Par Pacific (NYSE:PARR) Rating Increased to Overweight at JPMorgan Chase & Co.

Par Pacific (NYSE:PARR) was upgraded by JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report issued on Wednesday, Marketbeat.com reports. The firm currently has a $30.00 price target on the stock, down from their prior price target of $36.00. JPMorgan Chase & Co.‘s price objective points to a potential upside of 55.28% from the stock’s current price.

Several other brokerages have also weighed in on PARR. TD Cowen decreased their price objective on Par Pacific from $36.00 to $32.00 and set a “buy” rating for the company in a report on Friday, August 9th. Tudor, Pickering, Holt & Co. downgraded shares of Par Pacific from a “buy” rating to a “hold” rating in a research note on Monday, September 9th. UBS Group lowered their price target on shares of Par Pacific from $40.00 to $29.00 and set a “neutral” rating on the stock in a research report on Monday, August 19th. Piper Sandler downgraded shares of Par Pacific from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $37.00 to $23.00 in a report on Friday, September 20th. Finally, Tudor Pickering raised shares of Par Pacific to a “hold” rating in a report on Monday, September 9th. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $29.00.

Par Pacific Stock Up 6.7 %

PARR opened at $19.32 on Wednesday. Par Pacific has a twelve month low of $17.06 and a twelve month high of $40.69. The company’s 50-day moving average price is $21.40 and its two-hundred day moving average price is $26.55. The stock has a market cap of $1.09 billion, a price-to-earnings ratio of 2.42 and a beta of 1.99. The company has a quick ratio of 0.59, a current ratio of 1.63 and a debt-to-equity ratio of 0.84.

Par Pacific (NYSE:PARR) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.13 by $0.36. Par Pacific had a return on equity of 26.40% and a net margin of 5.43%. The business had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $1.82 billion. During the same quarter in the prior year, the business earned $1.73 earnings per share. Par Pacific’s revenue for the quarter was up 13.1% on a year-over-year basis. As a group, equities analysts expect that Par Pacific will post 1.34 earnings per share for the current year.

Institutional Trading of Par Pacific

Institutional investors and hedge funds have recently bought and sold shares of the company. Headlands Technologies LLC grew its position in shares of Par Pacific by 215.1% during the 2nd quarter. Headlands Technologies LLC now owns 1,166 shares of the company’s stock valued at $29,000 after purchasing an additional 796 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in Par Pacific during the second quarter valued at $43,000. Quarry LP grew its position in Par Pacific by 610.5% during the second quarter. Quarry LP now owns 2,359 shares of the company’s stock worth $60,000 after buying an additional 2,027 shares in the last quarter. nVerses Capital LLC increased its stake in Par Pacific by 41.7% in the 2nd quarter. nVerses Capital LLC now owns 3,400 shares of the company’s stock worth $86,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Innealta Capital LLC purchased a new stake in shares of Par Pacific in the 2nd quarter valued at about $104,000. 92.15% of the stock is currently owned by hedge funds and other institutional investors.

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.