TD Cowen Lowers Par Pacific (NYSE:PARR) Price Target to $95.00

Key Points

• TD Cowen lowered Par Pacific’s price target to $95 from $100 while maintaining a “buy” rating, implying approximately 38.1% upside from the stock’s $68.79 opening price.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and average price target of $80.86; recent coverage included upgrades from Zacks Research and Mizuho.
• Par Pacific reported strong quarterly results, earning $10.10 per share versus the $8.22 estimate and generating $2.97 billion in revenue, up 56.8% year over year. Institutional investors own approximately 92.15% of the company’s shares.

Par Pacific (NYSE:PARR - Get Free Report) had its price target decreased by equities research analysts at TD Cowen from $100.00 to $95.00 in a research report issued on Friday. The firm presently has a "buy" rating on the stock. TD Cowen's price objective suggests a potential upside of 38.09% from the company's current price.

Several other equities analysts also recently commented on the stock. Zacks Research upgraded shares of Par Pacific from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 7th. Mizuho upped their price target on shares of Par Pacific from $79.00 to $80.00 and gave the company an "outperform" rating in a research note on Thursday, July 9th. Benchmark restated a "buy" rating on shares of Par Pacific in a research report on Wednesday, July 8th. Wall Street Zen upgraded Par Pacific from a "buy" rating to a "strong-buy" rating in a report on Sunday, May 17th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Par Pacific in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $80.86.

Par Pacific Price Performance

Shares of NYSE PARR opened at $68.79 on Friday. The company has a quick ratio of 0.60, a current ratio of 1.62 and a debt-to-equity ratio of 0.63. The business's 50 day moving average price is $64.59 and its two-hundred day moving average price is $57.13. The company has a market cap of $3.45 billion, a PE ratio of 4.01 and a beta of 0.78. Par Pacific has a twelve month low of $26.88 and a twelve month high of $87.03.

Par Pacific (NYSE:PARR - Get Free Report) last issued its 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. The company had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $2.40 billion. Par Pacific had a return on equity of 61.03% and a net margin of 9.94%.The firm's revenue for the quarter was up 56.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.54 EPS. On average, analysts predict that Par Pacific will post 18.6 EPS for the current year.

Institutional Investors Weigh In On Par Pacific

Hedge funds and other institutional investors have recently made changes to their positions in the business. LMG Wealth Partners LLC acquired a new stake in Par Pacific in the fourth quarter valued at about $760,000. Massachusetts Financial Services Co. MA raised its stake in Par Pacific by 105.8% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 65,235 shares of the company's stock worth $2,292,000 after acquiring an additional 33,537 shares in the last quarter. BNP Paribas Financial Markets raised its stake in Par Pacific by 22.5% during the fourth quarter. BNP Paribas Financial Markets now owns 506,872 shares of the company's stock worth $17,811,000 after acquiring an additional 93,249 shares in the last quarter. Jackson Creek Investment Advisors LLC lifted its holdings in shares of Par Pacific by 325.0% in the fourth quarter. Jackson Creek Investment Advisors LLC now owns 51,431 shares of the company's stock worth $1,807,000 after acquiring an additional 39,329 shares during the last quarter. Finally, Hillsdale Investment Management Inc. acquired a new stake in shares of Par Pacific in the 4th quarter valued at approximately $6,985,000. 92.15% of the stock is currently owned by institutional investors and hedge funds.

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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