Par Pacific (NYSE:PARR) Shares Gap Up – Still a Buy?

Par Pacific Holdings, Inc. (NYSE:PARR) gapped up before the market opened on Wednesday . The stock had previously closed at $61.46, but opened at $63.92. Par Pacific shares last traded at $66.7980, with a volume of 109,238 shares trading hands.

Analyst Ratings Changes

A number of research firms have recently weighed in on PARR. JPMorgan Chase & Co. boosted their target price on Par Pacific from $48.00 to $77.00 and gave the company an “overweight” rating in a research note on Wednesday, April 8th. Zacks Research cut Par Pacific from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 8th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Par Pacific in a research report on Wednesday, June 24th. Evercore raised Par Pacific to an “outperform” rating in a research note on Wednesday, May 27th. Finally, Benchmark restated a “buy” rating on shares of Par Pacific in a report on Wednesday. Ten investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $70.71.

Par Pacific Trading Up 9.5%

The company has a quick ratio of 0.60, a current ratio of 1.62 and a debt-to-equity ratio of 0.63. The firm’s fifty day moving average is $58.04 and its two-hundred day moving average is $50.96. The firm has a market cap of $3.37 billion, a P/E ratio of 7.54 and a beta of 0.82.

Par Pacific (NYSE:PARR) last posted its earnings results on Tuesday, May 5th. The company reported $0.78 EPS for the quarter, missing the consensus estimate of $1.00 by ($0.22). The company had revenue of $1.82 billion during 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 for the quarter was up 4.5% on a year-over-year basis. During the same period in the prior year, the business posted ($0.94) earnings per share. Analysts predict that Par Pacific Holdings, Inc. will post 16.31 earnings per share for the current fiscal year.

Institutional Trading of Par Pacific

Large investors have recently bought and sold shares of the company. NewEdge Advisors LLC bought a new position in shares of Par Pacific in the 1st quarter worth approximately $26,000. EverSource Wealth Advisors LLC grew its stake in Par Pacific by 32.0% in the first quarter. EverSource Wealth Advisors LLC now owns 713 shares of the company’s stock worth $45,000 after purchasing an additional 173 shares during the period. Aster Capital Management DIFC Ltd grew its stake in Par Pacific by 34.9% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,847 shares of the company’s stock worth $65,000 after purchasing an additional 478 shares during the period. Rockefeller Capital Management L.P. raised its holdings in Par Pacific by 385.6% in the fourth 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, Federated Hermes Inc. lifted its position in Par Pacific by 70.4% during the fourth quarter. Federated Hermes Inc. now owns 2,096 shares of the company’s stock valued at $74,000 after buying an additional 866 shares during the period. 92.15% of the stock is owned by 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.