Par Pacific (NYSE:PARR) Rating Increased to Strong-Buy at Zacks Research

Par Pacific (NYSE:PARR) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Several other equities analysts have also recently issued reports on the company. Evercore upgraded Par Pacific to an “outperform” rating in a research note on Wednesday, May 27th. Mizuho upgraded shares of Par Pacific from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $58.00 to $79.00 in a research note on Wednesday, May 27th. Wall Street Zen raised shares of Par Pacific from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 17th. JPMorgan Chase & Co. lifted their price target on shares of Par Pacific from $48.00 to $77.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 8th. Finally, Raymond James Financial boosted their price target on shares of Par Pacific from $50.00 to $77.00 and gave the stock an “outperform” rating in a report on Wednesday, March 25th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.71.

Par Pacific Stock Up 11.4%

Shares of NYSE PARR opened at $68.45 on Tuesday. The stock has a market cap of $3.43 billion, a P/E ratio of 7.64 and a beta of 0.82. The business’s fifty day simple moving average is $58.11 and its 200-day simple moving average is $51.18. Par Pacific has a 12-month low of $26.83 and a 12-month high of $70.39. The company has a current ratio of 1.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.63.

Par Pacific (NYSE:PARR) last released its earnings results on Tuesday, May 5th. The company reported $0.78 EPS for the quarter, missing the consensus estimate of $1.00 by ($0.22). Par Pacific had a return on equity of 34.38% and a net margin of 6.02%.The company had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same period in the previous year, the firm earned ($0.94) earnings per share. The company’s revenue for the quarter was up 4.5% compared to the same quarter last year. As a group, equities analysts predict that Par Pacific will post 16.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Royal Bank of Canada lifted its stake in Par Pacific by 23.9% during the first quarter. Royal Bank of Canada now owns 23,453 shares of the company’s stock worth $334,000 after purchasing an additional 4,525 shares during the last quarter. AQR Capital Management LLC raised its holdings in Par Pacific by 118.2% during the first quarter. AQR Capital Management LLC now owns 164,358 shares of the company’s stock worth $2,344,000 after purchasing an additional 89,023 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Par Pacific by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,304 shares of the company’s stock worth $461,000 after purchasing an additional 1,427 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Par Pacific by 4.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 146,241 shares of the company’s stock worth $2,085,000 after buying an additional 6,618 shares during the last quarter. Finally, Jane Street Group LLC boosted its holdings in shares of Par Pacific by 352.7% in the 1st quarter. Jane Street Group LLC now owns 270,835 shares of the company’s stock valued at $3,862,000 after buying an additional 211,002 shares in the last quarter. Hedge funds and other institutional investors own 92.15% of the company’s stock.

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.