Piper Sandler Lowers Par Pacific (NYSE:PARR) to Neutral

Piper Sandler cut shares of Par Pacific (NYSE:PARR) from an overweight rating to a neutral rating in a research report sent to investors on Friday, MarketBeat.com reports. They currently have $23.00 price target on the stock, down from their previous price target of $37.00.

Other research analysts have also recently issued research reports about the company. Tudor Pickering upgraded Par Pacific to a hold rating in a research note on Monday, September 9th. TD Cowen reduced their price target on Par Pacific from $36.00 to $32.00 and set a buy rating on the stock in a research report on Friday, August 9th. The Goldman Sachs Group lowered their price objective on shares of Par Pacific from $37.00 to $32.00 and set a neutral rating for the company in a research report on Wednesday, July 31st. UBS Group reduced their target price 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. Finally, 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. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Hold and an average target price of $30.00.

Par Pacific Price Performance

PARR stock opened at $19.35 on Friday. The stock’s 50 day moving average price is $22.48 and its 200 day moving average price is $27.63. The firm has a market cap of $1.09 billion, a P/E ratio of 2.42 and a beta of 1.99. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.59 and a current ratio of 1.63. Par Pacific has a 1 year low of $18.00 and a 1 year high of $40.69.

Par Pacific (NYSE:PARR) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.36. The business had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $1.82 billion. Par Pacific had a net margin of 5.43% and a return on equity of 26.40%. The company’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.73 earnings per share. On average, sell-side analysts expect that Par Pacific will post 2.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Par Pacific

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quadrant Capital Group LLC increased its position in shares of Par Pacific by 91.4% during the fourth quarter. Quadrant Capital Group LLC now owns 959 shares of the company’s stock valued at $35,000 after purchasing an additional 458 shares during the period. Headlands Technologies LLC increased its holdings in Par Pacific by 215.1% in the 2nd quarter. Headlands Technologies LLC now owns 1,166 shares of the company’s stock valued at $29,000 after buying an additional 796 shares during the period. Meeder Asset Management Inc. acquired a new position in shares of Par Pacific in the 2nd quarter valued at $43,000. Quarry LP lifted its holdings in shares of Par Pacific by 610.5% during the 2nd quarter. Quarry LP now owns 2,359 shares of the company’s stock worth $60,000 after acquiring an additional 2,027 shares during the period. Finally, nVerses Capital LLC boosted its position in shares of Par Pacific by 41.7% during the 2nd quarter. nVerses Capital LLC now owns 3,400 shares of the company’s stock valued at $86,000 after acquiring an additional 1,000 shares in the last quarter. 92.15% of the stock is currently owned by institutional investors and hedge funds.

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.