Par Pacific (NYSE:PARR) Cut to Neutral at Mizuho

Mizuho downgraded shares of Par Pacific (NYSE:PARR) from an outperform rating to a neutral rating in a report published on Monday, Marketbeat Ratings reports. The brokerage currently has $22.00 price target on the stock, down from their previous price target of $26.00.

PARR has been the subject of several other reports. JPMorgan Chase & Co. raised shares of Par Pacific from a “neutral” rating to an “overweight” rating and dropped their price objective for the stock from $36.00 to $30.00 in a research note on Wednesday, October 2nd. Tudor, Pickering, Holt & Co. downgraded shares of Par Pacific from a “buy” rating to a “hold” rating in a report on Monday, September 9th. StockNews.com raised shares of Par Pacific from a “sell” rating to a “hold” rating in a research report on Thursday, November 14th. Piper Sandler lowered Par Pacific from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $37.00 to $23.00 in a research report on Friday, September 20th. Finally, Tudor Pickering upgraded Par Pacific to a “hold” rating in a report on Monday, September 9th. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $27.33.

Par Pacific Stock Performance

Shares of NYSE:PARR opened at $15.82 on Monday. The firm has a fifty day simple moving average of $16.85 and a two-hundred day simple moving average of $20.60. Par Pacific has a 52 week low of $14.84 and a 52 week high of $40.69. The company has a quick ratio of 0.66, a current ratio of 1.69 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $885.16 million, a P/E ratio of 3.07 and a beta of 1.99.

Par Pacific (NYSE:PARR) last released its quarterly earnings results on Monday, November 4th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.02. The company had revenue of $2.14 billion during the quarter, compared to analyst estimates of $1.88 billion. Par Pacific had a return on equity of 10.06% and a net margin of 3.74%. The firm’s revenue was down 16.9% on a year-over-year basis. During the same quarter last year, the business posted $3.15 earnings per share. On average, analysts expect that Par Pacific will post 1.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director William Pate sold 67,700 shares of the business’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $16.22, for a total value of $1,098,094.00. Following the completion of the sale, the director now owns 524,610 shares in the company, valued at approximately $8,509,174.20. The trade was a 11.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 4.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Par Pacific

Several institutional investors have recently bought and sold shares of the business. Harbor Capital Advisors Inc. boosted its position in Par Pacific by 160.2% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 513,254 shares of the company’s stock valued at $9,033,000 after acquiring an additional 315,967 shares in the last quarter. WINTON GROUP Ltd grew its stake in Par Pacific by 802.8% in the second quarter. WINTON GROUP Ltd now owns 134,185 shares of the company’s stock valued at $3,388,000 after purchasing an additional 119,321 shares during the last quarter. Walleye Capital LLC raised its holdings in Par Pacific by 1,014.3% in the third quarter. Walleye Capital LLC now owns 273,868 shares of the company’s stock worth $4,820,000 after purchasing an additional 249,290 shares in the last quarter. Algert Global LLC lifted its position in shares of Par Pacific by 63.8% during the third quarter. Algert Global LLC now owns 303,970 shares of the company’s stock valued at $5,350,000 after buying an additional 118,393 shares during the last quarter. Finally, Creative Planning boosted its holdings in shares of Par Pacific by 246.2% in the 3rd quarter. Creative Planning now owns 33,014 shares of the company’s stock valued at $581,000 after buying an additional 23,478 shares in the last quarter. 92.15% of the stock is owned by hedge funds and other institutional investors.

About Par Pacific

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.