Par Pacific (NYSE:PARR) Price Target Cut to $95.00 by Analysts at TD Cowen

Par Pacific (NYSE:PARR) had its target price lowered by TD Cowen from $100.00 to $95.00 in a research note issued to investors on Friday, Marketbeat Ratings reports. The brokerage currently has a buy rating on the stock.

Other equities research analysts also recently issued reports about the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Par Pacific in a research note on Wednesday, June 24th. Guggenheim upgraded shares of Par Pacific to an “outperform” rating in a research note on Wednesday, May 27th. UBS Group boosted their price target on shares of Par Pacific from $60.00 to $65.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 8th. Zacks Research raised Par Pacific from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 7th. Finally, Raymond James Financial increased their price objective on Par Pacific from $80.00 to $85.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $80.86.

Par Pacific Stock Performance

NYSE PARR opened at $66.32 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.84 and a quick ratio of 0.60. The company has a market cap of $3.33 billion, a P/E ratio of 3.87 and a beta of 0.78. The stock has a 50-day moving average of $64.79 and a two-hundred day moving average of $57.20. Par Pacific has a 1-year low of $26.92 and a 1-year high of $87.03.

Par Pacific (NYSE:PARR) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $10.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.22 by $1.88. Par Pacific had a net margin of 9.94% and a return on equity of 56.19%. The business had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $2.40 billion. During the same quarter in the prior year, the company earned $1.54 earnings per share. The business’s quarterly revenue was up 56.8% on a year-over-year basis. As a group, analysts anticipate that Par Pacific will post 18.6 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PARR. Royal Bank of Canada raised its holdings in shares of Par Pacific by 23.9% in the 1st quarter. Royal Bank of Canada now owns 23,453 shares of the company’s stock valued at $334,000 after purchasing an additional 4,525 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Par Pacific by 118.2% during the first quarter. AQR Capital Management LLC now owns 164,358 shares of the company’s stock worth $2,344,000 after purchasing an additional 89,023 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Par Pacific by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,304 shares of the company’s stock worth $461,000 after purchasing an additional 1,427 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Par Pacific by 4.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 146,241 shares of the company’s stock valued at $2,085,000 after buying an additional 6,618 shares during the last quarter. Finally, Jane Street Group LLC increased its holdings in Par Pacific by 352.7% in the first quarter. Jane Street Group LLC now owns 270,835 shares of the company’s stock valued at $3,862,000 after buying an additional 211,002 shares during the last quarter. Institutional investors and hedge funds own 92.15% of the company’s stock.

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.