Par Pacific (NYSE:PARR) Upgraded at Zacks Research

Par Pacific (NYSE:PARR) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other research firms have also recently issued reports on PARR. Weiss Ratings reissued a “hold (c+)” rating on shares of Par Pacific in a report on Friday, March 27th. Mizuho increased their price target on shares of Par Pacific from $49.00 to $58.00 and gave the stock a “neutral” rating in a report on Tuesday, March 17th. Piper Sandler increased their price target on shares of Par Pacific from $63.00 to $72.00 and gave the stock an “overweight” rating in a report on Wednesday, April 8th. JPMorgan Chase & Co. increased their price target on shares of Par Pacific from $48.00 to $77.00 and gave the stock an “overweight” rating in a report on Wednesday, April 8th. Finally, UBS Group increased their price target on shares of Par Pacific from $40.00 to $60.00 and gave the stock a “neutral” rating in a report on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $67.00.

Par Pacific Trading Up 5.4%

NYSE PARR opened at $64.90 on Tuesday. The stock has a market capitalization of $3.21 billion, a P/E ratio of 8.90 and a beta of 0.97. Par Pacific has a 52-week low of $13.92 and a 52-week high of $67.39. The firm has a 50-day moving average price of $54.27 and a 200 day moving average price of $44.53. The company has a quick ratio of 0.49, a current ratio of 1.61 and a debt-to-equity ratio of 0.54.

Par Pacific (NYSE:PARR) last posted its quarterly earnings results on Tuesday, February 24th. The company reported $1.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($0.04). The firm had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.68 billion. Par Pacific had a return on equity of 30.19% and a net margin of 4.95%.The company’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same period in the prior year, the company earned ($0.79) earnings per share. Equities research analysts expect that Par Pacific will post 13.32 EPS for the current year.

Insider Buying and Selling at Par Pacific

In related news, CEO William Monteleone sold 108,948 shares of the company’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 sale, the chief executive officer owned 457,167 shares in the company, valued at $24,714,448.02. This represents a 19.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Par Pacific

A number of institutional investors and hedge funds have recently modified their holdings of PARR. Vanguard Group Inc. grew its holdings in shares of Par Pacific by 30.9% in the 3rd quarter. Vanguard Group Inc. now owns 5,044,612 shares of the company’s stock worth $178,680,000 after acquiring an additional 1,190,088 shares during the period. SG Americas Securities LLC grew its holdings in shares of Par Pacific by 7,787.1% in the 4th quarter. SG Americas Securities LLC now owns 563,930 shares of the company’s stock worth $19,816,000 after acquiring an additional 556,780 shares during the period. American Century Companies Inc. grew its holdings in shares of Par Pacific by 42.8% in the 3rd quarter. American Century Companies Inc. now owns 1,522,392 shares of the company’s stock worth $53,923,000 after acquiring an additional 456,473 shares during the period. Wells Fargo & Company MN grew its holdings in shares of Par Pacific by 810.8% in the 4th quarter. Wells Fargo & Company MN now owns 359,834 shares of the company’s stock worth $12,645,000 after acquiring an additional 320,326 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of Par Pacific by 22.1% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,756,161 shares of the company’s stock worth $62,203,000 after acquiring an additional 317,484 shares during the period. Institutional investors and hedge funds 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.