Par Pacific (NYSE:PARR) Stock Price Target Cut by Mizuho

Par Pacific (NYSE:PARR) had its target price decreased by stock analysts at Mizuho from $91.00 to $80.00 in a report released on Friday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Mizuho‘s target price would suggest a potential upside of 11.50% from the stock’s current price.

PARR has been the topic of a number of other reports. Piper Sandler started coverage on shares of Par Pacific in a research report on Tuesday, October 27th. They issued a “neutral” rating and a $94.00 price objective on the stock. TD Cowen cut their price objective on shares of Par Pacific from $100.00 to $95.00 and set a “buy” rating for the company in a research report on Friday, August 7th. UBS Group restated a “neutral” rating on shares of Par Pacific in a research note on Wednesday, August 26th. Zacks Research raised shares of Par Pacific from a “hold” rating to a “strong-buy” rating in a report on Friday, September 4th. Finally, Weiss Ratings lowered shares of Par Pacific from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, November 2nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Par Pacific currently has an average rating of “Moderate Buy” and an average target price of $88.86.

Par Pacific Stock Performance

Par Pacific stock traded down $0.28 during mid-day trading on Friday, reaching $71.75. 118,271 shares of the company were exchanged, compared to its average volume of 1,123,508. The firm’s 50-day simple moving average is $79.92 and its two-hundred day simple moving average is $65.41. Par Pacific has a twelve month low of $34.37 and a twelve month high of $90.74. The firm has a market cap of $3.59 billion, a PE ratio of 3.76 and a beta of 0.82. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.82 and a current ratio of 1.65.

Par Pacific (NYSE:PARR) last released its quarterly earnings results on Tuesday, November 3rd. The company reported $10.70 EPS for the quarter, topping the consensus estimate of $6.65 by $4.05. Par Pacific had a return on equity of 61.51% and a net margin of 9.81%. The business had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $2.19 billion. During the same quarter in the prior year, the business earned $5.95 earnings per share. The company’s quarterly revenue was up 51.6% compared to the same quarter last year. Equities analysts predict that Par Pacific will post 28.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO William Monteleone sold 40,000 shares of Par Pacific stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $81.30, for a total value of $3,252,000.00. Following the sale, the chief executive officer directly owned 457,167 shares in the company, valued at $37,167,677.10. The trade was a 8.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Timothy Clossey sold 10,970 shares of the company’s stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $84.00, for a total value of $921,480.00. Following the transaction, the director directly owned 51,526 shares in the company, valued at $4,328,184. This represents a 17.55% decrease in their position. The disclosure for this sale is available in the SEC filing. 3.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Par Pacific

Several institutional investors have recently made changes to their positions in PARR. Arrowstreet Capital Limited Partnership grew its stake in shares of Par Pacific by 0.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,771,793 shares of the company’s stock worth $110,985,000 after purchasing an additional 6,162 shares during the period. Encompass Capital Advisors LLC purchased a new position in shares of Par Pacific in the 1st quarter valued at about $28,839,000. Bessemer Group Inc. lifted its stake in shares of Par Pacific by 142.2% in the third quarter. Bessemer Group Inc. now owns 365,028 shares of the company’s stock valued at $29,793,000 after purchasing an additional 214,325 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of Par Pacific in the second quarter valued at about $19,353,000. Finally, Empowered Funds LLC lifted its stake in shares of Par Pacific by 24.4% in the first quarter. Empowered Funds LLC now owns 313,605 shares of the company’s stock valued at $19,644,000 after purchasing an additional 61,464 shares during the period. 92.15% of the stock is currently owned by hedge funds and other institutional investors.

Par Pacific Company Profile

Par Pacific Holdings, Inc. is an energy company focused on refining, logistics and retail operations. Its refining business produces transportation fuels and other petroleum products from crude oil and other feedstocks. The company operates refineries in Hawaii, Washington and Wyoming. Its logistics operations support the movement and storage of crude oil and refined products, while its retail business sells fuel to customers, primarily in Hawaii. Par Pacific was formed in 2012 and is headquartered in Houston, Texas.