Mizuho Forecasts Strong Price Appreciation for Par Pacific (NYSE:PARR) Stock

Key Points

• Mizuho raised its price target on Par Pacific from $79 to $80 and kept an “outperform” rating, implying about 17.3% upside from the current share price.
• Other analysts have also turned more positive, with multiple upgrades and higher targets; the stock now carries a consensus “Moderate Buy” rating and an average target of $70.86.
• Par Pacific’s shares were trading at $68.20 after a strong run, near their 52-week high of $70.39, while the company posted mixed quarterly results with EPS below estimates but revenue above expectations.

Par Pacific (NYSE:PARR - Get Free Report) had its target price lifted by Mizuho from $79.00 to $80.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Mizuho's target price would suggest a potential upside of 17.30% from the company's current price.

Several other equities research analysts have also issued reports on PARR. UBS Group raised their price objective on Par Pacific from $60.00 to $65.00 and gave the company a "neutral" rating in a research note on Wednesday. Zacks Research raised shares of Par Pacific from a "hold" rating to a "strong-buy" rating in a research note on Tuesday. Wall Street Zen upgraded shares of Par Pacific from a "buy" rating to a "strong-buy" rating in a research report on Sunday, May 17th. Weiss Ratings restated a "hold (c+)" rating on shares of Par Pacific in a report on Wednesday, June 24th. Finally, The Goldman Sachs Group raised shares of Par Pacific from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $53.00 to $77.00 in a research note on Friday, April 10th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $70.86.

Par Pacific Stock Performance

Par Pacific stock opened at $68.20 on Thursday. The company's 50-day moving average price is $58.11 and its 200-day moving average price is $51.18. 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 company has a market cap of $3.42 billion, a PE ratio of 7.64 and a beta of 0.82. Par Pacific has a twelve month low of $26.83 and a twelve month high of $70.39.

Par Pacific (NYSE:PARR - Get Free Report) last released its quarterly 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). Par Pacific had a return on equity of 34.38% and a net margin of 6.02%.The company had revenue of $1.82 billion during the quarter, compared to analysts' expectations of $1.78 billion. During the same quarter in the prior year, the business posted ($0.94) EPS. The company's revenue was up 4.5% on a year-over-year basis. On average, equities research analysts forecast that Par Pacific will post 16.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Par Pacific

Several large investors have recently added to or reduced their stakes in the stock. GK Wealth Management LLC purchased a new position in shares of Par Pacific during the second quarter worth approximately $317,000. Pacer Advisors Inc. bought a new position in Par Pacific in the first quarter worth approximately $16,277,000. NewEdge Advisors LLC bought a new position in Par Pacific in the first quarter worth approximately $26,000. Systematic Alpha Investments LLC purchased a new position in Par Pacific during the 1st quarter worth $351,000. Finally, Amundi increased its holdings in Par Pacific by 18.8% during the 1st quarter. Amundi now owns 11,622 shares of the company's stock worth $728,000 after purchasing an additional 1,839 shares during the period. 92.15% of the stock is owned by hedge funds and other 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.

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