Par Pacific (NYSE:PARR) Announces Quarterly Earnings Results

Par Pacific (NYSE:PARR) released its earnings results on Tuesday. The company reported $0.78 earnings per share for the quarter, missing the consensus estimate of $1.00 by ($0.22), FiscalAI reports. Par Pacific had a net margin of 4.95% and a return on equity of 30.19%. The business had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.78 billion. During the same period last year, the firm earned ($0.94) EPS. The company’s revenue was up 4.5% compared to the same quarter last year.

Par Pacific Stock Performance

PARR stock traded up $2.08 during midday trading on Tuesday, hitting $69.44. 1,484,362 shares of the company traded hands, compared to its average volume of 1,377,468. Par Pacific has a twelve month low of $14.18 and a twelve month high of $70.39. The company has a quick ratio of 0.49, a current ratio of 1.61 and a debt-to-equity ratio of 0.54. The business has a 50 day simple moving average of $57.45 and a 200-day simple moving average of $46.06. The stock has a market capitalization of $3.44 billion, a price-to-earnings ratio of 9.53 and a beta of 0.91.

Analysts Set New Price Targets

Several equities analysts have weighed in on PARR shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Par Pacific in a research note on Friday, March 27th. The Goldman Sachs Group raised Par Pacific from a “neutral” rating to a “buy” rating and lifted their target price for the company from $53.00 to $77.00 in a research note on Friday, April 10th. TD Cowen lifted their target price on Par Pacific from $39.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Piper Sandler lifted their target price on Par Pacific from $63.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday, April 8th. Finally, Zacks Research upgraded Par Pacific from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $67.00.

Insider Buying and Selling

In other Par Pacific news, CEO William Monteleone sold 108,948 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer owned 457,167 shares in the company, valued at $24,714,448.02. This trade represents a 19.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 3.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Par Pacific

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Aster Capital Management DIFC Ltd grew its holdings in Par Pacific by 34.9% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,847 shares of the company’s stock valued at $65,000 after purchasing an additional 478 shares during the last quarter. Federated Hermes Inc. grew its holdings in Par Pacific by 70.4% during the fourth quarter. Federated Hermes Inc. now owns 2,096 shares of the company’s stock valued at $74,000 after purchasing an additional 866 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in Par Pacific by 81.1% during the second quarter. Smartleaf Asset Management LLC now owns 2,340 shares of the company’s stock valued at $62,000 after purchasing an additional 1,048 shares during the last quarter. Royal Bank of Canada grew its holdings in Par Pacific by 86.3% during the fourth quarter. Royal Bank of Canada now owns 3,697 shares of the company’s stock valued at $130,000 after purchasing an additional 1,713 shares during the last quarter. Finally, Quadrant Capital Group LLC acquired a new position in Par Pacific during the third quarter valued at approximately $136,000. Institutional investors and hedge funds 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.