Piper Sandler Boosts Par Pacific (NYSE:PARR) Price Target 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 - Get Free Report) had its price objective raised by Piper Sandler from $39.00 to $44.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Piper Sandler's price target would suggest a potential upside of 30.00% from the company's current price.

PARR has been the subject of several other reports. Mizuho set a $34.00 price target on Par Pacific and gave the company a "neutral" rating in a report on Friday, July 11th. Wall Street Zen downgraded Par Pacific from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 17th. Raymond James Financial boosted their price target on Par Pacific from $36.00 to $38.00 and gave the company an "outperform" rating in a report on Tuesday. TD Cowen cut their price target on Par Pacific from $35.00 to $33.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Finally, Cowen reiterated a "buy" rating on shares of Par Pacific in a report on Thursday, August 7th. One 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 company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $29.82.

Par Pacific Price Performance

Shares of NYSE:PARR traded up $0.58 during trading on Thursday, hitting $33.85. 224,511 shares of the stock were exchanged, compared to its average volume of 1,412,862. The company has a fifty day moving average price of $31.83 and a two-hundred day moving average price of $22.64. The company has a market cap of $1.72 billion, a PE ratio of -121.21 and a beta of 1.82. The company has a current ratio of 1.42, a quick ratio of 0.56 and a debt-to-equity ratio of 0.97. Par Pacific has a 12-month low of $11.86 and a 12-month high of $36.39.

Par Pacific (NYSE:PARR - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.80. Par Pacific had a negative return on equity of 1.79% and a negative net margin of 0.25%.The firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.47 billion. During the same period in the previous year, the firm posted $0.49 EPS. The company's quarterly revenue was down 6.2% compared to the same quarter last year. On average, analysts forecast that Par Pacific will post 0.15 EPS for the current year.

Insider Activity

In other news, insider Jeffrey Ryan Hollis sold 5,228 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $34.55, for a total transaction of $180,627.40. Following the transaction, the insider owned 24,679 shares of the company's stock, valued at approximately $852,659.45. This trade represents a 17.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Ivan Daniel Guerra sold 5,500 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $35.11, for a total transaction of $193,105.00. Following the transaction, the chief accounting officer directly owned 17,491 shares in the company, valued at $614,109.01. The trade was a 23.92% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 23,954 shares of company stock valued at $796,308. Corporate insiders own 4.40% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Millennium Management LLC increased its stake in shares of Par Pacific by 43.4% during the fourth quarter. Millennium Management LLC now owns 1,936,798 shares of the company's stock valued at $31,744,000 after acquiring an additional 586,003 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of Par Pacific by 89.9% during the second quarter. Arrowstreet Capital Limited Partnership now owns 1,438,677 shares of the company's stock valued at $38,168,000 after acquiring an additional 681,190 shares during the period. Encompass Capital Advisors LLC acquired a new position in shares of Par Pacific during the second quarter valued at approximately $34,609,000. Charles Schwab Investment Management Inc. increased its stake in shares of Par Pacific by 32.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,205,756 shares of the company's stock valued at $17,194,000 after acquiring an additional 296,536 shares during the period. Finally, Invesco Ltd. increased its stake in shares of Par Pacific by 6.2% during the first quarter. Invesco Ltd. now owns 1,157,058 shares of the company's stock valued at $16,500,000 after acquiring an additional 67,481 shares during the period. Institutional investors and hedge funds 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.

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