Par Pacific (NYSE:PARR) Earns "Hold (C-)" Rating from Weiss Ratings

Key Points

• Weiss Ratings has restated its "hold (C-)" rating for Par Pacific, indicating a cautious outlook for the stock.
• A mix of analyst ratings includes upgrades by TD Cowen and Piper Sandler, while Zacks Research downgraded Par Pacific to a "hold," resulting in an average rating of "Moderate Buy."
• Par Pacific reported $1.54 earnings per share in its latest quarterly results, exceeding estimates, but its revenue decreased by 6.2% year-over-year.

Par Pacific (NYSE:PARR - Get Free Report)'s stock had its "hold (c-)" rating restated by analysts at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

A number of other analysts have also recently commented on PARR. TD Cowen reduced their price objective on Par Pacific from $35.00 to $33.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. Piper Sandler upped their price target on Par Pacific from $39.00 to $44.00 and gave the stock an "overweight" rating in a research report on Thursday, September 11th. Wall Street Zen upgraded Par Pacific from a "buy" rating to a "strong-buy" rating in a research report on Saturday, September 13th. Zacks Research lowered Par Pacific from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 22nd. Finally, Raymond James Financial upped their price objective on Par Pacific from $36.00 to $38.00 and gave the stock an "outperform" rating in a research note on Tuesday, September 9th. Five research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $33.86.

Par Pacific Stock Up 0.1%

PARR stock opened at $37.05 on Wednesday. Par Pacific has a 1-year low of $11.86 and a 1-year high of $38.60. The business has a fifty day moving average price of $33.00 and a 200-day moving average price of $25.62. 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 $1.88 billion, a P/E ratio of -132.32 and a beta of 1.74.

Par Pacific (NYSE:PARR - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $1.54 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $1.89 billion during the quarter, compared to analysts' expectations of $1.47 billion. During the same quarter in the previous year, the business earned $0.49 earnings per share. The company's revenue was down 6.2% on a year-over-year basis. Equities analysts forecast that Par Pacific will post 0.15 earnings per share for the current fiscal year.

Insider Activity

In related news, SVP Terrill Pitkin sold 5,164 shares of the business's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $27.97, for a total transaction of $144,437.08. Following the transaction, the senior vice president directly owned 41,223 shares in the company, valued at $1,153,007.31. The trade was a 11.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Timothy Clossey sold 2,000 shares of the business's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $33.37, for a total value of $66,740.00. Following the transaction, the director owned 84,000 shares in the company, valued at approximately $2,803,080. This trade represents a 2.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,954 shares of company stock worth $863,048 over the last quarter. Company insiders own 4.40% of the company's stock.

Hedge Funds Weigh In On Par Pacific

Several institutional investors and hedge funds have recently modified their holdings of PARR. Encompass Capital Advisors LLC acquired a new position in shares of Par Pacific in the 2nd quarter valued at about $34,609,000. FJ Investments LLC acquired a new position in Par Pacific in the 2nd quarter worth about $26,294,000. Nuveen LLC acquired a new position in Par Pacific in the 1st quarter worth about $12,750,000. Arrowstreet Capital Limited Partnership increased its stake in Par Pacific by 89.9% during 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, JPMorgan Chase & Co. increased its stake in Par Pacific by 376.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 459,641 shares of the company's stock worth $12,194,000 after buying an additional 363,085 shares in the last quarter. Institutional investors and hedge funds 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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