Par Pacific (NYSE:PARR) Shares Down 2.1% on Analyst Downgrade

Par Pacific Holdings, Inc. (NYSE:PARR)’s stock price traded down 2.1% on Monday after UBS Group lowered their price target on the stock from $40.00 to $29.00. UBS Group currently has a neutral rating on the stock. Par Pacific traded as low as $23.40 and last traded at $23.42. 30,521 shares traded hands during trading, a decline of 96% from the average session volume of 827,861 shares. The stock had previously closed at $23.93.

Several other research analysts also recently commented on the stock. The Goldman Sachs Group cut their price objective on shares of Par Pacific from $37.00 to $32.00 and set a “neutral” rating for the company in a report on Wednesday, July 31st. Piper Sandler cut their price target on Par Pacific from $43.00 to $37.00 and set an “overweight” rating for the company in a report on Friday, June 14th. JPMorgan Chase & Co. decreased their price objective on Par Pacific from $38.00 to $36.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 2nd. TD Cowen cut their target price on Par Pacific from $36.00 to $32.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Finally, Mizuho began coverage on Par Pacific in a report on Wednesday, July 17th. They set an “outperform” rating and a $33.00 target price for the company. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Par Pacific presently has a consensus rating of “Hold” and an average target price of $33.17.

Institutional Trading of Par Pacific

Several institutional investors and hedge funds have recently modified their holdings of PARR. Quarry LP grew its stake in Par Pacific by 610.5% in the 2nd quarter. Quarry LP now owns 2,359 shares of the company’s stock worth $60,000 after buying an additional 2,027 shares in the last quarter. Algert Global LLC increased its stake in Par Pacific by 15.4% in the second quarter. Algert Global LLC now owns 185,577 shares of the company’s stock valued at $4,686,000 after acquiring an additional 24,792 shares during the last quarter. Millennium Management LLC raised its position in Par Pacific by 48.4% during the second quarter. Millennium Management LLC now owns 1,952,754 shares of the company’s stock valued at $49,307,000 after purchasing an additional 636,908 shares in the last quarter. AQR Capital Management LLC raised its position in Par Pacific by 210.9% during the second quarter. AQR Capital Management LLC now owns 85,987 shares of the company’s stock valued at $2,171,000 after purchasing an additional 58,328 shares in the last quarter. Finally, Squarepoint Ops LLC bought a new stake in Par Pacific during the second quarter worth about $1,932,000. Hedge funds and other institutional investors own 92.15% of the company’s stock.

Par Pacific Price Performance

The company has a current ratio of 1.63, a quick ratio of 0.59 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $1.29 billion, a PE ratio of 2.91 and a beta of 2.00. The business has a fifty day moving average price of $24.49 and a 200-day moving average price of $30.65.

Par Pacific (NYSE:PARR) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.36. The business had revenue of $2.02 billion for the quarter, compared to analysts’ expectations of $1.82 billion. Par Pacific had a net margin of 5.43% and a return on equity of 26.40%. The business’s quarterly revenue was up 13.1% on a year-over-year basis. During the same period last year, the business earned $1.73 earnings per share. Research analysts expect that Par Pacific Holdings, Inc. will post 1.71 EPS for the current fiscal year.

Par Pacific Company Profile

Par Pacific Holdings, Inc owns and operates energy and infrastructure businesses. The company operates through Refining, Retail, and Logistics segments. The Refining segment owns and operates refineries that produce gasoline, distillate, asphalt, and other products primarily for consumption in Kapolei, Hawaii, Newcastle, Wyoming, Tacoma, Washington, and Billings, Montana.