Par Pacific (NYSE:PARR) Sets New 52-Week High After Analyst Upgrade

Par Pacific Holdings, Inc. (NYSE:PARR - Get Free Report)'s stock price hit a new 52-week high on Tuesday after Raymond James Financial raised their price target on the stock from $25.00 to $30.00. Raymond James Financial currently has an outperform rating on the stock. Par Pacific traded as high as $28.72 and last traded at $28.40, with a volume of 645545 shares changing hands. The stock had previously closed at $26.53.

Several other research analysts have also weighed in on the company. Piper Sandler lifted their target price on Par Pacific from $21.00 to $26.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. Mizuho lifted their price objective on Par Pacific from $18.00 to $21.00 and gave the company a "neutral" rating in a report on Tuesday, May 13th. UBS Group decreased their price objective on Par Pacific from $20.00 to $14.75 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. Wall Street Zen cut shares of Par Pacific from a "hold" rating to a "sell" rating in a report on Friday, June 6th. Finally, The Goldman Sachs Group downgraded shares of Par Pacific from a "buy" rating to a "neutral" rating and set a $19.00 price objective for the company. in a research report on Wednesday, May 28th. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Par Pacific currently has a consensus rating of "Hold" and an average target price of $21.96.

Institutional Investors Weigh In On Par Pacific

Hedge funds have recently made changes to their positions in the stock. Nuveen LLC bought a new stake in shares of Par Pacific during the first quarter worth $12,750,000. Solas Capital Management LLC increased its holdings in Par Pacific by 417.7% in the 4th quarter. Solas Capital Management LLC now owns 795,000 shares of the company's stock worth $13,030,000 after purchasing an additional 641,423 shares in the last quarter. Millennium Management LLC increased its holdings in Par Pacific by 43.4% in the 4th quarter. Millennium Management LLC now owns 1,936,798 shares of the company's stock worth $31,744,000 after purchasing an additional 586,003 shares in the last quarter. Bridgewater Associates LP bought a new position in Par Pacific in the fourth quarter valued at about $9,293,000. Finally, Walleye Capital LLC boosted its stake in shares of Par Pacific by 365.4% during the first quarter. Walleye Capital LLC now owns 424,549 shares of the company's stock valued at $6,054,000 after purchasing an additional 333,319 shares in the last quarter. 92.15% of the stock is currently owned by institutional investors and hedge funds.

Par Pacific Stock Up 6.3%

The stock has a market capitalization of $1.45 billion, a price-to-earnings ratio of -24.98 and a beta of 1.68. The company has a quick ratio of 0.54, a current ratio of 1.56 and a debt-to-equity ratio of 1.04. The stock has a 50 day moving average price of $20.85 and a 200 day moving average price of $17.27.

Par Pacific (NYSE:PARR - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.40) by ($0.54). Par Pacific had a negative net margin of 0.77% and a negative return on equity of 5.87%. The business had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter last year, the business earned $0.69 EPS. The firm's quarterly revenue was down 11.9% compared to the same quarter last year. As a group, analysts forecast that Par Pacific Holdings, Inc. will post 0.15 EPS for the current year.

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.

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