Par Pacific (NYSE:PARR) Trading 7.3% Higher - Time to Buy?

Key Points

• Par Pacific's stock jumped 7.3% midday to about $67.20 on Wednesday despite lower-than-average volume, and several brokers raised ratings and price targets, leaving a MarketBeat consensus target of $67 and an average rating of Moderate Buy.
• Recent quarter was mixed: EPS of $1.17 missed estimates by $0.04 while revenue of $1.81 billion topped forecasts; the company shows strong returns (ROE 30.19%), a P/E of 9.08 and a market cap of roughly $3.26 billion.
• CEO William Monteleone sold 108,948 shares (reducing his stake by 19.24%), while institutional investors own about 92.15% of the company's stock.

Par Pacific Holdings, Inc. (NYSE:PARR - Get Free Report)'s stock price was up 7.3% during mid-day trading on Wednesday . The stock traded as high as $67.07 and last traded at $67.2040. Approximately 539,526 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 1,349,476 shares. The stock had previously closed at $62.61.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PARR. Zacks Research upgraded shares of Par Pacific from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 21st. Wall Street Zen raised shares of Par Pacific from a "buy" rating to a "strong-buy" rating in a research note on Saturday, March 14th. Piper Sandler boosted their price target on shares of Par Pacific from $63.00 to $72.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 8th. UBS Group upped their price target on shares of Par Pacific from $40.00 to $60.00 and gave the stock a "neutral" rating in a research note on Thursday, April 9th. Finally, Raymond James Financial increased their price objective on shares of Par Pacific from $50.00 to $77.00 and gave the company an "outperform" rating in a report on Wednesday, March 25th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $67.00.

Par Pacific Trading Up 5.3%

The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.49 and a current ratio of 1.61. The firm has a market capitalization of $3.26 billion, a P/E ratio of 9.08 and a beta of 0.97. The firm has a 50 day moving average price of $55.97 and a two-hundred day moving average price of $45.39.

Par Pacific (NYSE:PARR - Get Free Report) last announced its earnings results on Tuesday, February 24th. The company reported $1.17 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.21 by ($0.04). Par Pacific had a return on equity of 30.19% and a net margin of 4.95%.The company had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period last year, the firm earned ($0.79) earnings per share. The firm's revenue for the quarter was down 1.0% on a year-over-year basis. On average, equities research analysts expect that Par Pacific Holdings, Inc. will post 14 EPS for the current fiscal year.

Insider Buying and Selling

In other Par Pacific news, CEO William Monteleone sold 108,948 shares of the firm's stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $54.06, for a total value of $5,889,728.88. Following the completion of the transaction, the chief executive officer directly owned 457,167 shares in the company, valued at $24,714,448.02. This trade represents a 19.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 3.60% of the company's stock.

Institutional Investors Weigh In On Par Pacific

Several hedge funds have recently made changes to their positions in the company. Federated Hermes Inc. purchased a new position in Par Pacific during the 3rd quarter worth approximately $44,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Par Pacific in the third quarter worth $48,000. Nisa Investment Advisors LLC grew its holdings in shares of Par Pacific by 16.2% during the third quarter. Nisa Investment Advisors LLC now owns 1,855 shares of the company's stock valued at $66,000 after buying an additional 259 shares in the last quarter. Rockefeller Capital Management L.P. grew its holdings in shares of 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 buying an additional 1,558 shares in the last quarter. Finally, Smartleaf Asset Management LLC raised its position in Par Pacific by 81.1% during the second quarter. Smartleaf Asset Management LLC now owns 2,340 shares of the company's stock valued at $62,000 after buying an additional 1,048 shares during the period. Hedge funds and other institutional investors own 92.15% of the company's stock.

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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