Par Pacific (NYSE:PARR) Reaches New 52-Week High – Here’s What Happened

Par Pacific Holdings, Inc. (NYSE:PARR)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $71.29 and last traded at $70.9760, with a volume of 883245 shares trading hands. The stock had previously closed at $65.78.

Analysts Set New Price Targets

Several research analysts recently weighed in on PARR shares. Wall Street Zen raised shares of Par Pacific from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 17th. Evercore raised shares of Par Pacific to an “outperform” rating in a research note on Wednesday, May 27th. The Goldman Sachs Group upgraded shares of Par Pacific from a “neutral” rating to a “buy” rating and increased their target price for the stock from $53.00 to $77.00 in a report on Friday, April 10th. Guggenheim raised shares of Par Pacific to an “outperform” rating in a report on Wednesday, May 27th. Finally, UBS Group upped their price objective on shares of Par Pacific from $60.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Par Pacific has an average rating of “Moderate Buy” and an average price target of $72.00.

Par Pacific Price Performance

The company has a current ratio of 1.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.63. The company has a 50 day simple moving average of $58.26 and a 200 day simple moving average of $51.83. The stock has a market cap of $3.56 billion, a P/E ratio of 7.92 and a beta of 0.82.

Par Pacific (NYSE:PARR) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.78 earnings per share for the quarter, missing the consensus estimate of $1.00 by ($0.22). Par Pacific had a return on equity of 34.38% and a net margin of 6.02%.The business had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.78 billion. During the same period in the prior year, the business earned ($0.94) earnings per share. Par Pacific’s revenue was up 4.5% compared to the same quarter last year. Sell-side analysts forecast that Par Pacific Holdings, Inc. will post 16.92 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. NewEdge Advisors LLC acquired a new stake in Par Pacific in the 1st quarter valued at $26,000. EverSource Wealth Advisors LLC lifted its position in Par Pacific by 32.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 713 shares of the company’s stock worth $45,000 after buying an additional 173 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Par Pacific by 81.1% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,340 shares of the company’s stock worth $62,000 after buying an additional 1,048 shares during the last quarter. Aster Capital Management DIFC Ltd boosted its stake in shares of Par Pacific by 34.9% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,847 shares of the company’s stock worth $65,000 after buying an additional 478 shares during the last quarter. Finally, Rockefeller Capital Management L.P. grew its holdings in shares of 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 acquiring an additional 1,558 shares in the last quarter. 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.