted its holdings in shares of Par Pacific by 352.7% in the 1st quarter. Jane Street Group LLC now owns 270,835 shares of the company’s stock worth $3,862,000 after acquiring an additional 211,002 shares during the last quarter. 92.15% of the stock is owned by hedge funds and other 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.