Par Pacific (NYSE:PARR) Reaches New 1-Year High - Here's What Happened

Key Points

• Par Pacific Holdings, Inc. (NYSE:PARR) reached a new 52-week high of $35.41, marking a notable increase in stock performance with a trading volume of over 2 million shares.
• The company reported a quarterly earnings per share (EPS) of $1.54, significantly surpassing analysts' expectations of $0.74, despite a year-over-year revenue decline of 6.2%.
• In terms of analyst ratings, Par Pacific has a consensus rating of "Moderate Buy" with a target price of $28.96, influenced by recent downgrades and upgrades from various financial institutions.

Par Pacific Holdings, Inc. (NYSE:PARR - Get Free Report)'s stock price reached a new 52-week high on Tuesday . The company traded as high as $35.41 and last traded at $35.32, with a volume of 2018382 shares changing hands. The stock had previously closed at $34.64.

Analyst Upgrades and Downgrades

PARR has been the subject of several research analyst reports. Wall Street Zen lowered shares of Par Pacific from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 17th. Raymond James Financial set a $38.00 price target on shares of Par Pacific and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Mizuho set a $34.00 price target on shares of Par Pacific and gave the stock a "neutral" rating in a research report on Friday, July 11th. The Goldman Sachs Group lowered shares of Par Pacific from a "buy" rating to a "neutral" rating and set a $19.00 price target for the company. in a research report on Wednesday, May 28th. Finally, Cowen reissued a "buy" rating on shares of Par Pacific in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $28.96.

Par Pacific Stock Up 2.0%

The business's 50 day moving average is $30.83 and its 200-day moving average is $21.82. The stock has a market cap of $1.79 billion, a price-to-earnings ratio of -126.15 and a beta of 1.82. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.56 and a current ratio of 1.42.

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

Insider Activity at Par Pacific

In related news, SVP Terrill Pitkin sold 5,164 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $27.97, for a total value of $144,437.08. Following the completion of the transaction, the senior vice president directly owned 41,223 shares of the company's stock, valued at $1,153,007.31. This represents a 11.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 4.40% of the company's stock.

Institutional Trading of Par Pacific

Several large investors have recently bought and sold shares of the company. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Par Pacific during the first quarter valued at $194,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Par Pacific by 54.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 18,601 shares of the company's stock worth $265,000 after purchasing an additional 6,522 shares during the period. GAMMA Investing LLC raised its holdings in shares of Par Pacific by 352.7% in the 1st quarter. GAMMA Investing LLC now owns 7,556 shares of the company's stock worth $108,000 after purchasing an additional 5,887 shares during the period. First Citizens Bank & Trust Co. purchased a new position in shares of Par Pacific in the 1st quarter worth about $219,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Par Pacific by 32.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,205,756 shares of the company's stock worth $17,194,000 after purchasing an additional 296,536 shares during the period. 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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