Par Pacific (NYSE:PARR) Shares Gap Up – Here’s What Happened

Par Pacific Holdings, Inc. (NYSE:PARR)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $61.67, but opened at $64.76. Par Pacific shares last traded at $65.6890, with a volume of 171,720 shares traded.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. The Goldman Sachs Group raised their price objective on Par Pacific from $44.00 to $53.00 and gave the company a “neutral” rating in a research note on Thursday, March 12th. 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 cut Par Pacific from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 16th. Mizuho lifted their price target on shares of Par Pacific from $49.00 to $58.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 17th. Finally, Piper Sandler set a $57.00 price target on shares of Par Pacific in a report on Monday, January 12th. Four investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $55.50.

Par Pacific Trading Up 4.3%

The stock has a market cap of $3.18 billion, a P/E ratio of 8.79 and a beta of 1.17. The firm’s 50 day simple moving average is $47.08 and its two-hundred day simple moving average is $41.70. The company has a quick ratio of 0.49, a current ratio of 1.61 and a debt-to-equity ratio of 0.54.

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 analysts’ consensus estimates of $1.21 by ($0.04). Par Pacific had a return on equity of 30.19% and a net margin of 4.95%.The business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the previous year, the business posted ($0.79) earnings per share. The company’s quarterly revenue was down 1.0% compared to the same quarter last year. As a group, equities research analysts predict that Par Pacific Holdings, Inc. will post 0.15 earnings per share for the current fiscal year.

Insider Transactions at Par Pacific

In other Par Pacific news, CEO William Monteleone sold 108,948 shares of Par Pacific stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $54.06, for a total value of $5,889,728.88. Following the completion of the transaction, the chief executive officer directly owned 457,167 shares in the company, valued at $24,714,448.02. The trade was a 19.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 4.40% of the stock is owned by corporate insiders.

Institutional Trading of Par Pacific

Institutional investors and hedge funds have recently made changes to their positions in the stock. Federated Hermes Inc. bought a new stake in shares of Par Pacific in the 3rd quarter worth approximately $44,000. Aster Capital Management DIFC Ltd acquired a new stake in Par Pacific in the third quarter worth $48,000. Nisa Investment Advisors LLC increased its position in Par Pacific by 16.2% in the third quarter. Nisa Investment Advisors LLC now owns 1,855 shares of the company’s stock worth $66,000 after buying an additional 259 shares during the period. Rockefeller Capital Management L.P. lifted its stake in Par Pacific by 385.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,962 shares of the company’s stock valued at $69,000 after buying an additional 1,558 shares during the last quarter. Finally, USA Financial Formulas bought a new stake in Par Pacific in the third quarter valued at $82,000. 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.