Par Pacific (NYSE:PARR) Rating Lowered to “Buy” at Wall Street Zen

Par Pacific (NYSE:PARR) was downgraded by analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued on Saturday.

PARR has been the subject of several other research reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Par Pacific in a research report on Monday, December 29th. Piper Sandler set a $57.00 target price on shares of Par Pacific in a report on Monday, January 12th. TD Cowen upped their target price on shares of Par Pacific from $39.00 to $48.00 and gave the company a “buy” rating in a research report on Friday. Tudor Pickering raised Par Pacific from a “hold” rating to a “buy” rating in a research note on Thursday, November 6th. Finally, Zacks Research cut Par Pacific from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 16th. Four research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Par Pacific presently has a consensus rating of “Hold” and an average price target of $47.33.

Par Pacific Stock Up 4.9%

NYSE PARR opened at $42.62 on Friday. The stock has a market capitalization of $2.09 billion, a P/E ratio of 5.85 and a beta of 1.16. Par Pacific has a 52 week low of $11.86 and a 52 week high of $48.40. 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 fifty day moving average of $38.39 and a 200-day moving average of $38.10.

Par Pacific (NYSE:PARR) last posted its quarterly earnings results on Tuesday, February 24th. The company reported $1.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($0.04). The firm had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. Par Pacific had a net margin of 4.95% and a return on equity of 30.19%. Par Pacific’s revenue was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.79) EPS. On average, equities research analysts forecast that Par Pacific will post 0.15 EPS for the current year.

Hedge Funds Weigh In On Par Pacific

Several institutional investors and hedge funds have recently modified their holdings of the business. Royal Bank of Canada raised its holdings in Par Pacific by 23.9% during the 1st quarter. Royal Bank of Canada now owns 23,453 shares of the company’s stock worth $334,000 after buying an additional 4,525 shares during the period. AQR Capital Management LLC increased its position in shares of 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 acquiring an additional 89,023 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of 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 acquiring an additional 1,427 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Par Pacific by 4.7% during the first 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 acquiring an additional 6,618 shares during the period. Finally, Jane Street Group LLC lifted its position in 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 acquiring an additional 211,002 shares in the last quarter. 92.15% of the stock is currently owned by institutional investors and hedge funds.

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.