Par Pacific (NYSE:PARR) Shares Up 5.9% – Should You Buy?

Par Pacific Holdings, Inc. (NYSE:PARR)’s share price traded up 5.9% during mid-day trading on Wednesday. The stock traded as high as $82.15 and last traded at $82.8950. 167,378 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 1,166,472 shares. The stock had previously closed at $78.31.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PARR. TD Cowen cut their price objective on shares of Par Pacific from $100.00 to $95.00 and set a “buy” rating for the company in a research report on Friday, August 7th. Weiss Ratings raised shares of Par Pacific from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, September 8th. Raymond James Financial lifted their target price on shares of Par Pacific from $90.00 to $104.00 and gave the company an “outperform” rating in a research report on Monday, September 14th. The Goldman Sachs Group increased their price target 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. Finally, Zacks Research upgraded Par Pacific from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 4th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Par Pacific presently has an average rating of “Buy” and an average price target of $84.29.

Par Pacific Price Performance

The stock’s 50-day moving average price is $79.32 and its 200-day moving average price is $67.23. The company has a quick ratio of 0.76, a current ratio of 1.84 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $4.16 billion, a price-to-earnings ratio of 4.85 and a beta of 0.77.

Par Pacific (NYSE:PARR) last issued its earnings results on Tuesday, August 4th. The company reported $10.10 earnings per share for the quarter, topping analysts’ consensus estimates of $8.22 by $1.88. Par Pacific had a return on equity of 56.19% and a net margin of 9.94%.The company had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.40 billion. During the same period in the prior year, the firm earned $1.54 earnings per share. Par Pacific’s revenue for the quarter was up 56.8% on a year-over-year basis. Equities research analysts anticipate that Par Pacific Holdings, Inc. will post 22.21 earnings per share for the current year.

Insider Activity

In related news, Director Timothy Clossey sold 10,970 shares of the firm’s stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $84.00, for a total value of $921,480.00. Following the completion of the sale, the director owned 51,526 shares of the company’s stock, valued at $4,328,184. This trade represents a 17.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William Monteleone sold 40,000 shares of the stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $81.30, for a total value of $3,252,000.00. Following the completion of the transaction, the chief executive officer owned 457,167 shares of the company’s stock, valued at approximately $37,167,677.10. This trade represents a 8.05% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 54,248 shares of company stock valued at $4,394,057. 3.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Par Pacific

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PARR. Encompass Capital Advisors LLC purchased a new position in Par Pacific during the first quarter valued at $28,839,000. Bank of New York Mellon Corp bought a new stake in shares of Par Pacific during the second quarter worth $19,353,000. Pacer Advisors Inc. purchased a new position in shares of Par Pacific during the first quarter worth approximately $16,277,000. First Trust Advisors LP boosted its holdings in shares of Par Pacific by 395.9% in the first quarter. First Trust Advisors LP now owns 133,073 shares of the company’s stock valued at $8,336,000 after purchasing an additional 106,238 shares during the period. Finally, BNP Paribas Financial Markets raised its position in Par Pacific by 22.5% during the 4th quarter. BNP Paribas Financial Markets now owns 506,872 shares of the company’s stock valued at $17,811,000 after purchasing an additional 93,249 shares in the last quarter. 92.15% of the stock is owned by institutional investors.

About Par Pacific

Par Pacific Holdings, Inc (NYSE:PARR) is an energy company engaged in refining, logistics and retail operations. The company processes crude oil into transportation fuels and other refined products, including gasoline, diesel, jet fuel and asphalt, which it sells through wholesale and retail channels.

Par Pacific operates refining and fuel-distribution assets serving markets in Hawaii and the western United States, including the Rocky Mountain region. Its logistics operations include fuel terminals, pipelines, storage facilities and related infrastructure used to transport and distribute crude oil and refined petroleum products.

The company also operates retail fuel stations and convenience stores under various brand names, primarily in Hawaii and other western markets.