Par Pacific (NYSE:PARR) Shares Gap Down to $19.69

Par Pacific Holdings, Inc. (NYSE:PARR)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $19.69, but opened at $19.16. Par Pacific shares last traded at $18.58, with a volume of 164,724 shares changing hands.

Wall Street Analyst Weigh In

PARR has been the subject of a number of analyst reports. Piper Sandler downgraded shares of Par Pacific from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $37.00 to $23.00 in a report on Friday. The Goldman Sachs Group lowered their price target on shares of Par Pacific from $37.00 to $32.00 and set a “neutral” rating for the company in a report on Wednesday, July 31st. JPMorgan Chase & Co. lowered their price target on shares of Par Pacific from $38.00 to $36.00 and set a “neutral” rating for the company in a report on Tuesday, July 2nd. UBS Group reduced their price objective 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, TD Cowen reduced their price objective on shares of Par Pacific from $36.00 to $32.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $30.00.

Par Pacific Price Performance

The company has a current ratio of 1.63, a quick ratio of 0.59 and a debt-to-equity ratio of 0.84. The company has a market capitalization of $1.10 billion, a PE ratio of 2.32 and a beta of 1.99. The stock’s 50-day moving average is $22.66 and its two-hundred day moving average is $27.85.

Par Pacific (NYSE:PARR) last issued its earnings results on Tuesday, August 6th. The company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.36. The business had revenue of $2.02 billion for the quarter, compared to analyst estimates 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 period last year, the company posted $1.73 earnings per share. On average, equities analysts predict that Par Pacific Holdings, Inc. will post 2.01 EPS for the current year.

Hedge Funds Weigh In On Par Pacific

A number of institutional investors have recently modified their holdings of 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 worth $35,000 after acquiring an additional 458 shares during the period. SummerHaven Investment Management LLC increased its position in shares of Par Pacific by 2.0% during the second quarter. SummerHaven Investment Management LLC now owns 28,537 shares of the company’s stock worth $721,000 after acquiring an additional 563 shares during the period. Range Financial Group LLC increased its position in shares of Par Pacific by 9.8% during the first quarter. Range Financial Group LLC now owns 6,817 shares of the company’s stock worth $253,000 after acquiring an additional 608 shares during the period. Simplicity Wealth LLC increased its position in shares of Par Pacific by 5.1% during the second quarter. Simplicity Wealth LLC now owns 13,949 shares of the company’s stock worth $352,000 after acquiring an additional 677 shares during the period. Finally, Linden Thomas Advisory Services LLC increased its position in shares of Par Pacific by 1.6% during the second quarter. Linden Thomas Advisory Services LLC now owns 43,892 shares of the company’s stock worth $1,108,000 after acquiring an additional 703 shares during the period. 92.15% of the stock is owned by hedge funds and other institutional investors.

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.