Par Pacific (NYSE:PARR) Trading 5.5% Higher After Analyst Upgrade

Key Points

• Par Pacific Holdings, Inc. shares rose 5.5% after Raymond James Financial upgraded the stock's price target from $36.00 to $38.00, maintaining an outperform rating.
• Various analysts have mixed opinions on the stock, with Goldman Sachs downgrading it to a "neutral" rating and setting a target price of $19.00, while Piper Sandler increased their target to $38.00.
• Insider trading revealed significant sales, with an executive selling over 5,000 shares in recent weeks, indicating a 17.48% decrease in their ownership stake.

Shares of Par Pacific Holdings, Inc. (NYSE:PARR - Get Free Report) were up 5.5% during mid-day trading on Tuesday after Raymond James Financial raised their price target on the stock from $36.00 to $38.00. Raymond James Financial currently has an outperform rating on the stock. Par Pacific traded as high as $35.83 and last traded at $35.38. Approximately 198,646 shares traded hands during trading, a decline of 86% from the average daily volume of 1,409,892 shares. The stock had previously closed at $33.52.

Other research analysts have also issued reports about the stock. The Goldman Sachs Group lowered shares of Par Pacific from a "buy" rating to a "neutral" rating and set a $19.00 target price on the stock. in a research note on Wednesday, May 28th. Mizuho set a $34.00 target price on shares of Par Pacific and gave the stock a "neutral" rating in a research note on Friday, July 11th. Wall Street Zen lowered shares of Par Pacific from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 17th. Piper Sandler raised their price objective on shares of Par Pacific from $26.00 to $38.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Finally, Cowen reiterated a "buy" rating on shares of Par Pacific in a report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $28.96.

Insider Activity at Par Pacific

In other Par Pacific news, insider Jeffrey Ryan Hollis sold 5,228 shares of Par Pacific stock in a transaction that occurred 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 completion of the sale, the insider directly owned 24,679 shares in the company, valued at $852,659.45. The trade was a 17.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Terrill Pitkin sold 5,164 shares of Par Pacific stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $27.97, for a total transaction of $144,437.08. Following the sale, the senior vice president owned 41,223 shares of the company's stock, valued at approximately $1,153,007.31. The trade was a 11.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 23,954 shares of company stock valued at $796,308. Company insiders own 4.40% of the company's stock.

Institutional Investors Weigh In On Par Pacific

A number of hedge funds have recently made changes to their positions in the business. Ethic Inc. lifted its holdings in shares of Par Pacific by 1.9% in the 2nd quarter. Ethic Inc. now owns 21,801 shares of the company's stock worth $580,000 after acquiring an additional 396 shares during the last quarter. Public Employees Retirement System of Ohio raised its holdings in Par Pacific by 17.4% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,882 shares of the company's stock valued at $76,000 after buying an additional 428 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in Par Pacific by 175.9% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,181 shares of the company's stock valued at $31,000 after buying an additional 753 shares during the last quarter. First Pacific Advisors LP raised its holdings in Par Pacific by 1.1% during the 2nd quarter. First Pacific Advisors LP now owns 72,632 shares of the company's stock valued at $1,927,000 after buying an additional 820 shares during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey raised its holdings in Par Pacific by 7.1% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 12,337 shares of the company's stock valued at $327,000 after buying an additional 820 shares during the last quarter. 92.15% of the stock is currently owned by institutional investors.

Par Pacific Stock Up 6.7%

The stock's fifty day moving average is $31.60 and its 200 day moving average is $22.47. The company has a current ratio of 1.42, a quick ratio of 0.56 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $1.82 billion, a P/E ratio of -127.69 and a beta of 1.82.

Par Pacific (NYSE:PARR - Get Free Report) last posted its quarterly 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. Par Pacific had a negative net margin of 0.25% and a negative return on equity of 1.79%. The company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.47 billion. During the same period in the prior year, the business posted $0.49 EPS. The firm's revenue was down 6.2% compared to the same quarter last year. Research analysts predict that Par Pacific Holdings, Inc. will post 0.15 EPS 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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