Par Pacific (NYSE:PARR) Price Target Raised to $44.00

Key Points

• Piper Sandler has raised its price target for Par Pacific (NYSE:PARR) from $39.00 to $44.00, suggesting a potential upside of 30% from the current share price.
• Par Pacific reported a quarterly earnings per share (EPS) of $1.54, significantly exceeding analysts' expectations of $0.74.
• Insider trading activity has been noted with significant shares sold by executives, indicating a decrease in insider ownership after the sales.

Par Pacific (NYSE:PARR - Free Report) had its target price raised by Piper Sandler from $39.00 to $44.00 in a report issued on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other research analysts also recently issued research reports about the company. Cowen reiterated a "buy" rating on shares of Par Pacific in a report on Thursday, August 7th. TD Cowen cut their target price on shares of Par Pacific from $35.00 to $33.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Mizuho set a $34.00 price target on shares of Par Pacific and gave the company a "neutral" rating in a report on Friday, July 11th. Wall Street Zen lowered shares of Par Pacific from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 17th. Finally, The Goldman Sachs Group cut Par Pacific from a "buy" rating to a "neutral" rating and set a $19.00 price objective for the company. in a report on Wednesday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $30.68.

Par Pacific Price Performance

Shares of Par Pacific stock traded up $2.03 during trading on Thursday, hitting $35.42. 883,381 shares of the stock traded hands, compared to its average volume of 1,419,124. The stock has a market cap of $1.80 billion, a price-to-earnings ratio of -126.31 and a beta of 1.82. The company has a quick ratio of 0.56, a current ratio of 1.42 and a debt-to-equity ratio of 0.97. Par Pacific has a 52 week low of $11.86 and a 52 week high of $36.39. The firm's fifty day moving average is $31.96 and its 200-day moving average is $23.14.

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, topping the consensus estimate of $0.74 by $0.80. The firm had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.47 billion. Par Pacific had a negative net margin of 0.25% and a negative return on equity of 1.79%. The business's revenue was down 6.2% compared to the same quarter last year. During the same period last year, the firm posted $0.49 earnings per share. Research analysts expect that Par Pacific will post 0.15 EPS for the current fiscal year.

Insider Buying and Selling at Par Pacific

In related news, insider Jeffrey Ryan Hollis sold 5,228 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $34.55, for a total transaction of $180,627.40. Following the completion of the transaction, the insider owned 24,679 shares of the company's stock, valued at $852,659.45. This trade represents a 17.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Terrill Pitkin sold 5,164 shares of the business's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $27.97, for a total value of $144,437.08. Following the completion of the sale, the senior vice president directly owned 41,223 shares in the company, valued at $1,153,007.31. This trade represents a 11.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 23,954 shares of company stock valued at $796,308 over the last ninety days. Company insiders own 4.40% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PARR. Farther Finance Advisors LLC lifted its holdings in shares of Par Pacific by 175.9% during the second quarter. Farther Finance Advisors LLC now owns 1,181 shares of the company's stock valued at $31,000 after purchasing an additional 753 shares in the last quarter. Signaturefd LLC raised its position in Par Pacific by 70.2% in the 1st quarter. Signaturefd LLC now owns 2,391 shares of the company's stock worth $34,000 after buying an additional 986 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Par Pacific during the 1st quarter valued at about $35,000. Parallel Advisors LLC grew its stake in shares of Par Pacific by 232.9% in the second quarter. Parallel Advisors LLC now owns 1,325 shares of the company's stock worth $35,000 after acquiring an additional 927 shares during the period. Finally, Nisa Investment Advisors LLC boosted its holdings in Par Pacific by 157.4% in the second quarter. Nisa Investment Advisors LLC now owns 1,596 shares of the company's stock worth $42,000 after purchasing an additional 976 shares during the last quarter. Institutional investors own 92.15% of the company's stock.

About Par Pacific

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.