Par Pacific (NYSE:PARR) Cut to "Buy" at Wall Street Zen

Par Pacific (NYSE:PARR - Get Free Report) was downgraded by Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued on Saturday.

A number of other equities research analysts have also recently issued reports on the stock. The Goldman Sachs Group raised shares of Par Pacific from a "neutral" rating to a "buy" rating and lifted their price target for the company from $53.00 to $77.00 in a research note on Friday, April 10th. UBS Group lifted their target price on shares of Par Pacific from $40.00 to $60.00 and gave the stock a "neutral" rating in a research note on Thursday, April 9th. Piper Sandler lifted their target price on shares of Par Pacific from $63.00 to $72.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 8th. JPMorgan Chase & Co. lifted their target price on shares of Par Pacific from $48.00 to $77.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 8th. Finally, Mizuho lifted their target price on shares of Par Pacific from $49.00 to $58.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Par Pacific currently has an average rating of "Moderate Buy" and a consensus target price of $67.00.

Par Pacific Price Performance

Shares of NYSE PARR opened at $64.53 on Friday. The firm's 50 day simple moving average is $58.30 and its 200-day simple moving average is $46.44. Par Pacific has a 12 month low of $17.48 and a 12 month high of $70.39. The stock has a market capitalization of $3.24 billion, a price-to-earnings ratio of 7.20 and a beta of 0.91. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.62 and a quick ratio of 0.49.

Par Pacific (NYSE:PARR - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.78 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.00 by ($0.22). Par Pacific had a net margin of 6.02% and a return on equity of 34.38%. The company had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.78 billion. During the same period in the prior year, the business posted ($0.94) EPS. Par Pacific's revenue was up 4.5% compared to the same quarter last year. Analysts expect that Par Pacific will post 14.19 EPS for the current year.

Insider Activity at Par Pacific

In other news, CEO William Monteleone sold 108,948 shares of Par Pacific stock in a transaction on Monday, March 16th. The stock was sold at an average price of $54.06, for a total transaction of $5,889,728.88. Following the transaction, the chief executive officer owned 457,167 shares in the company, valued at $24,714,448.02. The trade was a 19.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Par Pacific

Institutional investors and hedge funds have recently bought and sold shares of the stock. Federated Hermes Inc. purchased a new stake in Par Pacific in the 3rd quarter valued at about $44,000. Aster Capital Management DIFC Ltd purchased a new stake in Par Pacific in the 3rd quarter valued at about $48,000. Smartleaf Asset Management LLC raised its holdings in Par Pacific by 81.1% in the 2nd quarter. Smartleaf Asset Management LLC now owns 2,340 shares of the company's stock valued at $62,000 after buying an additional 1,048 shares during the period. Nisa Investment Advisors LLC raised its holdings in Par Pacific by 16.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,855 shares of the company's stock valued at $66,000 after buying an additional 259 shares during the period. Finally, Rockefeller Capital Management L.P. raised its holdings in Par Pacific by 385.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,962 shares of the company's stock valued at $69,000 after buying an additional 1,558 shares during the period. 92.15% of the stock is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.