Par Pacific (NYSE:PARR) Shares Up 5.3% After Analyst Upgrade

Key Points

• Par Pacific Holdings, Inc. shares rose by 5.3% after Goldman Sachs raised its price target from $34 to $40, while maintaining a neutral rating.
• Analyst ratings are mixed, with some firms issuing buy ratings and others downgrading to hold, leading to an average rating of "Moderate Buy" and a consensus target price of $37.86.
• Insider trading activity has been noted with CAO Ivan Daniel Guerra selling 5,500 shares, indicating a 23.92% decrease in his position, while management still holds a significant stake in the company.

Par Pacific Holdings, Inc. (NYSE:PARR - Get Free Report) traded up 5.3% during mid-day trading on Wednesday after The Goldman Sachs Group raised their price target on the stock from $34.00 to $40.00. The Goldman Sachs Group currently has a neutral rating on the stock. Par Pacific traded as high as $36.68 and last traded at $37.01. 662,862 shares were traded during trading, a decline of 53% from the average session volume of 1,395,927 shares. The stock had previously closed at $35.14.

A number of other equities research analysts have also recently commented on PARR. TD Cowen decreased their target price 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. Cowen reissued a "buy" rating on shares of Par Pacific in a research report on Thursday, August 7th. Zacks Research cut shares of Par Pacific from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 22nd. Piper Sandler increased their target price on shares of Par Pacific from $39.00 to $44.00 and gave the company an "overweight" rating in a research report on Thursday, September 11th. 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. Five investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $37.86.

Insiders Place Their Bets

In other news, CAO Ivan Daniel Guerra sold 5,500 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $35.11, for a total value of $193,105.00. Following the sale, the chief accounting officer directly owned 17,491 shares of the company's stock, valued at approximately $614,109.01. The trade was a 23.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Timothy Clossey sold 2,000 shares of the business's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $33.37, for a total transaction of $66,740.00. Following the completion of the sale, the director directly owned 84,000 shares in the company, valued at $2,803,080. This trade represents a 2.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,954 shares of company stock worth $863,048. Insiders own 4.40% of the company's stock.

Institutional Investors Weigh In On Par Pacific

Several large investors have recently added to or reduced their stakes in PARR. Ethic Inc. increased its position in shares of Par Pacific by 1.9% in the 2nd quarter. Ethic Inc. now owns 21,801 shares of the company's stock valued at $580,000 after purchasing an additional 396 shares during the last quarter. Public Employees Retirement System of Ohio increased its position in shares of Par Pacific by 17.4% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,882 shares of the company's stock valued at $76,000 after purchasing an additional 428 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Par Pacific by 4.9% in the 3rd quarter. GAMMA Investing LLC now owns 15,405 shares of the company's stock valued at $546,000 after purchasing an additional 713 shares during the last quarter. Farther Finance Advisors LLC increased its position in shares of Par Pacific by 175.9% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,181 shares of the company's stock valued at $31,000 after purchasing an additional 753 shares during the last quarter. Finally, First Pacific Advisors LP increased its position in shares of Par Pacific by 1.1% in the 2nd quarter. First Pacific Advisors LP now owns 72,632 shares of the company's stock valued at $1,927,000 after purchasing an additional 820 shares during the last quarter. 92.15% of the stock is owned by hedge funds and other institutional investors.

Par Pacific Stock Performance

The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.56 and a current ratio of 1.42. The stock's 50-day simple moving average is $34.16 and its 200 day simple moving average is $27.02. The company has a market capitalization of $1.88 billion, a PE ratio of -132.14 and a beta of 1.74.

Par Pacific (NYSE:PARR - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $1.54 EPS for the quarter, beating analysts' consensus estimates of $0.74 by $0.80. The firm had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.47 billion. Par Pacific had a negative net margin of 0.25% and a negative return on equity of 1.79%. The company's revenue was down 6.2% on a year-over-year basis. During the same period last year, the firm posted $0.49 EPS. As a group, research analysts expect that Par Pacific Holdings, Inc. will post 0.15 earnings per share for the current fiscal year.

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.

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