Par Pacific (NYSE:PARR) Price Target Raised to $85.00

Par Pacific (NYSE:PARR) had its price objective hoisted by Mizuho from $80.00 to $85.00 in a report published on Tuesday morning, MarketBeat reports. The firm currently has an outperform rating on the stock.

PARR has been the topic of several other research reports. Zacks Research downgraded shares of Par Pacific from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 6th. The Goldman Sachs Group lifted their price objective on Par Pacific from $77.00 to $92.00 and gave the stock a “buy” rating in a research report on Thursday, July 23rd. Weiss Ratings raised Par Pacific from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, August 6th. Raymond James Financial increased their target price on Par Pacific from $80.00 to $85.00 and gave the company an “outperform” rating in a report on Monday, July 13th. Finally, Benchmark reissued a “buy” rating on shares of Par Pacific in a research report on Wednesday, July 8th. Eleven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $81.57.

Par Pacific Stock Performance

Shares of PARR stock opened at $82.08 on Tuesday. The stock has a fifty day moving average price of $66.39 and a 200 day moving average price of $58.48. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.76 and a current ratio of 1.84. The stock has a market cap of $4.11 billion, a PE ratio of 4.79 and a beta of 0.78. Par Pacific has a 1 year low of $27.76 and a 1 year high of $87.03.

Par Pacific (NYSE:PARR) last posted its earnings results on Tuesday, August 4th. The company reported $10.10 earnings per share for the quarter, beating the consensus estimate of $8.22 by $1.88. The company had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.40 billion. Par Pacific had a return on equity of 56.19% and a net margin of 9.94%.Par Pacific’s revenue was up 56.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.54 earnings per share. Sell-side analysts forecast that Par Pacific will post 21.33 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Danielle Mattiussi sold 3,278 shares of Par Pacific stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $67.29, for a total transaction of $220,576.62. Following the completion of the sale, the insider directly owned 27,878 shares in the company, valued at $1,875,910.62. The trade was a 10.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 3.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Par Pacific

Institutional investors and hedge funds have recently modified their holdings of the company. EverSource Wealth Advisors LLC grew its stake in Par Pacific by 32.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 713 shares of the company’s stock worth $45,000 after acquiring an additional 173 shares during the period. Natixis Advisors LLC raised its holdings in Par Pacific by 2.8% in the 4th quarter. Natixis Advisors LLC now owns 11,102 shares of the company’s stock valued at $390,000 after acquiring an additional 299 shares during the last quarter. Birchbrook Inc. lifted its stake in shares of Par Pacific by 12.8% during the 2nd quarter. Birchbrook Inc. now owns 3,385 shares of the company’s stock worth $190,000 after purchasing an additional 385 shares during the period. Amundi lifted its stake in shares of Par Pacific by 3.6% during the 3rd quarter. Amundi now owns 11,013 shares of the company’s stock worth $388,000 after purchasing an additional 386 shares during the period. Finally, NewEdge Advisors LLC acquired a new stake in shares of Par Pacific during the first quarter worth $26,000. 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.