Par Pacific (NYSE:PARR) Downgraded to Neutral at Piper Sandler

Par Pacific (NYSE:PARR) was downgraded by investment analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a research report issued on Friday, Briefing.com reports. They currently have a $23.00 price target on the stock, down from their previous price target of $37.00. Piper Sandler’s price objective suggests a potential upside of 16.81% from the stock’s current price.

A number of other research firms also recently commented on PARR. Tudor Pickering upgraded shares of Par Pacific to a “hold” rating in a report on Monday, September 9th. Mizuho cut their price objective on Par Pacific from $30.00 to $28.00 and set an “outperform” rating for the company in a research report on Monday. The Goldman Sachs Group decreased their target price on Par Pacific from $37.00 to $32.00 and set a “neutral” rating on the stock in a report on Wednesday, July 31st. TD Cowen reduced their target price on Par Pacific from $36.00 to $32.00 and set a “buy” rating for the company in a report on Friday, August 9th. Finally, JPMorgan Chase & Co. dropped their price target on Par Pacific from $38.00 to $36.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 2nd. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $30.00.

Par Pacific Stock Performance

Shares of NYSE PARR opened at $19.69 on Friday. Par Pacific has a 1 year low of $18.00 and a 1 year high of $40.69. The firm has a market cap of $1.14 billion, a P/E ratio of 2.46 and a beta of 1.99. The stock has a fifty day moving average price of $22.66 and a two-hundred day moving average price of $27.85. 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 (NYSE:PARR) last announced its earnings results on Tuesday, August 6th. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.36. Par Pacific had a return on equity of 26.40% and a net margin of 5.43%. The business had revenue of $2.02 billion during the quarter, compared to analysts’ expectations of $1.82 billion. During the same quarter last year, the business posted $1.73 earnings per share. The company’s quarterly revenue was up 13.1% on a year-over-year basis. Research analysts forecast that Par Pacific will post 2.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its holdings in shares of Par Pacific by 0.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,136,956 shares of the company’s stock valued at $53,956,000 after acquiring an additional 17,509 shares in the last quarter. Millennium Management LLC grew its stake in Par Pacific by 48.4% in the second quarter. Millennium Management LLC now owns 1,952,754 shares of the company’s stock valued at $49,307,000 after purchasing an additional 636,908 shares in the last quarter. American Century Companies Inc. increased its position in Par Pacific by 13.9% in the 2nd quarter. American Century Companies Inc. now owns 1,435,794 shares of the company’s stock worth $36,254,000 after purchasing an additional 175,331 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Par Pacific by 28.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,227,239 shares of the company’s stock worth $44,635,000 after purchasing an additional 268,219 shares in the last quarter. Finally, Hennessy Advisors Inc. lifted its holdings in shares of Par Pacific by 18.7% during the 1st quarter. Hennessy Advisors Inc. now owns 853,000 shares of the company’s stock valued at $31,612,000 after buying an additional 134,600 shares during the last quarter. Institutional investors and hedge funds own 92.15% of the company’s stock.

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.