Par Pacific (NYSE:PARR) Releases Quarterly Earnings Results, Beats Estimates By $3.97 EPS

Par Pacific (NYSE:PARR) issued its quarterly earnings results on Tuesday. The company reported $5.95 earnings per share for the quarter, topping the consensus estimate of $1.98 by $3.97, Zacks reports. The business had revenue of $2.01 billion for the quarter, compared to analysts’ expectations of $1.72 billion. Par Pacific had a negative net margin of 0.25% and a negative return on equity of 1.79%. The company’s revenue was down 6.1% compared to the same quarter last year. During the same quarter last year, the company posted ($0.10) EPS.

Par Pacific Stock Down 1.4%

Shares of PARR stock opened at $40.65 on Wednesday. The stock has a market cap of $2.07 billion, a P/E ratio of -145.16 and a beta of 1.74. Par Pacific has a 52 week low of $11.86 and a 52 week high of $41.75. The company has a quick ratio of 0.56, a current ratio of 1.42 and a debt-to-equity ratio of 0.97. The company’s fifty day simple moving average is $36.11 and its two-hundred day simple moving average is $29.10.

Analysts Set New Price Targets

PARR has been the topic of several analyst reports. Wall Street Zen upgraded shares of Par Pacific from a “buy” rating to a “strong-buy” rating in a research note on Saturday, September 13th. UBS Group lifted their target price on shares of Par Pacific from $23.00 to $37.00 and gave the company a “neutral” rating in a research note on Tuesday, September 23rd. TD Cowen lowered their target price on shares of Par Pacific from $35.00 to $33.00 and set a “buy” rating on the stock in a research note on Thursday, August 7th. The Goldman Sachs Group lifted their target price on shares of Par Pacific from $34.00 to $40.00 and gave the company a “neutral” rating in a research note on Wednesday, October 22nd. Finally, Mizuho lifted their target price on shares of Par Pacific from $34.00 to $40.00 and gave the company a “neutral” rating in a research note on Monday, September 15th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.86.

Insiders Place Their Bets

In other Par Pacific news, SVP Terrill Pitkin sold 5,164 shares of the business’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $27.97, for a total value of $144,437.08. Following the sale, the senior vice president owned 41,223 shares in the company, valued at $1,153,007.31. The trade was a 11.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Timothy Clossey sold 2,000 shares of the business’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $33.37, for a total transaction of $66,740.00. Following the completion of the sale, the director owned 84,000 shares in the company, valued at approximately $2,803,080. The trade was a 2.33% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 25,954 shares of company stock worth $863,048. 4.40% of the stock is owned by corporate insiders.

Institutional Trading of Par Pacific

Hedge funds have recently bought and sold shares of the stock. Smartleaf Asset Management LLC lifted its stake in Par Pacific by 81.1% in the 2nd quarter. Smartleaf Asset Management LLC now owns 2,340 shares of the company’s stock worth $62,000 after purchasing an additional 1,048 shares in the last quarter. Osaic Holdings Inc. increased its holdings in shares of Par Pacific by 19.7% in the 2nd quarter. Osaic Holdings Inc. now owns 5,838 shares of the company’s stock worth $154,000 after buying an additional 961 shares during the last quarter. Oxford Asset Management LLP bought a new stake in shares of Par Pacific in the 2nd quarter worth about $225,000. Captrust Financial Advisors bought a new stake in shares of Par Pacific in the 2nd quarter worth about $302,000. Finally, Tower Research Capital LLC TRC increased its holdings in shares of Par Pacific by 70.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 12,134 shares of the company’s stock worth $322,000 after buying an additional 5,018 shares during the last quarter. Hedge funds and other institutional investors own 92.15% of the company’s stock.

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.