Par Pacific (NYSE:PARR) Posts Quarterly 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) announced its quarterly earnings results on Tuesday. The company reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.80, Zacks reports. The business had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.47 billion. Par Pacific had a negative return on equity of 5.87% and a negative net margin of 0.77%. The business's revenue was down 6.2% on a year-over-year basis. During the same quarter last year, the business posted $0.49 EPS.

Par Pacific Stock Down 0.9%

PARR opened at $30.26 on Wednesday. Par Pacific has a one year low of $11.86 and a one year high of $35.32. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.54 and a current ratio of 1.56. The stock's fifty day moving average is $28.31 and its 200-day moving average is $20.03. The company has a market capitalization of $1.56 billion, a PE ratio of -26.78 and a beta of 1.83.

Institutional Trading of Par Pacific

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

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Mizuho set a $34.00 price target on Par Pacific and gave the stock a "neutral" rating in a report on Friday, July 11th. UBS Group cut their target price on Par Pacific from $20.00 to $14.75 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. Piper Sandler lifted their target price on Par Pacific from $26.00 to $38.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Wall Street Zen downgraded Par Pacific from a "hold" rating to a "sell" rating in a research note on Friday, June 6th. Finally, The Goldman Sachs Group downgraded Par Pacific from a "buy" rating to a "neutral" rating and set a $19.00 target price on the stock. in a research note on Wednesday, May 28th. One analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Par Pacific currently has a consensus rating of "Hold" and an average target price of $26.68.

About Par Pacific

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.