Par Pacific (NYSE:PARR) Downgraded to Hold Rating by Zacks Research

Zacks Research downgraded shares of Par Pacific (NYSE:PARR) from a strong-buy rating to a hold rating in a research report report published on Thursday,Zacks.com reports.

A number of other equities research analysts have also recently issued reports on the stock. TD Cowen dropped their target price on shares of Par Pacific from $100.00 to $95.00 and set a “buy” rating on the stock in a report on Friday. Benchmark reiterated a “buy” rating on shares of Par Pacific in a report on Wednesday, July 8th. JPMorgan Chase & Co. boosted their price target on Par Pacific from $48.00 to $77.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 8th. Raymond James Financial upped their price objective on Par Pacific from $80.00 to $85.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. Finally, Guggenheim raised Par Pacific to an “outperform” rating in a research report on Wednesday, May 27th. Eleven analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Par Pacific presently has an average rating of “Moderate Buy” and a consensus price target of $80.86.

Par Pacific Price Performance

Shares of PARR opened at $66.32 on Thursday. The company has a current ratio of 1.84, a quick ratio of 0.60 and a debt-to-equity ratio of 0.38. The company’s fifty day simple moving average is $64.79 and its 200 day simple moving average is $57.20. Par Pacific has a 1-year low of $26.92 and a 1-year high of $87.03. The company has a market cap of $3.33 billion, a price-to-earnings ratio of 3.87 and a beta of 0.78.

Par Pacific (NYSE:PARR) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $10.10 EPS for the quarter, beating analysts’ consensus estimates of $8.22 by $1.88. Par Pacific had a net margin of 9.94% and a return on equity of 56.19%. The firm had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $2.40 billion. During the same quarter last year, the company posted $1.54 earnings per share. The company’s revenue for the quarter was up 56.8% compared to the same quarter last year. On average, research analysts forecast that Par Pacific will post 18.6 earnings per share for the current fiscal year.

Institutional Trading of Par Pacific

A number of hedge funds have recently modified their holdings of the stock. NewEdge Advisors LLC acquired a new position in Par Pacific in the 1st quarter valued at about $26,000. EverSource Wealth Advisors LLC raised its holdings in Par Pacific by 32.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 713 shares of the company’s stock valued at $45,000 after acquiring an additional 173 shares during the period. Aster Capital Management DIFC Ltd lifted its position 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 worth $65,000 after acquiring an additional 478 shares during the last quarter. Rockefeller Capital Management L.P. lifted its position in Par Pacific by 385.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,962 shares of the company’s stock worth $69,000 after acquiring an additional 1,558 shares during the last quarter. Finally, Federated Hermes Inc. boosted its holdings in shares of Par Pacific by 70.4% during the fourth quarter. Federated Hermes Inc. now owns 2,096 shares of the company’s stock worth $74,000 after acquiring an additional 866 shares during the period. 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.