Par Pacific (NYSE:PARR) Price Target Raised to $40.00

Key Points

• Mizuho has raised its price target for Par Pacific (NYSE:PARR) from $34.00 to $40.00, indicating a potential upside of 18.91% from the current price.
• Various analysts have differing ratings on the stock, with Zacks Research upgrading it to a "strong-buy" while Goldman Sachs downgraded it to "neutral" with a price objective of $19.00.
• Par Pacific reported a quarterly EPS of $1.54, significantly exceeding analysts' expectations, although revenue saw a 6.2% decrease year-over-year.

Par Pacific (NYSE:PARR - Get Free Report) had its price objective hoisted by Mizuho from $34.00 to $40.00 in a research report issued to clients and investors on Monday, Marketbeat reports. The brokerage currently has a "neutral" rating on the stock. Mizuho's price target would indicate a potential upside of 14.48% from the company's previous close.

PARR has been the topic of several other reports. Zacks Research upgraded Par Pacific to a "strong-buy" rating in a research note on Monday, August 11th. TD Cowen reduced their price target on shares of Par Pacific from $35.00 to $33.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. The Goldman Sachs Group lowered shares of Par Pacific from a "buy" rating to a "neutral" rating and set a $19.00 price target on the stock. in a report on Wednesday, May 28th. Wall Street Zen raised shares of Par Pacific from a "buy" rating to a "strong-buy" rating in a research note on Saturday, September 13th. Finally, Raymond James Financial lifted their price target on Par Pacific from $36.00 to $38.00 and gave the company an "outperform" rating in a research report on Tuesday, September 9th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $30.68.

Par Pacific Stock Down 1.9%

PARR stock traded down $0.69 during trading on Monday, reaching $34.94. 2,816,251 shares of the stock were exchanged, compared to its average volume of 1,434,281. The company has a current ratio of 1.42, a quick ratio of 0.56 and a debt-to-equity ratio of 0.97. Par Pacific has a twelve month low of $11.86 and a twelve month high of $36.39. The firm's 50 day moving average is $32.11 and its 200 day moving average is $23.46. The firm has a market cap of $1.78 billion, a P/E ratio of -124.78 and a beta of 1.82.

Par Pacific (NYSE:PARR - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $1.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.74 by $0.80. Par Pacific had a negative return on equity of 1.79% and a negative net margin of 0.25%.The company had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.47 billion. During the same period in the prior year, the firm earned $0.49 earnings per share. Par Pacific's revenue for the quarter was down 6.2% on a year-over-year basis. As a group, research analysts forecast that Par Pacific will post 0.15 EPS for the current year.

Insider Activity at Par Pacific

In other news, CAO Ivan Daniel Guerra sold 5,500 shares of Par Pacific stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $35.11, for a total transaction of $193,105.00. Following the sale, the chief accounting officer owned 17,491 shares in the company, valued at $614,109.01. This trade represents a 23.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Terrill Pitkin sold 5,164 shares of Par Pacific stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $27.97, for a total transaction of $144,437.08. Following the completion of the sale, the senior vice president owned 41,223 shares in the company, valued at approximately $1,153,007.31. This represents a 11.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 25,954 shares of company stock worth $863,048 in the last three months. Corporate insiders own 4.40% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Encompass Capital Advisors LLC bought a new position in shares of Par Pacific during the second quarter valued at approximately $34,609,000. FJ Investments LLC bought a new stake in Par Pacific during the 2nd quarter valued at $26,294,000. Nuveen LLC bought a new stake in Par Pacific during the first quarter valued at about $12,750,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Par Pacific by 89.9% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,438,677 shares of the company's stock valued at $38,168,000 after buying an additional 681,190 shares in the last quarter. Finally, Millennium Management LLC boosted its position in shares of Par Pacific by 43.4% in the 4th quarter. Millennium Management LLC now owns 1,936,798 shares of the company's stock worth $31,744,000 after purchasing an additional 586,003 shares in the last quarter. Institutional investors own 92.15% of the company's stock.

About Par Pacific

Par Pacific Holdings, Inc owns and operates energy and infrastructure businesses. The company operates through Refining, Retail, and Logistics segments. The Refining segment owns and operates refineries that produce gasoline, distillate, asphalt, and other products primarily for consumption in Kapolei, Hawaii, Newcastle, Wyoming, Tacoma, Washington, and Billings, Montana.