Par Pacific (NYSE:PARR) Shares Gap Down – What’s Next?

Par Pacific Holdings, Inc. (NYSE:PARR) shares gapped down before the market opened on Monday . The stock had previously closed at $61.39, but opened at $56.56. Par Pacific shares last traded at $58.8550, with a volume of 355,829 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PARR. Raymond James Financial reiterated an “outperform” rating and set a $50.00 target price on shares of Par Pacific in a research note on Wednesday, February 25th. Mizuho increased their target price on Par Pacific from $49.00 to $58.00 and gave the company a “neutral” rating in a report on Tuesday, March 17th. Wall Street Zen raised Par Pacific from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 14th. Zacks Research downgraded Par Pacific from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 16th. Finally, Piper Sandler set a $57.00 price target on shares of Par Pacific in a research report on Monday, January 12th. Four equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, Par Pacific presently has a consensus rating of “Hold” and a consensus target price of $51.00.

Par Pacific Price Performance

The firm has a 50 day moving average price of $43.12 and a 200 day moving average price of $40.16. The stock has a market capitalization of $2.82 billion, a PE ratio of 7.88 and a beta of 1.16. The company has a current ratio of 1.61, a quick ratio of 0.49 and a debt-to-equity ratio of 0.54.

Par Pacific (NYSE:PARR) last released its earnings results on Tuesday, February 24th. The company reported $1.17 earnings per share for the quarter, missing the consensus estimate of $1.21 by ($0.04). Par Pacific had a net margin of 4.95% and a return on equity of 30.19%. The company had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter last year, the firm posted ($0.79) earnings per share. Par Pacific’s revenue for the quarter was down 1.0% on a year-over-year basis. Research analysts anticipate that Par Pacific Holdings, Inc. will post 0.15 earnings per share for the current year.

Insider Buying and Selling at Par Pacific

In other news, CEO William Monteleone sold 108,948 shares of Par Pacific stock in a transaction dated 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 transaction, the chief executive officer directly owned 457,167 shares of the company’s stock, valued at $24,714,448.02. The trade was a 19.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Par Pacific

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. raised 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 worth $69,000 after acquiring an additional 1,558 shares during the period. Corient Private Wealth LLC bought a new position in shares of Par Pacific in the fourth quarter worth approximately $345,000. Hsbc Holdings PLC increased its stake in shares of Par Pacific by 3.3% in the fourth quarter. Hsbc Holdings PLC now owns 49,096 shares of the company’s stock worth $1,729,000 after purchasing an additional 1,578 shares in the last quarter. Virtu Financial LLC increased its stake in shares of Par Pacific by 378.3% in the fourth quarter. Virtu Financial LLC now owns 30,215 shares of the company’s stock worth $1,062,000 after purchasing an additional 23,898 shares in the last quarter. Finally, Compound Planning Inc. bought a new stake in shares of Par Pacific during the 4th quarter valued at $392,000. 92.15% of the stock is owned by hedge funds and other institutional investors.

About Par Pacific

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.