Par Pacific (NYSE:PARR) Given New $37.00 Price Target at UBS Group

Key Points

• UBS Group has raised its price target for Par Pacific from $23.00 to $37.00, maintaining a "neutral" rating on the stock, which indicates a potential downside of 1.45% from its current price.
• Par Pacific's stock has gained 6.6%, reaching a price of $37.55, and the company has a market capitalization of $1.91 billion.
• In its latest quarterly earnings report, Par Pacific exceeded earnings expectations with $1.54 EPS compared to a consensus estimate of $0.74, despite a 6.2% decline in revenue year-over-year.

Par Pacific (NYSE:PARR - Get Free Report) had its target price hoisted by analysts at UBS Group from $23.00 to $37.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. UBS Group's price objective points to a potential downside of 1.45% from the company's current price.

Other research analysts also recently issued research reports about the stock. Cowen reaffirmed a "buy" rating on shares of Par Pacific in a research report on Thursday, August 7th. Raymond James Financial lifted their price objective on shares of Par Pacific from $36.00 to $38.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 9th. Wall Street Zen raised shares of Par Pacific from a "buy" rating to a "strong-buy" rating in a research report on Saturday, September 13th. The Goldman Sachs Group downgraded shares of Par Pacific from a "buy" rating to a "neutral" rating and set a $19.00 target price on the stock. in a research report on Wednesday, May 28th. Finally, Zacks Research raised shares of Par Pacific to a "strong-buy" rating in a research report on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, Par Pacific currently has a consensus rating of "Moderate Buy" and an average price target of $33.86.

Par Pacific Trading Up 6.6%

PARR stock traded up $2.33 during trading on Tuesday, hitting $37.55. The company had a trading volume of 238,948 shares, compared to its average volume of 1,425,799. The firm has a market capitalization of $1.91 billion, a P/E ratio of -134.13 and a beta of 1.82. Par Pacific has a 52-week low of $11.86 and a 52-week high of $37.42. The company has a 50 day simple moving average of $32.12 and a 200-day simple moving average of $23.93. The company has a quick ratio of 0.56, a current ratio of 1.42 and a debt-to-equity ratio of 0.97.

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

Insider Activity

In other Par Pacific news, insider Shawn David Flores sold 8,062 shares of Par Pacific stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $34.50, for a total value of $278,139.00. Following the completion of the transaction, the insider owned 39,089 shares of the company's stock, valued at approximately $1,348,570.50. The trade was a 17.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Ivan Daniel Guerra sold 5,500 shares of Par Pacific stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $35.11, for a total transaction of $193,105.00. Following the completion of the transaction, the chief accounting officer directly owned 17,491 shares of the company's stock, valued at $614,109.01. The trade was a 23.92% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 25,954 shares of company stock valued at $863,048 in the last three months. Corporate insiders own 4.40% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Osaic Holdings Inc. raised its position in Par Pacific by 19.7% during the second quarter. Osaic Holdings Inc. now owns 5,838 shares of the company's stock worth $154,000 after acquiring an additional 961 shares during the period. Squarepoint Ops LLC acquired a new position in Par Pacific during the second quarter worth $2,834,000. Caxton Associates LLP acquired a new position in Par Pacific during the second quarter worth $3,429,000. Tower Research Capital LLC TRC raised its position in Par Pacific by 70.5% during the second quarter. Tower Research Capital LLC TRC now owns 12,134 shares of the company's stock worth $322,000 after acquiring an additional 5,018 shares during the period. Finally, Ion Asset Management Ltd. acquired a new position in Par Pacific during the second quarter worth $838,000. 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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