Par Pacific (NYSE:PARR) Posts Quarterly Earnings Results, Misses Expectations By $0.22 EPS

Par Pacific (NYSE:PARR) posted its earnings results on Tuesday. The company reported $0.78 earnings per share for the quarter, missing the consensus estimate of $1.00 by ($0.22), FiscalAI reports. Par Pacific had a net margin of 4.95% and a return on equity of 30.19%. The business had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.78 billion. During the same quarter last year, the business posted ($0.94) earnings per share. The business’s revenue was up 4.5% compared to the same quarter last year.

Par Pacific Stock Up 3.1%

Shares of PARR traded up $2.08 during trading on Tuesday, reaching $69.44. The company’s stock had a trading volume of 1,484,362 shares, compared to its average volume of 1,377,468. Par Pacific has a twelve month low of $14.18 and a twelve month high of $70.39. The company has a quick ratio of 0.49, a current ratio of 1.61 and a debt-to-equity ratio of 0.54. The company has a market cap of $3.44 billion, a price-to-earnings ratio of 9.53 and a beta of 0.91. The company has a fifty day moving average of $57.45 and a two-hundred day moving average of $46.06.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PARR. Mizuho upped their target price on shares of Par Pacific from $49.00 to $58.00 and gave the company a “neutral” rating in a report on Tuesday, March 17th. UBS Group raised their target price on shares of Par Pacific from $40.00 to $60.00 and gave the stock a “neutral” rating in a research report on Thursday, April 9th. TD Cowen increased their price target on shares of Par Pacific from $39.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. JPMorgan Chase & Co. lifted their price objective on Par Pacific from $48.00 to $77.00 and gave the company an “overweight” rating in a research note on Wednesday, April 8th. Finally, Zacks Research raised shares of Par Pacific from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Par Pacific presently has an average rating of “Moderate Buy” and a consensus price target of $67.00.

Insider Buying and Selling

In other news, CEO William Monteleone sold 108,948 shares of the stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $54.06, for a total transaction of $5,889,728.88. Following the transaction, the chief executive officer owned 457,167 shares of the company’s stock, valued at approximately $24,714,448.02. This trade represents a 19.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Par Pacific

A number of institutional investors have recently modified their holdings of PARR. Compound Planning Inc. bought a new stake in Par Pacific in the 4th quarter valued at about $392,000. Natixis Advisors LLC increased its stake in shares of Par Pacific by 2.8% in the fourth quarter. Natixis Advisors LLC now owns 11,102 shares of the company’s stock valued at $390,000 after purchasing an additional 299 shares during the period. Amundi increased its stake in shares of Par Pacific by 3.6% in the third quarter. Amundi now owns 11,013 shares of the company’s stock valued at $388,000 after purchasing an additional 386 shares during the period. Corient Private Wealth LLC bought a new stake in shares of Par Pacific during the fourth quarter valued at approximately $344,000. Finally, Royal Bank of Canada boosted its position in shares of 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 buying an additional 4,525 shares during the period. Institutional investors own 92.15% of the company’s stock.

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.