Par Pacific (NYSE:PARR) Announces Earnings Results

Par Pacific (NYSE:PARR) issued its quarterly earnings results on Tuesday. The company reported $10.10 EPS for the quarter, topping analysts’ consensus estimates of $8.22 by $1.88, Zacks reports. The firm had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.40 billion. Par Pacific had a net margin of 9.94% and a return on equity of 61.03%. The business’s revenue for the quarter was up 56.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.54 EPS.

Par Pacific Trading Down 1.4%

PARR stock traded down $0.96 during midday trading on Thursday, hitting $68.96. The company had a trading volume of 740,818 shares, compared to its average volume of 1,222,578. The stock has a market cap of $3.46 billion, a price-to-earnings ratio of 4.01 and a beta of 0.78. Par Pacific has a 52 week low of $26.88 and a 52 week high of $87.03. 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 stock’s 50 day moving average price is $64.34 and its 200 day moving average price is $56.91.

Analyst Ratings Changes

Several research analysts recently issued reports on PARR shares. The Goldman Sachs Group upped their target price on shares of Par Pacific from $77.00 to $92.00 and gave the stock a “buy” rating in a research report on Thursday, July 23rd. Mizuho lifted their price target on Par Pacific from $79.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, July 9th. Benchmark reiterated a “buy” rating on shares of Par Pacific in a research report on Wednesday, July 8th. Wall Street Zen raised Par Pacific from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 17th. Finally, Guggenheim upgraded Par Pacific to an “outperform” rating in a research report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $81.57.

Institutional Investors Weigh In On Par Pacific

Several institutional investors have recently added to or reduced their stakes in PARR. Aster Capital Management DIFC Ltd lifted its holdings 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 worth $65,000 after buying an additional 478 shares during the period. Federated Hermes Inc. raised its holdings in Par Pacific by 70.4% in the 4th quarter. Federated Hermes Inc. now owns 2,096 shares of the company’s stock worth $74,000 after purchasing an additional 866 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in Par Pacific by 81.1% in 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. Royal Bank of Canada lifted its position in shares of Par Pacific by 86.3% in the 4th quarter. Royal Bank of Canada now owns 3,697 shares of the company’s stock worth $130,000 after purchasing an additional 1,713 shares during the period. Finally, Quadrant Capital Group LLC purchased a new stake in shares of Par Pacific in the 3rd quarter worth about $136,000. Hedge funds and other 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.