Par Pacific (NYSE:PARR) Stock Price Up 5.7% - What's Next?

Key Points

• Par Pacific shares rose 5.7% in mid-day trading, briefly touching $69.95 as volume came in well below normal. The stock was last seen at $69.52, up from the prior close of $65.78.
• Several analysts have turned more bullish on the company, including Goldman Sachs upgrading PARR to buy and lifting its target to $77, while Raymond James raised its target to $85. The consensus analyst rating is now Moderate Buy with an average price target of $72.
• Par Pacific recently reported mixed quarterly results: earnings of $0.78 per share missed estimates, but revenue of $1.82 billion beat expectations and rose 4.5% year over year. The company also continues to attract strong institutional interest, with hedge funds and other investors owning about 92% of shares.

Par Pacific Holdings, Inc. (NYSE:PARR - Get Free Report) shares shot up 5.7% during mid-day trading on Monday . The company traded as high as $69.95 and last traded at $69.5190. 51,094 shares traded hands during mid-day trading, a decline of 96% from the average session volume of 1,238,866 shares. The stock had previously closed at $65.78.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on PARR shares. The Goldman Sachs Group raised Par Pacific from a "neutral" rating to a "buy" rating and raised their price objective for the company from $53.00 to $77.00 in a report on Friday, April 10th. Mizuho upped their target price on Par Pacific from $79.00 to $80.00 and gave the stock an "outperform" rating in a research note on Thursday. Benchmark reiterated a "buy" rating on shares of Par Pacific in a research report on Wednesday. Guggenheim raised shares of Par Pacific to an "outperform" rating in a research note on Wednesday, May 27th. Finally, Raymond James Financial boosted their price objective on shares of Par Pacific from $80.00 to $85.00 and gave the stock an "outperform" rating in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $72.00.

Par Pacific Trading Up 6.8%

The firm has a 50-day moving average of $58.16 and a 200-day moving average of $51.58. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.60 and a current ratio of 1.62. The firm has a market capitalization of $3.52 billion, a P/E ratio of 7.86 and a beta of 0.82.

Par Pacific (NYSE:PARR - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.78 earnings per share for the quarter, missing the consensus estimate of $1.00 by ($0.22). Par Pacific had a net margin of 6.02% and a return on equity of 34.38%. The company had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.78 billion. During the same quarter in the previous year, the firm posted ($0.94) EPS. The business's revenue for the quarter was up 4.5% compared to the same quarter last year. On average, equities research analysts anticipate that Par Pacific Holdings, Inc. will post 16.92 EPS for the current fiscal year.

Hedge Funds Weigh In On Par Pacific

Hedge funds have recently modified their holdings of the company. SG Americas Securities LLC boosted its holdings in shares of Par Pacific by 7,787.1% during the fourth quarter. SG Americas Securities LLC now owns 563,930 shares of the company's stock worth $19,816,000 after purchasing an additional 556,780 shares during the period. Encompass Capital Advisors LLC purchased a new position in Par Pacific during the 1st quarter valued at about $28,839,000. Wells Fargo & Company MN increased its holdings in Par Pacific by 810.8% during the 4th quarter. Wells Fargo & Company MN now owns 359,834 shares of the company's stock valued at $12,645,000 after purchasing an additional 320,326 shares during the period. Arrowstreet Capital Limited Partnership raised its position in Par Pacific by 22.1% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,756,161 shares of the company's stock valued at $62,203,000 after purchasing an additional 317,484 shares during the last quarter. Finally, Bridgeway Capital Management LLC bought a new position in Par Pacific during the 4th quarter valued at approximately $9,576,000. Hedge funds and other 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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