Par Pacific (NYSE:PARR) Releases Quarterly Earnings Results, Beats Expectations By $4.05 EPS

Key Points

• Par Pacific reported quarterly EPS of $10.70, beating analysts’ consensus estimate of $6.65 by $4.05; its net margin was 9.94% and return on equity was 56.19%.
• Shares fell $0.73 to $71.43 during Tuesday trading, despite the earnings beat. The stock’s 12-month range was $34.37 to $90.74.
• Analysts’ average rating was “Moderate Buy,” with an average price target of $90.43; insiders sold 54,248 shares worth about $4.39 million during the last quarter.

Par Pacific (NYSE:PARR - Get Free Report) posted its quarterly earnings results on Tuesday. The company reported $10.70 EPS for the quarter, topping analysts' consensus estimates of $6.65 by $4.05, Zacks reports. Par Pacific had a net margin of 9.94% and a return on equity of 56.19%.

Par Pacific Price Performance

Shares of PARR traded down $0.73 during trading hours on Tuesday, reaching $71.43. 1,086,081 shares of the company's stock traded hands, compared to its average volume of 1,131,423. The firm's 50 day simple moving average is $81.21 and its 200-day simple moving average is $64.10. The stock has a market cap of $3.58 billion, a PE ratio of 4.17 and a beta of 0.75. The company has a current ratio of 1.84, a quick ratio of 0.76 and a debt-to-equity ratio of 0.38. Par Pacific has a 12 month low of $34.37 and a 12 month high of $90.74.

Insider Activity

In other Par Pacific news, CEO William Monteleone sold 40,000 shares of the company's stock in a transaction that occurred 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 sale, the chief executive officer owned 457,167 shares of the company's stock, valued at $37,167,677.10. This represents a 8.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Danielle Mattiussi sold 3,278 shares of the company's stock in a transaction on 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 of the company's stock, valued at $1,875,910.62. This trade represents a 10.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 54,248 shares of company stock worth $4,394,057. 3.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have issued reports on the company. Raymond James Financial restated an "outperform" rating and issued a $117.00 target price on shares of Par Pacific in a research note on Monday, October 19th. Piper Sandler assumed coverage on Par Pacific in a research note on Tuesday, October 27th. They set a "neutral" rating and a $94.00 price target for the company. Mizuho lowered Par Pacific from an "outperform" rating to a "neutral" rating and set a $91.00 price objective for the company. in a report on Thursday, October 8th. Weiss Ratings cut Par Pacific from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday. Finally, Zacks Research upgraded Par Pacific from a "hold" rating to a "strong-buy" rating in a research note on Friday, September 4th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $90.43.

Par Pacific Company Profile

Par Pacific Holdings, Inc is an energy company engaged in refining, marketing and distributing transportation fuels and other petroleum products. Its refineries process crude oil into products such as gasoline, diesel, jet fuel, marine fuels and asphalt, serving customers in western U.S. markets.

The company operates refining and related energy businesses in Hawaii, Wyoming and Washington. Its operations also include logistics assets such as storage facilities, pipelines, terminals and other infrastructure used to move and distribute crude oil and refined products.

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