Par Pacific (NYSE:PARR) Hits New 12-Month High - Should You Buy?

Key Points

• Par Pacific shares hit a new 52-week high, trading as high as $71.29 after closing at $65.78 the prior session. The move came on heavy volume of 883,245 shares.
• Analyst sentiment remains positive, with several firms raising price targets and ratings; the stock now carries an average Moderate Buy rating and a consensus price target of $72.00. Recent targets include $72 from Piper Sandler, $85 from Raymond James, and $77 from JPMorgan.
• The company’s latest quarterly results were mixed: Par Pacific beat revenue expectations with $1.82 billion in sales but missed earnings estimates at $0.78 EPS versus $1.00 expected. Institutional ownership remains high at 92.15%, suggesting strong investor interest.

Par Pacific Holdings, Inc. (NYSE:PARR - Get Free Report) shares reached a new 52-week high during trading on Tuesday . The stock traded as high as $71.29 and last traded at $70.9760, with a volume of 883245 shares changing hands. The stock had previously closed at $65.78.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PARR. Piper Sandler boosted their price objective on shares of Par Pacific from $63.00 to $72.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 8th. Raymond James Financial increased their price objective on Par Pacific from $80.00 to $85.00 and gave the company an "outperform" rating in a research report on Monday. Wall Street Zen raised Par Pacific from a "buy" rating to a "strong-buy" rating in a research note on Sunday, May 17th. Zacks Research upgraded Par Pacific from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 7th. Finally, JPMorgan Chase & Co. upped their price target on Par Pacific from $48.00 to $77.00 and gave the company an "overweight" rating in a research note on Wednesday, April 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Par Pacific currently has an average rating of "Moderate Buy" and an average price target of $72.00.

Par Pacific Stock Performance

The company has a debt-to-equity ratio of 0.63, a current ratio of 1.62 and a quick ratio of 0.60. The firm has a market capitalization of $3.56 billion, a P/E ratio of 7.92 and a beta of 0.82. The stock's 50 day moving average is $58.26 and its two-hundred day moving average is $51.83.

Par Pacific (NYSE:PARR - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.78 earnings per share for the quarter, missing the consensus estimate of $1.00 by ($0.22). Par Pacific had a net margin of 6.02% and a return on equity of 34.38%. The business had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.78 billion. During the same quarter in the prior year, the company earned ($0.94) earnings per share. The company's quarterly revenue was up 4.5% on a year-over-year basis. As a group, equities analysts anticipate that Par Pacific Holdings, Inc. will post 16.92 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP grew its stake in shares of Par Pacific by 0.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,774,621 shares of the company's stock worth $62,363,000 after purchasing an additional 7,280 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in Par Pacific by 0.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 1,771,793 shares of the company's stock valued at $110,985,000 after purchasing an additional 6,162 shares during the last quarter. Geode Capital Management LLC lifted its stake in Par Pacific by 1.8% in the fourth quarter. Geode Capital Management LLC now owns 1,222,100 shares of the company's stock valued at $42,954,000 after buying an additional 21,254 shares during the period. Renaissance Technologies LLC lifted its stake in Par Pacific by 13.1% in the fourth quarter. Renaissance Technologies LLC now owns 1,008,964 shares of the company's stock valued at $35,455,000 after buying an additional 117,200 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in Par Pacific by 36.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 947,686 shares of the company's stock valued at $33,302,000 after buying an additional 255,173 shares during the period. Institutional investors and hedge funds own 92.15% of the company's stock.

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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