Par Pacific (NYSE:PARR) Downgraded to Hold Rating by Zacks Research

Key Points

• Zacks Research downgraded Par Pacific from “strong buy” to “hold,” although the broader analyst consensus remains “Moderate Buy,” with 11 Buy ratings and two Holds and an average price target of $80.86.
• Par Pacific reported stronger-than-expected quarterly results, including $10.10 EPS versus the $8.22 consensus estimate and $2.97 billion in revenue, up 56.8% year over year.
• Shares opened at $66.32, near their 50-day moving average, while institutional investors and hedge funds own approximately 92.15% of the company.

Par Pacific (NYSE:PARR - Get Free Report) was downgraded by research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a note issued to investors on Thursday,Zacks.com reports.

PARR has been the topic of a number of other reports. Benchmark reissued a "buy" rating on shares of Par Pacific in a research report on Wednesday, July 8th. The Goldman Sachs Group raised their price target on shares of Par Pacific from $77.00 to $92.00 and gave the company a "buy" rating in a report on Thursday, July 23rd. JPMorgan Chase & Co. lifted their price target 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. Mizuho boosted their price objective on shares of Par Pacific from $79.00 to $80.00 and gave the stock an "outperform" rating in a report on Thursday, July 9th. Finally, TD Cowen decreased their price objective on shares of Par Pacific from $100.00 to $95.00 and set a "buy" rating for the company in a research report on Friday. Eleven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $80.86.

Par Pacific Stock Performance

Shares of NYSE:PARR opened at $66.32 on Thursday. The business's 50-day simple moving average is $64.79 and its 200 day simple moving average is $57.20. The company has a market cap of $3.33 billion, a P/E ratio of 3.87 and a beta of 0.78. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.60 and a current ratio of 1.84. Par Pacific has a one year low of $26.92 and a one year high of $87.03.

Par Pacific (NYSE:PARR - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $10.10 earnings per share for the quarter, topping analysts' consensus estimates of $8.22 by $1.88. Par Pacific had a return on equity of 56.19% and a net margin of 9.94%.The firm had revenue of $2.97 billion during the quarter, compared to analysts' expectations of $2.40 billion. During the same quarter in the prior year, the business earned $1.54 EPS. Par Pacific's quarterly revenue was up 56.8% compared to the same quarter last year. On average, sell-side analysts forecast that Par Pacific will post 18.6 earnings per share for the current fiscal year.

Institutional Trading of Par Pacific

Hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp acquired a new stake in Par Pacific in the second quarter valued at $19,353,000. Birchbrook Inc. boosted its stake in Par Pacific by 12.8% during the 2nd quarter. Birchbrook Inc. now owns 3,385 shares of the company's stock valued at $190,000 after acquiring an additional 385 shares during the last quarter. GK Wealth Management LLC acquired a new position in Par Pacific during the 2nd quarter worth $317,000. Pacer Advisors Inc. acquired a new position in Par Pacific during the 1st quarter worth $16,277,000. Finally, NewEdge Advisors LLC bought a new stake in shares of Par Pacific in the 1st quarter worth about $26,000. Institutional investors and hedge funds own 92.15% of the company's stock.

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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