Raymond James Financial Issues Positive Forecast for Par Pacific (NYSE:PARR) Stock Price

Key Points

• Raymond James raised its price target on Par Pacific from $50 to $77 and kept an "outperform" rating, implying about a 25.5% upside from the prior close.
• Other analysts have also lifted targets but the consensus remains a "Hold" with an average price target of $55.50 and a split of four Buy vs. five Hold ratings.
• Par Pacific reported EPS $1.17 (missed by $0.04) while revenue beat at $1.81B, and CEO William Monteleone sold 108,948 shares (~$5.89M), cutting his stake by about 19%.

Par Pacific (NYSE:PARR - Get Free Report) had its target price boosted by equities researchers at Raymond James Financial from $50.00 to $77.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Raymond James Financial's price target indicates a potential upside of 25.50% from the stock's previous close.

Several other equities research analysts have also recently issued reports on the stock. TD Cowen boosted their price objective on shares of Par Pacific from $39.00 to $48.00 and gave the company a "buy" rating in a research report on Friday, February 27th. Wall Street Zen raised shares of Par Pacific from a "buy" rating to a "strong-buy" rating in a research report on Saturday, March 14th. Piper Sandler set a $57.00 price target on Par Pacific in a report on Monday, January 12th. The Goldman Sachs Group increased their price objective on Par Pacific from $44.00 to $53.00 and gave the stock a "neutral" rating in a research note on Thursday, March 12th. Finally, Mizuho raised their price objective on Par Pacific from $49.00 to $58.00 and gave the stock a "neutral" rating in a report on Tuesday, March 17th. Four investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $55.50.

Par Pacific Trading Down 0.6%

NYSE PARR traded down $0.35 during trading on Wednesday, hitting $61.36. The stock had a trading volume of 597,408 shares, compared to its average volume of 1,318,660. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.49 and a current ratio of 1.61. The stock has a market capitalization of $3.04 billion, a price-to-earnings ratio of 8.47 and a beta of 1.17. Par Pacific has a one year low of $12.04 and a one year high of $63.68. The stock has a 50 day simple moving average of $44.02 and a 200 day simple moving average of $40.52.

Par Pacific (NYSE:PARR - Get Free Report) last issued its quarterly earnings results on Tuesday, February 24th. The company reported $1.17 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.21 by ($0.04). Par Pacific had a return on equity of 30.19% and a net margin of 4.95%.The business had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the prior year, the business posted ($0.79) earnings per share. Par Pacific's revenue was down 1.0% on a year-over-year basis. Sell-side analysts predict that Par Pacific will post 0.15 earnings per share for the current year.

Insiders Place Their Bets

In other Par Pacific news, CEO William Monteleone sold 108,948 shares of the stock in a transaction on Monday, March 16th. The stock was sold at an average price of $54.06, for a total transaction of $5,889,728.88. Following the sale, the chief executive officer owned 457,167 shares of the company's stock, valued at approximately $24,714,448.02. This trade represents a 19.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Par Pacific

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Nisa Investment Advisors LLC lifted its position in Par Pacific by 16.2% during the third quarter. Nisa Investment Advisors LLC now owns 1,855 shares of the company's stock valued at $66,000 after purchasing an additional 259 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in shares of Par Pacific by 1.6% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 16,948 shares of the company's stock valued at $596,000 after buying an additional 266 shares during the last quarter. Smartleaf Asset Management LLC lifted its holdings in shares of Par Pacific by 12.5% in the 3rd quarter. Smartleaf Asset Management LLC now owns 2,633 shares of the company's stock valued at $94,000 after buying an additional 293 shares during the period. Natixis Advisors LLC boosted its stake in shares of Par Pacific by 2.8% in the fourth quarter. Natixis Advisors LLC now owns 11,102 shares of the company's stock worth $390,000 after buying an additional 299 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Par Pacific by 2.5% in the fourth quarter. GAMMA Investing LLC now owns 15,787 shares of the company's stock worth $555,000 after buying an additional 382 shares during the last quarter. Hedge funds and other institutional investors own 92.15% of the company's stock.

Par Pacific Company Profile

Par Pacific Holdings, Inc NYSE: PARR is a diversified downstream energy company engaged in the refining, marketing and logistics of petroleum products. Through its subsidiaries, Par Pacific operates the Par Hawaii Refinery on the island of Oʻahu, which processes crude oil into transportation fuels such as gasoline, diesel and jet fuel, as well as asphalt, petroleum coke and sulfur. In the Rocky Mountain region, the company owns and operates the Salt Lake City Refinery in Utah and associated logistics infrastructure, including pipelines and storage terminals, to support both crude supply and product distribution.

In marketing its refined products, Par Pacific maintains a network of branded and unbranded wholesale accounts across Hawaii and the U.S.

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