Par Pacific (NYSE:PARR) Releases Earnings Results, Beats Expectations By $0.80 EPS

Key Points

• Par Pacific reported a quarterly earnings per share of $1.54, exceeding the consensus estimate of $0.53 by $1.01.
• The company’s stock declined by 0.9% on Tuesday, trading at $30.26, after having a 12-month trading range from $11.86 to $35.32.
• Institutional investors hold 92.15% of Par Pacific’s shares, with notable increases in holdings from Royal Bank of Canada and AQR Capital Management.

Par Pacific (NYSE:PARR - Get Free Report) issued its earnings results on Tuesday. The company reported $1.54 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.80, Zacks reports. Par Pacific had a negative net margin of 0.25% and a negative return on equity of 1.79%. The business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.47 billion. During the same period in the previous year, the business earned $0.49 EPS. The firm's revenue was down 6.2% on a year-over-year basis.

Par Pacific Price Performance

Shares of PARR stock traded up $0.18 during trading hours on Friday, reaching $27.31. 1,117,709 shares of the company were exchanged, compared to its average volume of 1,223,408. Par Pacific has a fifty-two week low of $11.86 and a fifty-two week high of $35.32. The stock's fifty day moving average is $28.64 and its two-hundred day moving average is $20.23. The company has a market cap of $1.39 billion, a price-to-earnings ratio of -97.54 and a beta of 1.83. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.42 and a quick ratio of 0.54.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Par Pacific from a "hold" rating to a "strong-buy" rating in a research report on Saturday. Mizuho set a $34.00 price target on shares of Par Pacific and gave the company a "neutral" rating in a research report on Friday, July 11th. Piper Sandler boosted their price target on shares of Par Pacific from $26.00 to $38.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. The Goldman Sachs Group lowered shares of Par Pacific from a "buy" rating to a "neutral" rating and set a $19.00 price target on the stock. in a research report on Wednesday, May 28th. Finally, Raymond James Financial set a $38.00 price target on shares of Par Pacific and gave the company an "outperform" rating in a research report on Tuesday, July 15th. Five investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $28.96.

Hedge Funds Weigh In On Par Pacific

A number of large investors have recently modified their holdings of PARR. Jane Street Group LLC lifted its position in shares of Par Pacific by 352.7% during the first quarter. Jane Street Group LLC now owns 270,835 shares of the company's stock worth $3,862,000 after purchasing an additional 211,002 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Par Pacific by 118.2% during the first quarter. AQR Capital Management LLC now owns 164,358 shares of the company's stock worth $2,344,000 after purchasing an additional 89,023 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Par Pacific by 4.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 146,241 shares of the company's stock worth $2,085,000 after purchasing an additional 6,618 shares in the last quarter. Royal Bank of Canada lifted its position in shares of Par Pacific by 23.9% during the first quarter. Royal Bank of Canada now owns 23,453 shares of the company's stock worth $334,000 after purchasing an additional 4,525 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Par Pacific by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,304 shares of the company's stock worth $461,000 after purchasing an additional 1,427 shares in the last quarter. 92.15% of the stock is currently owned by institutional investors and hedge funds.

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.