Par Pacific (NYSE:PARR) Releases Earnings Results, Beats Expectations By $4.05 EPS

Par Pacific (NYSE:PARR) issued its quarterly earnings results on Tuesday. The company reported $10.70 earnings per share for the quarter, beating the consensus estimate of $6.65 by $4.05, Zacks reports. Par Pacific had a return on equity of 67.59% and a net margin of 9.81%. The company had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same period in the previous year, the firm posted $5.95 EPS. Par Pacific’s revenue was up 51.6% on a year-over-year basis.

Par Pacific Stock Up 0.4%

Shares of PARR traded up $0.29 during trading hours on Thursday, reaching $69.95. The company’s stock had a trading volume of 465,757 shares, compared to its average volume of 1,131,776. Par Pacific has a 1-year low of $34.37 and a 1-year high of $90.74. The company has a quick ratio of 0.76, a current ratio of 1.84 and a debt-to-equity ratio of 0.38. The firm has a market cap of $3.50 billion, a price-to-earnings ratio of 3.67 and a beta of 0.82. The company has a 50 day moving average of $81.06 and a two-hundred day moving average of $64.42.

Insider Buying and Selling at Par Pacific

In other news, Director Timothy Clossey sold 10,970 shares of the company’s stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $84.00, for a total value of $921,480.00. Following the transaction, the director directly owned 51,526 shares of the company’s stock, valued at approximately $4,328,184. This represents a 17.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Danielle Mattiussi sold 3,278 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $67.29, for a total value of $220,576.62. Following the sale, the insider owned 27,878 shares of the company’s stock, valued at approximately $1,875,910.62. This represents a 10.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 54,248 shares of company stock valued at $4,394,057 in the last quarter. Company insiders own 3.60% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PARR. The Goldman Sachs Group cut shares of Par Pacific from a “buy” rating to a “neutral” rating and upped their price target for the stock from $90.00 to $94.00 in a research report on Thursday, October 15th. Weiss Ratings downgraded Par Pacific from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday. UBS Group reissued a “neutral” rating on shares of Par Pacific in a report on Wednesday, August 26th. TD Cowen decreased their target price on Par Pacific from $100.00 to $95.00 and set a “buy” rating for the company in a research note on Friday, August 7th. Finally, Zacks Research upgraded Par Pacific from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 4th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $90.43.

Par Pacific Company Profile

Par Pacific Holdings, Inc is an energy company engaged in refining, marketing and distributing transportation fuels and other petroleum products. Its refineries process crude oil into products such as gasoline, diesel, jet fuel, marine fuels and asphalt, serving customers in western U.S. markets.

The company operates refining and related energy businesses in Hawaii, Wyoming and Washington. Its operations also include logistics assets such as storage facilities, pipelines, terminals and other infrastructure used to move and distribute crude oil and refined products.