Par Pacific (NYSE:PARR) Rating Increased to Outperform at Mizuho

Par Pacific (NYSE:PARR) was upgraded by investment analysts at Mizuho from a “neutral” rating to an “outperform” rating in a note issued to investors on Wednesday, MarketBeat Ratings reports. The brokerage presently has a $79.00 price target on the stock, up from their prior price target of $58.00. Mizuho’s price target would indicate a potential upside of 39.67% from the company’s current price.

Other analysts have also recently issued reports about the company. Guggenheim raised Par Pacific to an “outperform” rating in a report on Wednesday. Wall Street Zen raised Par Pacific from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 17th. TD Cowen boosted their price objective on Par Pacific from $39.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, February 27th. The Goldman Sachs Group raised Par Pacific from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $53.00 to $77.00 in a report on Friday, April 10th. Finally, Evercore raised Par Pacific to an “outperform” rating in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Par Pacific has a consensus rating of “Moderate Buy” and a consensus price target of $70.00.

Par Pacific Stock Performance

Par Pacific stock opened at $56.56 on Wednesday. The stock has a 50-day simple moving average of $61.68 and a 200 day simple moving average of $48.38. The company has a quick ratio of 0.60, a current ratio of 1.62 and a debt-to-equity ratio of 0.63. Par Pacific has a 12-month low of $20.74 and a 12-month high of $70.39. The stock has a market capitalization of $2.84 billion, a price-to-earnings ratio of 6.31 and a beta of 0.91.

Par Pacific (NYSE:PARR) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.22). Par Pacific had a net margin of 6.02% and a return on equity of 34.38%. The business had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.78 billion. During the same period in the prior year, the firm earned ($0.94) earnings per share. The business’s quarterly revenue was up 4.5% compared to the same quarter last year. On average, research analysts anticipate that Par Pacific will post 13.72 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO William Monteleone sold 108,948 shares of the business’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 in the company, valued at approximately $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 hyperlink. Insiders own 3.60% of the company’s stock.

Hedge Funds Weigh In On Par Pacific

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of 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 period. Dimensional Fund Advisors LP grew its position in shares of Par Pacific by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,774,621 shares of the company’s stock valued at $62,363,000 after purchasing an additional 7,280 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of Par Pacific by 0.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,771,793 shares of the company’s stock valued at $110,985,000 after purchasing an additional 6,162 shares during the period. American Century Companies Inc. grew its position in shares of Par Pacific by 42.8% in the 3rd quarter. American Century Companies Inc. now owns 1,522,392 shares of the company’s stock valued at $53,923,000 after purchasing an additional 456,473 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of Par Pacific by 1.8% in the 4th quarter. Geode Capital Management LLC now owns 1,222,100 shares of the company’s stock valued at $42,954,000 after purchasing an additional 21,254 shares during the period. 92.15% of the stock is currently owned by institutional investors and hedge funds.

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.