Par Pacific (NYSE:PARR) Given New $72.00 Price Target at Piper Sandler

Par Pacific (NYSE:PARR) had its price target upped by Piper Sandler from $63.00 to $72.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price objective would indicate a potential upside of 19.34% from the company’s previous close.

Several other research firms have also recently commented on PARR. Weiss Ratings reissued a “hold (c+)” rating on shares of Par Pacific in a research note on Friday, March 27th. Zacks Research cut Par Pacific from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 16th. The Goldman Sachs Group boosted their target price on Par Pacific from $44.00 to $53.00 and gave the stock a “neutral” rating in a research note on Thursday, March 12th. Wall Street Zen raised Par Pacific from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 14th. Finally, TD Cowen boosted their target price on Par Pacific from $39.00 to $48.00 and gave the stock 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 assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $58.00.

Par Pacific Trading Down 6.6%

Shares of NYSE PARR traded down $4.28 during trading on Wednesday, reaching $60.33. The stock had a trading volume of 425,235 shares, compared to its average volume of 1,318,061. Par Pacific has a fifty-two week low of $12.17 and a fifty-two week high of $67.39. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.49 and a current ratio of 1.61. The business’s 50-day moving average price is $49.43 and its 200-day moving average price is $42.58. The company has a market cap of $2.98 billion, a P/E ratio of 8.23 and a beta of 0.97.

Par Pacific (NYSE:PARR) last released its earnings results on Tuesday, February 24th. The company reported $1.17 EPS for the quarter, missing the consensus estimate of $1.21 by ($0.04). Par Pacific had a return on equity of 30.19% and a net margin of 4.95%.The company had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period in the previous year, the firm earned ($0.79) earnings per share. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. On average, equities research analysts predict that Par Pacific will post 0.15 EPS for the current fiscal year.

Insider Activity

In other news, CEO William Monteleone sold 108,948 shares of the company’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $54.06, for a total transaction of $5,889,728.88. Following the completion of the transaction, the chief executive officer directly owned 457,167 shares of the company’s stock, valued at approximately $24,714,448.02. This represents a 19.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 3.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Par Pacific during the 3rd quarter worth about $1,149,000. Principal Financial Group Inc. boosted its position in shares of Par Pacific by 38.5% during the 3rd quarter. Principal Financial Group Inc. now owns 354,439 shares of the company’s stock worth $12,554,000 after acquiring an additional 98,524 shares in the last quarter. Barclays PLC boosted its position in shares of Par Pacific by 24.9% during the 3rd quarter. Barclays PLC now owns 705,832 shares of the company’s stock worth $25,001,000 after acquiring an additional 140,514 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Par Pacific by 30.9% during the 3rd quarter. Vanguard Group Inc. now owns 5,044,612 shares of the company’s stock worth $178,680,000 after acquiring an additional 1,190,088 shares in the last quarter. Finally, Wakefield Asset Management LLLP acquired a new position in shares of Par Pacific during the 3rd quarter worth about $1,330,000. 92.15% of the stock is owned by institutional investors and hedge funds.

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.