Par Pacific (NYSE:PARR) Sets New 12-Month High - Time to Buy?

Key Points

• Par Pacific shares reached a new 52-week high of $88.34 and were last trading at $87.765, up from the prior close of $84.00.
• Analyst sentiment is broadly positive, with a consensus “Buy” rating; Raymond James raised its price target to $104, while TD Cowen lowered its target to $95.
• The company exceeded quarterly expectations, reporting $10.10 in EPS versus an $8.22 consensus estimate and $2.97 billion in revenue, up 56.8% year over year. However, insiders have sold 54,248 shares worth roughly $4.4 million over the past three months.

Par Pacific Holdings, Inc. (NYSE:PARR - Get Free Report)'s share price reached a new 52-week high on Monday. The company traded as high as $88.34 and last traded at $87.7650, with a volume of 319477 shares trading hands. The stock had previously closed at $84.00.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Zacks Research upgraded shares of Par Pacific from a "hold" rating to a "strong-buy" rating in a research note on Friday, September 4th. UBS Group reissued a "neutral" rating on shares of Par Pacific in a report on Wednesday, August 26th. Weiss Ratings upgraded shares of Par Pacific from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, September 8th. Raymond James Financial increased their price objective on Par Pacific from $90.00 to $104.00 and gave the stock an "outperform" rating in a research report on Monday, September 14th. Finally, TD Cowen dropped their target price on Par Pacific from $100.00 to $95.00 and set a "buy" rating on the stock in a research report on Friday, August 7th. 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 company's stock. According to data from MarketBeat.com, Par Pacific currently has a consensus rating of "Buy" and an average price target of $84.29.

Par Pacific Price Performance

The company has a market cap of $4.38 billion, a PE ratio of 5.09 and a beta of 0.75. The business's 50 day moving average price is $79.67 and its 200-day moving average price is $67.88. The company has a quick ratio of 0.76, a current ratio of 1.84 and a debt-to-equity ratio of 0.38.

Par Pacific (NYSE:PARR - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $10.10 EPS for the quarter, topping the consensus estimate of $8.22 by $1.88. Par Pacific had a return on equity of 56.19% and a net margin of 9.94%.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 firm posted $1.54 earnings per share. The company's revenue was up 56.8% compared to the same quarter last year. As a group, analysts forecast that Par Pacific Holdings, Inc. will post 22.21 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Timothy Clossey sold 10,970 shares of the firm's stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $84.00, for a total value of $921,480.00. Following the transaction, the director directly owned 51,526 shares in the company, valued at approximately $4,328,184. This trade represents a 17.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Danielle Mattiussi sold 3,278 shares of Par Pacific stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $67.29, for a total transaction of $220,576.62. Following the completion of the transaction, the insider directly owned 27,878 shares of the company's stock, valued at $1,875,910.62. This trade represents a 10.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 54,248 shares of company stock valued at $4,394,057. Company insiders own 3.60% of the company's stock.

Hedge Funds Weigh In On Par Pacific

Several institutional investors have recently made changes to their positions in the stock. NewEdge Advisors LLC bought a new stake in shares of Par Pacific in the 1st quarter worth approximately $26,000. EverSource Wealth Advisors LLC increased its holdings in shares of Par Pacific by 32.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 713 shares of the company's stock worth $45,000 after acquiring an additional 173 shares during the period. C M Bidwell & Associates Ltd. bought a new stake in Par Pacific in the 2nd quarter valued at about $66,000. Rockefeller Capital Management L.P. boosted its stake in Par Pacific by 385.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,962 shares of the company's stock valued at $69,000 after purchasing an additional 1,558 shares during the period. Finally, Integrated Wealth Concepts LLC bought a new position in Par Pacific in the 2nd quarter worth about $121,000. 92.15% of the stock is owned by institutional investors.

Par Pacific Company Profile

Par Pacific Holdings, Inc is an energy company engaged in refining, marketing and distributing transportation fuels and other petroleum products. Through its refining operations, the company produces gasoline, diesel, jet fuel, asphalt and other refined products for commercial, industrial and retail customers.

Par Pacific operates refineries and related energy infrastructure in the western United States, with a significant presence in Hawaii and additional refining and logistics operations in the Pacific Northwest and Rocky Mountain regions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.