Par Pacific (NYSE:PARR) Price Target Raised to $77.00

Par Pacific (NYSE:PARR) had its target price lifted by equities research analysts at JPMorgan Chase & Co. from $48.00 to $77.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 26.88% from the stock’s current price.

A number of other equities analysts have also recently weighed in on PARR. Wall Street Zen upgraded Par Pacific from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 14th. Raymond James Financial increased their price target on Par Pacific from $50.00 to $77.00 and gave the stock an “outperform” rating in a report on Wednesday, March 25th. Zacks Research cut Par Pacific from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 16th. Piper Sandler increased their price target on Par Pacific from $63.00 to $72.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Mizuho increased their price target on Par Pacific from $49.00 to $58.00 and gave the stock a “neutral” rating in a report on Tuesday, March 17th. Five research analysts have rated the stock with a Buy rating and five 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 price target of $60.71.

Par Pacific Trading Down 6.1%

Shares of NYSE PARR traded down $3.92 during mid-day trading on Wednesday, reaching $60.69. 1,704,751 shares of the company’s stock were exchanged, compared to its average volume of 1,339,683. The firm has a market capitalization of $3.00 billion, a price-to-earnings ratio of 8.31 and a beta of 0.97. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.49 and a current ratio of 1.61. Par Pacific has a 52-week low of $12.17 and a 52-week high of $67.39. The company’s 50-day moving average is $49.43 and its 200-day moving average is $42.58.

Par Pacific (NYSE:PARR) last released its quarterly earnings results on Tuesday, February 24th. The company reported $1.17 earnings per share for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.04). The business had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.68 billion. Par Pacific had a return on equity of 30.19% and a net margin of 4.95%.The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.79) earnings per share. Analysts expect that Par Pacific will post 0.15 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO William Monteleone sold 108,948 shares of the firm’s 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 completion of the transaction, the chief executive officer directly owned 457,167 shares in the company, valued at $24,714,448.02. This trade represents a 19.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 3.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Par Pacific

Hedge funds and other institutional investors have recently bought and sold shares of the company. Federated Hermes Inc. purchased a new position in Par Pacific during the 3rd quarter valued at about $44,000. Aster Capital Management DIFC Ltd acquired a new stake in Par Pacific in the 3rd quarter valued at about $48,000. Nisa Investment Advisors LLC raised its position in Par Pacific by 16.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,855 shares of the company’s stock valued at $66,000 after purchasing an additional 259 shares in the last quarter. Rockefeller Capital Management L.P. raised its position in Par Pacific by 385.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,962 shares of the company’s stock valued at $69,000 after purchasing an additional 1,558 shares in the last quarter. Finally, USA Financial Formulas acquired a new stake in Par Pacific in the 3rd quarter valued at about $82,000. 92.15% of the stock is currently owned by hedge funds and other institutional investors.

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.