Par Pacific (NYSE:PARR) Stock Price Expected to Rise, Mizuho Analyst Says

Key Points

• Mizuho raised Par Pacific’s price target to $85 from $80 and maintained an “outperform” rating, implying 18.72% potential upside. Analysts overall rate the stock “Moderate Buy,” with an average target of $81.57.
• Par Pacific reported quarterly EPS of $10.10, beating expectations of $8.22, while revenue reached $2.97 billion and rose 56.8% year over year.
• The stock opened at $71.60 after gaining 8.0%, with shares trading well above their 50-day and 200-day moving averages; institutional investors own 92.15% of the company.

Par Pacific (NYSE:PARR - Get Free Report) had its target price lifted by stock analysts at Mizuho from $80.00 to $85.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Mizuho's target price suggests a potential upside of 18.72% from the company's previous close.

A number of other brokerages have also weighed in on PARR. Weiss Ratings upgraded Par Pacific from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday. Raymond James Financial upped their price objective on Par Pacific from $80.00 to $85.00 and gave the company an "outperform" rating in a report on Monday, July 13th. UBS Group increased their target price on shares of Par Pacific from $60.00 to $65.00 and gave the stock a "neutral" rating in a report on Wednesday, July 8th. Guggenheim raised Par Pacific to an "outperform" rating in a research report on Wednesday, May 27th. Finally, Benchmark reaffirmed a "buy" rating on shares of Par Pacific in a research report on Wednesday, July 8th. Eleven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $81.57.

Par Pacific Trading Up 8.0%

Shares of Par Pacific stock opened at $71.60 on Tuesday. The company's fifty day simple moving average is $65.08 and its 200-day simple moving average is $57.59. Par Pacific has a 1 year low of $27.10 and a 1 year high of $87.03. The company has a current ratio of 1.84, a quick ratio of 0.76 and a debt-to-equity ratio of 0.38. The company has a market cap of $3.59 billion, a price-to-earnings ratio of 4.18 and a beta of 0.78.

Par Pacific (NYSE:PARR - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported $10.10 EPS for the quarter, topping the consensus estimate of $8.22 by $1.88. Par Pacific had a return on equity of 56.19% and a net margin of 9.94%.The firm had revenue of $2.97 billion during the quarter, compared to analysts' expectations of $2.40 billion. During the same period last year, the business earned $1.54 earnings per share. Par Pacific's quarterly revenue was up 56.8% compared to the same quarter last year. As a group, sell-side analysts expect that Par Pacific will post 19.35 EPS for the current year.

Insiders Place Their Bets

In other news, insider Danielle Mattiussi sold 3,278 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $67.29, for a total value of $220,576.62. Following the sale, the insider directly owned 27,878 shares in the company, valued at approximately $1,875,910.62. This trade represents a 10.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.60% of the stock is owned by company insiders.

Institutional Trading of Par Pacific

Institutional investors have recently modified their holdings of the business. NewEdge Advisors LLC bought a new position in shares of Par Pacific during the 1st quarter worth approximately $26,000. EverSource Wealth Advisors LLC lifted its holdings in Par Pacific by 32.0% during the first quarter. EverSource Wealth Advisors LLC now owns 713 shares of the company's stock worth $45,000 after acquiring an additional 173 shares during the period. Smartleaf Asset Management LLC raised its stake in shares of Par Pacific by 81.1% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,340 shares of the company's stock worth $62,000 after purchasing an additional 1,048 shares during the period. Aster Capital Management DIFC Ltd boosted its stake in Par Pacific by 34.9% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,847 shares of the company's stock valued at $65,000 after acquiring an additional 478 shares during the last quarter. Finally, Rockefeller Capital Management L.P. grew its holdings in Par Pacific by 385.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,962 shares of the company's stock valued at $69,000 after purchasing an additional 1,558 shares during the period. Institutional investors own 92.15% of the company's stock.

Par Pacific Company Profile

Par Pacific Holdings, Inc NYSE: PARR is a diversified downstream energy company engaged in the refining, marketing and logistics of petroleum products. Through its subsidiaries, Par Pacific operates the Par Hawaii Refinery on the island of Oʻahu, which processes crude oil into transportation fuels such as gasoline, diesel and jet fuel, as well as asphalt, petroleum coke and sulfur. In the Rocky Mountain region, the company owns and operates the Salt Lake City Refinery in Utah and associated logistics infrastructure, including pipelines and storage terminals, to support both crude supply and product distribution.

In marketing its refined products, Par Pacific maintains a network of branded and unbranded wholesale accounts across Hawaii and the U.S.

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