Par Pacific (NYSE:PARR) Price Target Cut to $36.00 by Analysts at TD Cowen

Par Pacific (NYSE:PARR) had its price target lowered by TD Cowen from $42.00 to $36.00 in a research note released on Tuesday morning, Marketbeat reports. The brokerage currently has a buy rating on the stock.

Several other equities analysts have also recently issued reports on PARR. Piper Sandler lowered their price target on Par Pacific from $43.00 to $37.00 and set an overweight rating on the stock in a research report on Friday, June 14th. StockNews.com lowered Par Pacific from a buy rating to a hold rating in a report on Monday, March 4th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Par Pacific currently has an average rating of Hold and an average target price of $36.25.

Par Pacific Stock Performance

PARR stock opened at $24.57 on Tuesday. The company has a 50-day simple moving average of $28.17 and a 200 day simple moving average of $33.55. The company has a market capitalization of $1.42 billion, a P/E ratio of 3.05 and a beta of 2.00. The company has a quick ratio of 0.50, a current ratio of 1.28 and a debt-to-equity ratio of 0.49. Par Pacific has a fifty-two week low of $23.78 and a fifty-two week high of $40.69.

Par Pacific (NYSE:PARR) last issued its quarterly earnings results on Monday, May 6th. The company reported $0.69 earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.06). Par Pacific had a return on equity of 35.02% and a net margin of 5.71%. The company had revenue of $1.98 billion during the quarter, compared to analyst estimates of $2.12 billion. Sell-side analysts predict that Par Pacific will post 3.69 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Par Pacific

Several large investors have recently modified their holdings of the stock. Janney Montgomery Scott LLC lifted its holdings in shares of Par Pacific by 4.9% during the third quarter. Janney Montgomery Scott LLC now owns 8,297 shares of the company’s stock valued at $298,000 after purchasing an additional 388 shares during the last quarter. HighTower Advisors LLC raised its holdings in Par Pacific by 153.4% during the 3rd quarter. HighTower Advisors LLC now owns 20,433 shares of the company’s stock worth $727,000 after buying an additional 12,369 shares during the period. Rhumbline Advisers lifted its stake in Par Pacific by 1.5% during the third quarter. Rhumbline Advisers now owns 185,175 shares of the company’s stock valued at $6,655,000 after buying an additional 2,817 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its holdings in shares of Par Pacific by 39.9% in the third quarter. O Shaughnessy Asset Management LLC now owns 49,890 shares of the company’s stock worth $1,793,000 after buying an additional 14,238 shares during the period. Finally, MQS Management LLC purchased a new position in shares of Par Pacific in the third quarter worth approximately $297,000. 92.15% of the stock is owned by 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.