Par Pacific (NYSE:PARR) Trading Up 5% on Analyst Upgrade

Key Points

• Par Pacific Holdings, Inc. shares surged 5% after Mizuho upgraded their price target from $34.00 to $40.00, maintaining a neutral rating on the stock.
• Institutional investors own over 92% of Par Pacific, with Osaic Holdings Inc. increasing its stake by 19.7% in the second quarter.
• The company reported a better-than-expected EPS of $1.54 for the last quarter, surpassing analyst estimates of $0.74, despite a 6.2% year-over-year revenue decline.

Shares of Par Pacific Holdings, Inc. (NYSE:PARR - Get Free Report) traded up 5% during trading on Tuesday after Mizuho raised their price target on the stock from $34.00 to $40.00. Mizuho currently has a neutral rating on the stock. Par Pacific traded as high as $34.95 and last traded at $35.05. 118,116 shares changed hands during trading, a decline of 92% from the average session volume of 1,414,927 shares. The stock had previously closed at $33.39.

PARR has been the subject of several other research reports. Piper Sandler upped their price target on shares of Par Pacific from $39.00 to $44.00 and gave the stock an "overweight" rating in a research report on Thursday, September 11th. TD Cowen lowered their price target on shares of Par Pacific from $35.00 to $33.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. The Goldman Sachs Group lowered 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 note on Wednesday, May 28th. Cowen reiterated a "buy" rating on shares of Par Pacific in a research note on Thursday, August 7th. Finally, Wall Street Zen upgraded shares of Par Pacific from a "buy" rating to a "strong-buy" rating in a research note on Saturday, September 13th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, Par Pacific presently has an average rating of "Moderate Buy" and a consensus price target of $30.68.

Insider Activity at Par Pacific

In other Par Pacific news, insider Jeffrey Ryan Hollis sold 5,228 shares of the stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $34.55, for a total transaction of $180,627.40. Following the transaction, the insider directly owned 24,679 shares of the company's stock, valued at $852,659.45. This trade represents a 17.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Terrill Pitkin sold 5,164 shares of the firm's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $27.97, for a total transaction of $144,437.08. Following the completion of the transaction, the senior vice president directly owned 41,223 shares in the company, valued at approximately $1,153,007.31. This represents a 11.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 25,954 shares of company stock valued at $863,048 in the last quarter. 4.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership lifted its stake in Par Pacific by 89.9% in the second quarter. Arrowstreet Capital Limited Partnership now owns 1,438,677 shares of the company's stock worth $38,168,000 after acquiring an additional 681,190 shares during the last quarter. Encompass Capital Advisors LLC purchased a new position in Par Pacific in the second quarter worth approximately $34,609,000. Charles Schwab Investment Management Inc. lifted its stake in Par Pacific by 32.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,205,756 shares of the company's stock worth $17,194,000 after acquiring an additional 296,536 shares during the last quarter. Invesco Ltd. lifted its stake in Par Pacific by 6.2% in the first quarter. Invesco Ltd. now owns 1,157,058 shares of the company's stock worth $16,500,000 after acquiring an additional 67,481 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its stake in Par Pacific by 9.8% in the fourth quarter. Nuveen Asset Management LLC now owns 1,029,798 shares of the company's stock worth $16,878,000 after acquiring an additional 91,814 shares during the last quarter. Institutional investors and hedge funds own 92.15% of the company's stock.

Par Pacific Stock Down 1.9%

The business's 50 day moving average is $32.11 and its 200-day moving average is $23.62. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.42 and a quick ratio of 0.56. The company has a market cap of $1.78 billion, a PE ratio of -124.78 and a beta of 1.82.

Par Pacific (NYSE:PARR - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $1.54 earnings per share 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 business had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.47 billion. During the same quarter in the previous year, the firm earned $0.49 EPS. The company's revenue was down 6.2% compared to the same quarter last year. As a group, analysts predict 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.