Par Pacific (NYSE:PARR) Given New $72.00 Price Target at Piper Sandler

Key Points

• Piper Sandler raised its price target on Par Pacific to $72 and kept an overweight rating, implying about a 19.34% upside, while analysts' consensus remains a "Hold" with a $58 average target.
• Shares fell 6.6% to $60.33 after the quarter; Par Pacific reported $1.17 EPS (missing estimates by $0.04) but revenue of $1.81B beat expectations, and the stock trades at a market cap of $2.98B with a P/E of 8.23.
• CEO William Monteleone sold 108,948 shares (≈$5.89M), cutting his stake by 19.24%; insiders own 3.60% of the stock while institutional investors hold 92.15%.

Par Pacific (NYSE:PARR - Get Free Report) had its target price raised by investment analysts at Piper Sandler from $63.00 to $72.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Piper Sandler's price target indicates a potential upside of 19.34% from the stock's current price.

A number of other equities analysts also recently commented on the company. TD Cowen lifted their price objective on Par Pacific from $39.00 to $48.00 and gave the stock a "buy" rating in a research report on Friday, February 27th. Weiss Ratings restated a "hold (c+)" rating on shares of Par Pacific in a research report on Friday, March 27th. Wall Street Zen upgraded Par Pacific from a "buy" rating to a "strong-buy" rating in a research report on Saturday, March 14th. Zacks Research downgraded Par Pacific from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, December 16th. Finally, The Goldman Sachs Group lifted their target price on Par Pacific from $44.00 to $53.00 and gave the company a "neutral" rating in a research report on Thursday, March 12th. Four equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, Par Pacific presently has an average rating of "Hold" and a consensus price target of $58.00.

Par Pacific Trading Down 6.6%

Par Pacific stock traded down $4.28 during trading on Wednesday, reaching $60.33. 425,235 shares of the company were exchanged, compared to its average volume of 1,318,061. Par Pacific has a 52-week low of $12.17 and a 52-week high of $67.39. The company has a market capitalization of $2.98 billion, a P/E ratio of 8.23 and a beta of 0.97. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.61 and a quick ratio of 0.49. The stock's 50 day simple moving average is $49.43 and its two-hundred day simple moving average is $42.58.

Par Pacific (NYSE:PARR - Get Free Report) last announced its quarterly earnings data on Tuesday, February 24th. The company reported $1.17 EPS for the quarter, missing analysts' consensus estimates of $1.21 by ($0.04). Par Pacific had a return on equity of 30.19% and a net margin of 4.95%.The company had revenue of $1.81 billion for the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter in the previous year, the business posted ($0.79) EPS. The business's quarterly revenue was down 1.0% compared to the same quarter last year. On average, equities research analysts expect that Par Pacific will post 0.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Par Pacific 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 value of $5,889,728.88. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Par Pacific

A number of institutional investors have recently modified their holdings of the company. Rockefeller Capital Management L.P. grew its stake in shares of Par Pacific by 385.6% in the fourth 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 in the last quarter. Corient Private Wealth LLC acquired a new stake in shares of Par Pacific in the fourth quarter valued at $345,000. Hsbc Holdings PLC grew its stake in shares of Par Pacific by 3.3% in the fourth quarter. Hsbc Holdings PLC now owns 49,096 shares of the company's stock valued at $1,729,000 after buying an additional 1,578 shares in the last quarter. Virtu Financial LLC grew its stake in shares of Par Pacific by 378.3% in the fourth quarter. Virtu Financial LLC now owns 30,215 shares of the company's stock valued at $1,062,000 after buying an additional 23,898 shares in the last quarter. Finally, Compound Planning Inc. acquired a new stake in shares of Par Pacific in the fourth quarter valued at $392,000. 92.15% of the stock is owned by institutional investors and hedge funds.

About Par Pacific

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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