Par Pacific (NYSE:PARR) Stock Falls 6.2% - Here's Why

Key Points

• Par Pacific shares fell 6.2% to about $83.15, with trading volume roughly half the stock’s average daily volume.
• Goldman Sachs downgraded the stock from “buy” to “neutral,” despite raising its price target to $94; analysts overall maintain a “Moderate Buy” consensus with an average target of $85.43.
• The company recently reported strong quarterly results, including $10.10 in EPS versus an $8.22 estimate and 56.8% year-over-year revenue growth, but insiders sold 54,248 shares worth approximately $4.4 million over the past three months.

Par Pacific Holdings, Inc. (NYSE:PARR - Get Free Report) fell 6.2% during trading on Thursday. The company traded as low as $83.12 and last traded at $83.1450. 575,253 shares traded hands during mid-day trading, a decline of 50% from the average daily volume of 1,151,344 shares. The stock had previously closed at $88.67.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on PARR shares. UBS Group reaffirmed a "neutral" rating on shares of Par Pacific in a report on Wednesday, August 26th. The Goldman Sachs Group cut shares of Par Pacific from a "buy" rating to a "neutral" rating and lifted their price objective for the company from $90.00 to $94.00 in a research note on Thursday. Zacks Research upgraded Par Pacific from a "hold" rating to a "strong-buy" rating in a research note on Friday, September 4th. Benchmark reissued a "buy" rating on shares of Par Pacific in a research note on Wednesday, July 8th. Finally, TD Cowen lowered their price target on shares of Par Pacific from $100.00 to $95.00 and set a "buy" rating for the company in a report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $85.43.

Par Pacific Stock Performance

The stock has a market capitalization of $4.20 billion, a price-to-earnings ratio of 4.88 and a beta of 0.75. The company has a current ratio of 1.84, a quick ratio of 0.76 and a debt-to-equity ratio of 0.38. The firm's fifty day moving average price is $80.52 and its 200 day moving average price is $69.43.

Par Pacific (NYSE:PARR - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $10.10 EPS for the quarter, beating analysts' consensus estimates of $8.22 by $1.88. Par Pacific had a return on equity of 56.19% and a net margin of 9.94%. The company had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.40 billion. During the same period last year, the company earned $1.54 earnings per share. The company's quarterly revenue was up 56.8% compared to the same quarter last year. Analysts forecast that Par Pacific Holdings, Inc. will post 26.30 EPS for the current fiscal year.

Insider Buying and Selling at Par Pacific

In other news, insider Danielle Mattiussi sold 3,278 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $67.29, for a total transaction of $220,576.62. Following the transaction, the insider directly owned 27,878 shares of the company's stock, valued at approximately $1,875,910.62. This trade represents a 10.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Timothy Clossey sold 10,970 shares of the company's stock in a transaction that occurred 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 owned 51,526 shares in the company, valued at approximately $4,328,184. This represents a 17.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 54,248 shares of company stock worth $4,394,057 in the last three months. 3.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Par Pacific

Large investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC raised its stake in Par Pacific by 32.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 713 shares of the company's stock valued at $45,000 after acquiring an additional 173 shares during the period. GAMMA Investing LLC lifted its holdings in Par Pacific by 1.7% during the third quarter. GAMMA Investing LLC now owns 15,254 shares of the company's stock valued at $1,245,000 after purchasing an additional 255 shares during the last quarter. Birchbrook Inc. lifted its holdings in Par Pacific by 12.8% during the second quarter. Birchbrook Inc. now owns 3,385 shares of the company's stock valued at $190,000 after purchasing an additional 385 shares during the last quarter. NewEdge Advisors LLC purchased a new stake in Par Pacific during the first quarter valued at about $26,000. Finally, Pictet Asset Management Holding SA boosted its position in Par Pacific by 6.4% during the first quarter. Pictet Asset Management Holding SA now owns 7,598 shares of the company's stock worth $476,000 after purchasing an additional 455 shares during the period. Institutional investors own 92.15% of the company's stock.

About Par Pacific

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.

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