Par Pacific (NYSE:PARR) Stock Price Down 5.9% – Here’s Why

Par Pacific Holdings, Inc. (NYSE:PARR)’s stock price dropped 5.9% during mid-day trading on Thursday . The company traded as low as $57.29 and last traded at $57.1880. Approximately 453,375 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 1,352,992 shares. The stock had previously closed at $60.80.

Analyst Upgrades and Downgrades

PARR has been the topic of a number of recent research reports. Raymond James Financial upped their target price on shares of Par Pacific from $50.00 to $77.00 and gave the company an “outperform” rating in a report on Wednesday, March 25th. Weiss Ratings restated a “hold (c+)” rating on shares of Par Pacific in a report on Friday, March 27th. UBS Group upped their target price on shares of Par Pacific from $40.00 to $60.00 and gave the company a “neutral” rating in a report on Thursday, April 9th. JPMorgan Chase & Co. upped their target price on shares of Par Pacific from $48.00 to $77.00 and gave the company an “overweight” rating in a report on Wednesday, April 8th. Finally, Zacks Research upgraded shares of Par Pacific from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 21st. 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 stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $67.00.

Par Pacific Stock Performance

The firm has a market capitalization of $2.95 billion, a PE ratio of 6.58 and a beta of 0.91. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.60 and a current ratio of 1.62. The company’s fifty day moving average price is $61.51 and its two-hundred day moving average price is $48.07.

Par Pacific (NYSE:PARR) last announced its quarterly earnings data 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). The company had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.78 billion. Par Pacific had a return on equity of 34.38% and a net margin of 6.02%.The company’s revenue was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.94) earnings per share. As a group, equities analysts expect that Par Pacific Holdings, Inc. will post 13.72 earnings per share for the current year.

Insider Buying and Selling at Par Pacific

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC increased its position in Par Pacific by 32.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 713 shares of the company’s stock worth $45,000 after purchasing an additional 173 shares in the last quarter. Federated Hermes Inc. acquired a new stake in Par Pacific during the 3rd quarter worth approximately $44,000. Aster Capital Management DIFC Ltd acquired a new stake in Par Pacific during the 3rd quarter worth approximately $48,000. Rockefeller Capital Management L.P. increased its position 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 worth $69,000 after purchasing an additional 1,558 shares in the last quarter. Finally, Smartleaf Asset Management LLC increased its position in Par Pacific by 81.1% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,340 shares of the company’s stock worth $62,000 after purchasing an additional 1,048 shares in the last quarter. 92.15% of the stock is currently owned by hedge funds and other institutional investors.

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.