Par Pacific (NYSE:PARR) Downgraded to "Buy" Rating by Wall Street Zen

Key Points

• Par Pacific has been downgraded from a "strong-buy" to a "buy" rating by Wall Street Zen, signaling a shift in analysts' sentiment regarding the stock.
• Par Pacific's target prices vary among analysts, with Raymond James setting it at $38.00, while Goldman Sachs has a lower target of $19.00.
• The company's recent quarterly earnings report showed an EPS of $1.54, significantly exceeding analyst estimates, with revenue recorded at $1.89 billion.

Par Pacific (NYSE:PARR - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a report released on Sunday.

Several other research firms have also commented on PARR. Raymond James Financial set a $38.00 target price on shares of Par Pacific and gave the company an "outperform" rating in a research note on Tuesday, July 15th. The Goldman Sachs Group lowered shares of Par Pacific from a "buy" rating to a "neutral" rating and set a $19.00 target price for the company. in a research note on Wednesday, May 28th. Zacks Research raised shares of Par Pacific to a "strong-buy" rating in a research note on Monday, August 11th. Mizuho set a $34.00 target price on shares of Par Pacific and gave the company a "neutral" rating in a research note on Friday, July 11th. Finally, Piper Sandler increased their target price on shares of Par Pacific from $26.00 to $38.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Par Pacific currently has an average rating of "Moderate Buy" and a consensus target price of $28.96.

Par Pacific Trading Up 2.8%

Par Pacific stock opened at $29.02 on Friday. The firm has a 50 day simple moving average of $29.31 and a 200-day simple moving average of $20.60. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.42 and a quick ratio of 0.56. The stock has a market capitalization of $1.47 billion, a PE ratio of -103.64 and a beta of 1.83. Par Pacific has a 12-month low of $11.86 and a 12-month high of $35.32.

Par Pacific (NYSE:PARR - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $1.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.80. Par Pacific had a negative net margin of 0.25% and a negative return on equity of 1.79%. The business had revenue of $1.89 billion during the quarter, compared to analysts' expectations of $1.47 billion. During the same period last year, the firm posted $0.49 earnings per share. The business's revenue was down 6.2% on a year-over-year basis. As a group, equities research analysts expect that Par Pacific will post 0.15 EPS for the current fiscal year.

Insider Activity at Par Pacific

In related news, SVP Terrill Pitkin sold 5,164 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $27.97, for a total value 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 4.40% of the company's stock.

Institutional Investors Weigh In On Par Pacific

Several hedge funds have recently made changes to their positions in PARR. Encompass Capital Advisors LLC purchased a new stake in Par Pacific in the 2nd quarter worth approximately $34,609,000. FJ Investments LLC purchased a new stake in Par Pacific in the 2nd quarter worth approximately $26,294,000. Nuveen LLC purchased a new stake in Par Pacific in the 1st quarter worth approximately $12,750,000. Arrowstreet Capital Limited Partnership lifted its position in Par Pacific by 89.9% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,438,677 shares of the company's stock worth $38,168,000 after buying an additional 681,190 shares in the last quarter. Finally, Solas Capital Management LLC lifted its position in Par Pacific by 417.7% in the 4th quarter. Solas Capital Management LLC now owns 795,000 shares of the company's stock worth $13,030,000 after buying an additional 641,423 shares in the last quarter. Hedge funds and other institutional investors own 92.15% of the company's stock.

Par Pacific Company Profile

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.

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