Par Pacific (NYSE:PARR) Reaches New 12-Month High - What's Next?

Key Points

• Par Pacific shares reached a new 52-week high of $87.72, with the stock trading near $85.69 and rising above its 50-day and 200-day moving averages.
• Analysts maintain a favorable outlook, with a consensus “Buy” rating and an average price target of $84.29; Goldman Sachs raised its target to $92, while TD Cowen lowered its target to $95.
• The company reported strong quarterly results, including $10.10 EPS versus an $8.22 estimate and revenue growth of 56.8% year over year. However, insiders sold approximately $4.4 million of stock over the past 90 days.

Shares of Par Pacific Holdings, Inc. (NYSE:PARR - Get Free Report) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $87.72 and last traded at $85.6850, with a volume of 206162 shares trading hands. The stock had previously closed at $86.49.

Analyst Ratings Changes

A number of brokerages have commented on PARR. The Goldman Sachs Group upped their price target on Par Pacific from $77.00 to $92.00 and gave the stock a "buy" rating in a research report on Thursday, July 23rd. TD Cowen cut their price objective on Par Pacific from $100.00 to $95.00 and set a "buy" rating for the company in a research note on Friday, August 7th. Guggenheim raised shares of Par Pacific to an "outperform" rating in a report on Wednesday, May 27th. Benchmark restated a "buy" rating on shares of Par Pacific in a research note on Wednesday, July 8th. Finally, UBS Group reaffirmed a "neutral" rating on shares of Par Pacific in a report on Wednesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Par Pacific has a consensus rating of "Buy" and a consensus price target of $84.29.

Par Pacific Trading Down 2.4%

The stock has a market cap of $4.23 billion, a P/E ratio of 4.93 and a beta of 0.77. The stock's 50-day moving average is $78.50 and its two-hundred day moving average is $65.50. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.84 and a quick ratio of 0.76.

Par Pacific (NYSE:PARR - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $10.10 earnings per share (EPS) 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 company had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.40 billion. During the same period in the previous year, the firm posted $1.54 EPS. Par Pacific's revenue for the quarter was up 56.8% compared to the same quarter last year. Equities research analysts anticipate that Par Pacific Holdings, Inc. will post 22.21 EPS for the current year.

Insider Activity

In other Par Pacific news, CEO William Monteleone sold 40,000 shares of the stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $81.30, for a total transaction of $3,252,000.00. Following the completion of the transaction, the chief executive officer owned 457,167 shares in the company, valued at $37,167,677.10. This trade represents a 8.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Timothy Clossey sold 10,970 shares of Par Pacific stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $84.00, for a total transaction of $921,480.00. Following the completion of the transaction, the director directly owned 51,526 shares of the company's stock, valued at $4,328,184. The trade was a 17.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 54,248 shares of company stock worth $4,394,057. 3.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Engineers Gate Manager LP increased its stake in Par Pacific by 93.1% during the second quarter. Engineers Gate Manager LP now owns 111,477 shares of the company's stock worth $6,252,000 after acquiring an additional 53,737 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of Par Pacific in the 2nd quarter worth approximately $121,000. Nykredit A S bought a new position in shares of Par Pacific during the 2nd quarter valued at approximately $215,000. Corient Private Wealth LP raised its holdings in Par Pacific by 12.8% during the 2nd quarter. Corient Private Wealth LP now owns 5,826 shares of the company's stock valued at $327,000 after buying an additional 663 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Par Pacific in the second quarter worth about $3,017,000. Institutional investors own 92.15% of the company's stock.

About Par Pacific

Par Pacific Holdings, Inc NYSE: PARR is an energy company engaged in refining, logistics and retail operations. The company processes crude oil into transportation fuels and other refined products, including gasoline, diesel, jet fuel and asphalt, which it sells through wholesale and retail channels.

Par Pacific operates refining and fuel-distribution assets serving markets in Hawaii and the western United States, including the Rocky Mountain region. Its logistics operations include fuel terminals, pipelines, storage facilities and related infrastructure used to transport and distribute crude oil and refined petroleum products.

The company also operates retail fuel stations and convenience stores under various brand names, primarily in Hawaii and other western markets.

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