Par Pacific (NYSE:PARR) Hits New 12-Month High – Here’s Why

Par Pacific Holdings, Inc. (NYSE:PARR)’s share price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $66.90 and last traded at $66.63, with a volume of 41139 shares trading hands. The stock had previously closed at $64.79.

Analyst Ratings Changes

Several equities research analysts have issued reports on PARR shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Par Pacific in a research report on Friday, March 27th. The Goldman Sachs Group lifted their price objective on shares of Par Pacific from $44.00 to $53.00 and gave the stock a “neutral” rating in a research note on Thursday, March 12th. Mizuho raised their target price on shares of Par Pacific from $49.00 to $58.00 and gave the stock a “neutral” rating in a report on Tuesday, March 17th. Wall Street Zen upgraded Par Pacific from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 14th. Finally, TD Cowen raised their price target on shares of Par Pacific from $39.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Four investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Par Pacific presently has a consensus rating of “Hold” and a consensus price target of $55.50.

Par Pacific Stock Up 1.9%

The company has a current ratio of 1.61, a quick ratio of 0.49 and a debt-to-equity ratio of 0.54. The business’s fifty day moving average price is $48.84 and its 200 day moving average price is $42.37. The firm has a market capitalization of $3.27 billion, a price-to-earnings ratio of 9.07 and a beta of 0.97.

Par Pacific (NYSE:PARR) last announced its quarterly earnings data on Tuesday, February 24th. The company reported $1.17 earnings per share for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.04). Par Pacific had a return on equity of 30.19% and a net margin of 4.95%.The business had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period in the prior year, the company earned ($0.79) EPS. The company’s revenue was down 1.0% on a year-over-year basis. On average, equities analysts expect that Par Pacific Holdings, Inc. will post 0.15 EPS for the current year.

Insider Buying and Selling

In other Par Pacific news, CEO William Monteleone sold 108,948 shares of Par Pacific stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $54.06, for a total value of $5,889,728.88. Following the completion of the sale, the chief executive officer owned 457,167 shares in the company, valued at $24,714,448.02. The trade was a 19.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 4.40% of the stock is owned by company insiders.

Institutional Trading of Par Pacific

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Par Pacific during the 3rd quarter valued at about $1,149,000. Principal Financial Group Inc. boosted its position in Par Pacific by 38.5% during the 3rd quarter. Principal Financial Group Inc. now owns 354,439 shares of the company’s stock valued at $12,554,000 after purchasing an additional 98,524 shares during the period. Barclays PLC boosted its position in Par Pacific by 24.9% during the 3rd quarter. Barclays PLC now owns 705,832 shares of the company’s stock valued at $25,001,000 after purchasing an additional 140,514 shares during the period. Counterpoint Mutual Funds LLC bought a new stake in Par Pacific in the 3rd quarter valued at about $3,286,000. Finally, Vanguard Group Inc. lifted its position in Par Pacific by 30.9% in the 3rd quarter. Vanguard Group Inc. now owns 5,044,612 shares of the company’s stock valued at $178,680,000 after purchasing an additional 1,190,088 shares during the last quarter. 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.