Raymond James Financial Boosts Par Pacific (NYSE:PARR) Price Target to $38.00

Key Points

• Raymond James Financial raised its price target for Par Pacific (NYSE:PARR) from $36.00 to $38.00, indicating a potential upside of 6.56% from its current price and maintaining an "outperform" rating.
• Par Pacific reported strong quarterly earnings, with an EPS of $1.54, significantly above the consensus estimate of $0.74, despite a 6.2% year-over-year revenue decline.
• Insiders have been selling shares recently, with significant transactions reported from CAO Ivan Daniel Guerra and another insider, indicating potential shifts in insider confidence.

Par Pacific (NYSE:PARR - Get Free Report) had its price target upped by stock analysts at Raymond James Financial from $36.00 to $38.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Raymond James Financial's price target indicates a potential upside of 6.56% from the stock's current price.

Several other brokerages also recently weighed in on PARR. TD Cowen cut their price target on 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 target price on Par Pacific and gave the company a "neutral" rating in a research report on Friday, July 11th. 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 research report on Wednesday, May 28th. Zacks Research raised Par Pacific to a "strong-buy" rating in a report on Monday, August 11th. Finally, Piper Sandler raised their price target on Par Pacific from $26.00 to $38.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $28.96.

Par Pacific Trading Up 6.4%

NYSE PARR traded up $2.14 on Tuesday, reaching $35.66. 503,837 shares of the company were exchanged, compared to its average volume of 1,411,668. The business's fifty day moving average price is $31.60 and its 200 day moving average price is $22.47. The stock has a market capitalization of $1.81 billion, a P/E ratio of -126.93 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 fifty-two week low of $11.86 and a fifty-two week high of $35.94.

Par Pacific (NYSE:PARR - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $1.54 EPS for the quarter, beating 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 business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.47 billion. During the same quarter in the prior year, the company posted $0.49 EPS. The company's quarterly revenue was down 6.2% on a year-over-year basis. Analysts forecast that Par Pacific will post 0.15 earnings per share for the current year.

Insiders Place Their Bets

In related news, CAO Ivan Daniel Guerra sold 5,500 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $35.11, for a total transaction of $193,105.00. Following the completion of the sale, the chief accounting officer directly owned 17,491 shares in the company, valued at approximately $614,109.01. This trade represents a 23.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jeffrey Ryan Hollis sold 5,228 shares of Par Pacific stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $34.55, for a total value of $180,627.40. Following the completion of the transaction, the insider owned 24,679 shares in the company, valued at $852,659.45. The trade was a 17.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 23,954 shares of company stock valued at $796,308 in the last quarter. 4.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Encompass Capital Advisors LLC bought a new position in shares of Par Pacific during the second quarter worth approximately $34,609,000. FJ Investments LLC bought a new stake in Par Pacific in the second quarter valued at $26,294,000. Nuveen LLC bought a new stake in shares of Par Pacific during the first quarter worth about $12,750,000. Arrowstreet Capital Limited Partnership boosted its holdings in Par Pacific by 89.9% during the second quarter. Arrowstreet Capital Limited Partnership now owns 1,438,677 shares of the company's stock worth $38,168,000 after purchasing an additional 681,190 shares during the last quarter. Finally, Millennium Management LLC increased its stake in shares of Par Pacific by 43.4% during the 4th quarter. Millennium Management LLC now owns 1,936,798 shares of the company's stock worth $31,744,000 after purchasing an additional 586,003 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.

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