Par Pacific (NYSE:PARR) Announces Earnings Results, Misses Estimates By $0.22 EPS

Par Pacific (NYSE:PARR) announced its earnings results on Tuesday. The company reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.22), FiscalAI reports. Par Pacific had a return on equity of 30.19% and a net margin of 4.95%.The business had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same quarter in the previous year, the company earned ($0.94) EPS. The business’s revenue for the quarter was up 4.5% on a year-over-year basis.

Par Pacific Price Performance

Shares of NYSE PARR traded down $6.84 during trading hours on Wednesday, hitting $62.37. 1,521,831 shares of the stock were exchanged, compared to its average volume of 1,352,682. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.49 and a current ratio of 1.61. The company has a market cap of $3.09 billion, a PE ratio of 8.54 and a beta of 0.91. The company’s fifty day simple moving average is $57.45 and its two-hundred day simple moving average is $46.06. Par Pacific has a 1-year low of $14.18 and a 1-year high of $70.39.

Insider Activity

In related news, CEO William Monteleone sold 108,948 shares of the stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $54.06, for a total transaction of $5,889,728.88. Following the sale, the chief executive officer owned 457,167 shares in the company, valued at approximately $24,714,448.02. This trade represents a 19.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 3.60% of the company’s stock.

Hedge Funds Weigh In On Par Pacific

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC lifted its stake in Par Pacific by 81.1% in the 2nd quarter. Smartleaf Asset Management LLC now owns 2,340 shares of the company’s stock valued at $62,000 after purchasing an additional 1,048 shares during the last quarter. Aster Capital Management DIFC Ltd lifted its stake in Par Pacific by 34.9% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,847 shares of the company’s stock valued at $65,000 after purchasing an additional 478 shares during the last quarter. Federated Hermes Inc. lifted its stake in Par Pacific by 70.4% in the 4th quarter. Federated Hermes Inc. now owns 2,096 shares of the company’s stock valued at $74,000 after purchasing an additional 866 shares during the last quarter. Royal Bank of Canada lifted its stake in Par Pacific by 86.3% in the 4th quarter. Royal Bank of Canada now owns 3,697 shares of the company’s stock valued at $130,000 after purchasing an additional 1,713 shares during the last quarter. Finally, Quadrant Capital Group LLC bought a new position in Par Pacific in the 3rd quarter valued at approximately $136,000. Institutional investors own 92.15% of the company’s stock.

Analyst Upgrades and Downgrades

PARR has been the topic of a number of analyst reports. Mizuho increased their target price on shares of Par Pacific from $49.00 to $58.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 17th. TD Cowen increased their target price on shares of Par Pacific from $39.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Zacks Research upgraded shares of Par Pacific from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 21st. UBS Group increased their target price on shares of Par Pacific from $40.00 to $60.00 and gave the stock a “neutral” rating in a research report on Thursday, April 9th. Finally, Raymond James Financial increased their target price on shares of Par Pacific from $50.00 to $77.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 25th. One 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. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $67.00.

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.