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

Shares of Par Pacific Holdings, Inc. (NYSE:PARR) gapped up before the market opened on Wednesday . The stock had previously closed at $61.46, but opened at $63.92. Par Pacific shares last traded at $66.7980, with a volume of 109,238 shares trading hands.

Wall Street Analysts Forecast Growth

PARR has been the subject of a number of recent research reports. Wall Street Zen upgraded shares of Par Pacific from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 17th. Piper Sandler raised their price target on Par Pacific from $63.00 to $72.00 and gave the stock an “overweight” rating in a report on Wednesday, April 8th. Raymond James Financial lifted their price target on Par Pacific from $50.00 to $77.00 and gave the company an “outperform” rating in a research report on Wednesday, March 25th. JPMorgan Chase & Co. boosted 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, Guggenheim upgraded Par Pacific to an “outperform” rating in a research note on Wednesday, May 27th. Ten analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Par Pacific has a consensus rating of “Moderate Buy” and an average target price of $70.71.

Par Pacific Trading Up 9.5%

The company has a debt-to-equity ratio of 0.63, a current ratio of 1.62 and a quick ratio of 0.60. The stock has a market cap of $3.37 billion, a P/E ratio of 7.54 and a beta of 0.82. The firm’s fifty day moving average price is $58.04 and its two-hundred day moving average price is $50.96.

Par Pacific (NYSE:PARR) last posted its earnings results on Tuesday, May 5th. The company reported $0.78 EPS for the quarter, missing the consensus estimate of $1.00 by ($0.22). The business had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.78 billion. Par Pacific had a return on equity of 34.38% and a net margin of 6.02%.Par Pacific’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.94) earnings per share. As a group, equities research analysts forecast that Par Pacific Holdings, Inc. will post 16.31 EPS for the current year.

Institutional Investors Weigh In On Par Pacific

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC grew its position in Par Pacific by 7,787.1% during the fourth quarter. SG Americas Securities LLC now owns 563,930 shares of the company’s stock valued at $19,816,000 after acquiring an additional 556,780 shares during the last quarter. Encompass Capital Advisors LLC bought a new stake in shares of Par Pacific in the 1st quarter worth approximately $28,839,000. Wells Fargo & Company MN lifted its holdings in shares of Par Pacific by 810.8% in the 4th quarter. Wells Fargo & Company MN now owns 359,834 shares of the company’s stock worth $12,645,000 after acquiring an additional 320,326 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Par Pacific by 22.1% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,756,161 shares of the company’s stock valued at $62,203,000 after purchasing an additional 317,484 shares in the last quarter. Finally, Bridgeway Capital Management LLC purchased a new stake in shares of Par Pacific in the 4th quarter valued at $9,576,000. 92.15% of the stock is owned by hedge funds and other institutional investors.

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.