Par Pacific (NYSE:PARR) Reaches New 12-Month High - Here's Why

Key Points

• Par Pacific shares reached a new 52-week high of $82.61, up from the prior close of $79.09, with the stock trading near $82.15.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $81.57; Goldman Sachs recently raised its target to $92 and maintained a buy rating.
• Par Pacific reported quarterly revenue of $1.82 billion, exceeding expectations, although EPS of $0.78 missed the $1.00 consensus estimate. Institutional investors own 92.15% of the company’s shares.

Par Pacific Holdings, Inc. (NYSE:PARR - Get Free Report) hit a new 52-week high on Wednesday . The stock traded as high as $82.61 and last traded at $82.1510, with a volume of 47908 shares traded. The stock had previously closed at $79.09.

Wall Street Analyst Weigh In

PARR has been the topic of a number of recent research reports. Mizuho upped their price objective on Par Pacific from $79.00 to $80.00 and gave the company an "outperform" rating in a research report on Thursday, July 9th. Benchmark reiterated a "buy" rating on shares of Par Pacific in a report on Wednesday, July 8th. Weiss Ratings restated a "hold (c+)" rating on shares of Par Pacific in a report on Wednesday, June 24th. The Goldman Sachs Group raised their price target on Par Pacific from $77.00 to $92.00 and gave the stock a "buy" rating in a research report on Thursday, July 23rd. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Par Pacific from $48.00 to $77.00 and gave the stock 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 given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $81.57.

Par Pacific Price Performance

The company has a current ratio of 1.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $4.10 billion, a PE ratio of 9.18 and a beta of 0.82. The stock's 50-day moving average is $61.51 and its two-hundred day moving average is $55.04.

Par Pacific (NYSE:PARR - Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.00 by ($0.22). The business had revenue of $1.82 billion for the quarter, compared to analysts' expectations of $1.78 billion. Par Pacific had a net margin of 6.02% and a return on equity of 34.38%. The firm's quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter last year, the firm earned ($0.94) EPS. On average, equities analysts predict that Par Pacific Holdings, Inc. will post 18.6 EPS for the current year.

Hedge Funds Weigh In On Par Pacific

Large investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC increased its stake in Par Pacific by 32.0% in the first quarter. EverSource Wealth Advisors LLC now owns 713 shares of the company's stock worth $45,000 after purchasing an additional 173 shares during the period. Natixis Advisors LLC grew its stake in Par Pacific by 2.8% in the 4th quarter. Natixis Advisors LLC now owns 11,102 shares of the company's stock worth $390,000 after acquiring an additional 299 shares in the last quarter. Birchbrook Inc. increased its position in shares of Par Pacific by 12.8% during the second quarter. Birchbrook Inc. now owns 3,385 shares of the company's stock worth $190,000 after acquiring an additional 385 shares during the period. Amundi increased its position in shares of Par Pacific by 3.6% during the third quarter. Amundi now owns 11,013 shares of the company's stock worth $388,000 after acquiring an additional 386 shares during the period. Finally, NewEdge Advisors LLC bought a new stake in shares of Par Pacific during the first quarter valued at approximately $26,000. Hedge funds and other institutional investors own 92.15% of the company's stock.

Par Pacific Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.