Par Pacific (NYSE:PARR) Trading 7.3% Higher - Still a Buy?

Key Points

• Par Pacific shares rose 7.3% to about $71.10 in midday trading, although volume was 91% below the average session level.
• Analysts maintain a generally positive outlook: 11 rate the stock Buy and two Hold, producing a consensus “Moderate Buy” rating and an $80.86 price target.
• The company reported strong quarterly results, with EPS of $10.10 versus the $8.22 estimate and revenue up 56.8% year over year to $2.97 billion; institutional investors own 92.15% of outstanding shares.

Par Pacific Holdings, Inc. (NYSE:PARR - Get Free Report)'s share price shot up 7.3% during mid-day trading on Monday . The company traded as high as $71.03 and last traded at $71.0990. 113,669 shares traded hands during trading, a decline of 91% from the average session volume of 1,219,968 shares. The stock had previously closed at $66.29.

Wall Street Analyst Weigh In

Several equities analysts have commented on PARR shares. Zacks Research lowered shares of Par Pacific from a "strong-buy" rating to a "hold" rating in a research report on Thursday. Benchmark restated a "buy" rating on shares of Par Pacific in a report on Wednesday, July 8th. Guggenheim upgraded shares of Par Pacific to an "outperform" rating in a research report on Wednesday, May 27th. Weiss Ratings raised shares of Par Pacific from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday. Finally, Wall Street Zen upgraded Par Pacific from a "buy" rating to a "strong-buy" rating in a research report on Sunday, May 17th. Eleven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $80.86.

Par Pacific Stock Performance

The company has a debt-to-equity ratio of 0.38, a current ratio of 1.84 and a quick ratio of 0.76. The business has a 50-day moving average of $64.79 and a 200-day moving average of $57.34. The company has a market capitalization of $3.63 billion, a P/E ratio of 4.22 and a beta of 0.78.

Par Pacific (NYSE:PARR - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $10.10 earnings per share for the quarter, beating analysts' consensus estimates of $8.22 by $1.88. Par Pacific had a net margin of 9.94% and a return on equity of 56.19%. The business had revenue of $2.97 billion for the quarter, compared to analysts' expectations of $2.40 billion. During the same quarter in the previous year, the business posted $1.54 earnings per share. The business's revenue was up 56.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Par Pacific Holdings, Inc. will post 19.35 EPS for the current year.

Institutional Trading of Par Pacific

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC bought a new position in shares of Par Pacific during the first quarter valued at approximately $26,000. EverSource Wealth Advisors LLC boosted its holdings in Par Pacific by 32.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 713 shares of the company's stock valued at $45,000 after acquiring an additional 173 shares during the period. Smartleaf Asset Management LLC boosted its holdings in Par Pacific by 81.1% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,340 shares of the company's stock valued at $62,000 after acquiring an additional 1,048 shares during the period. Aster Capital Management DIFC Ltd grew its position in Par Pacific by 34.9% in the 4th 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 position in Par Pacific by 385.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,962 shares of the company's stock valued at $69,000 after acquiring an additional 1,558 shares during the last quarter. 92.15% of the stock is owned by hedge funds and other institutional investors.

About Par Pacific

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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