Par Pacific (NYSE:PARR) Announces Earnings Results, Beats Estimates By $1.88 EPS

Key Points

• Par Pacific reported quarterly EPS of $10.10, beating analysts’ consensus estimate of $8.22 by $1.88. Revenue increased 56.8% year over year, while net margin was 6.02% and return on equity reached 34.38%.
• PARR shares traded near $82.91, close to their 52-week high of $87.03; the stock has a market capitalization of $4.16 billion and a P/E ratio of 9.25.
• Analysts maintain a consensus “Moderate Buy” rating, with an average price target of $81.57, while institutional investors own 92.15% of the company.

Par Pacific (NYSE:PARR - Get Free Report) issued its quarterly earnings results on Tuesday. The company reported $10.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $8.22 by $1.88, Zacks reports. Par Pacific had a net margin of 6.02% and a return on equity of 34.38%. The firm's revenue was up 56.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.54 earnings per share.

Par Pacific Price Performance

PARR stock traded up $0.04 on Tuesday, reaching $82.91. The company had a trading volume of 1,178,244 shares, compared to its average volume of 1,218,622. Par Pacific has a 1 year low of $26.83 and a 1 year high of $87.03. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.60 and a current ratio of 1.62. The company's fifty day moving average is $63.54 and its 200 day moving average is $56.37. The company has a market cap of $4.16 billion, a P/E ratio of 9.25 and a beta of 0.78.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PARR. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Par Pacific in a research report on Wednesday, June 24th. Raymond James Financial raised their price objective on shares of Par Pacific from $80.00 to $85.00 and gave the stock an "outperform" rating in a research report on Monday, July 13th. TD Cowen upped their price target on Par Pacific from $78.00 to $100.00 and gave the stock a "buy" rating in a research note on Tuesday, July 21st. Benchmark reissued a "buy" rating on shares of Par Pacific in a report on Wednesday, July 8th. Finally, Mizuho raised their target price on Par Pacific from $79.00 to $80.00 and gave the company an "outperform" rating in a report on Thursday, July 9th. One investment 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $81.57.

Hedge Funds Weigh In On Par Pacific

Several hedge funds have recently bought and sold shares of PARR. Wells Fargo & Company MN raised its holdings in Par Pacific by 810.8% in the 4th quarter. Wells Fargo & Company MN now owns 359,834 shares of the company's stock valued at $12,645,000 after acquiring an additional 320,326 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Par Pacific by 22.1% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,756,161 shares of the company's stock worth $62,203,000 after purchasing an additional 317,484 shares during the period. Bridgeway Capital Management LLC acquired a new stake in shares of Par Pacific during the fourth quarter worth $9,576,000. Goldman Sachs Group Inc. boosted its holdings in shares of Par Pacific by 36.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 947,686 shares of the company's stock worth $33,302,000 after purchasing an additional 255,173 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in shares of Par Pacific by 1,391.7% during the third quarter. Jacobs Levy Equity Management Inc. now owns 267,944 shares of the company's stock worth $9,491,000 after purchasing an additional 249,982 shares during the last quarter. Hedge funds and other institutional investors 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.

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