Par Pacific (NYSE:PARR) Upgraded to “Overweight” by JPMorgan Chase & Co.

Par Pacific (NYSE:PARR) was upgraded by investment analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research report issued on Wednesday, Briefing.com reports. The firm currently has a $30.00 price objective on the stock, down from their prior price objective of $36.00. JPMorgan Chase & Co.‘s target price indicates a potential upside of 71.28% from the company’s previous close.

PARR has been the topic of a number of other reports. UBS Group lowered their price target 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. Tudor, Pickering, Holt & Co. lowered shares of Par Pacific from a “buy” rating to a “hold” rating in a research report on Monday, September 9th. TD Cowen lowered their price target 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. The Goldman Sachs Group lowered their price target on shares of Par Pacific from $37.00 to $32.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 31st. Finally, Tudor Pickering raised shares of Par Pacific to a “hold” rating in a report on Monday, September 9th. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Par Pacific presently has a consensus rating of “Hold” and an average target price of $29.00.

Par Pacific Price Performance

Shares of PARR opened at $17.52 on Wednesday. The company has a market cap of $1.01 billion, a price-to-earnings ratio of 2.19 and a beta of 1.99. Par Pacific has a 1-year low of $17.06 and a 1-year high of $40.69. The company’s fifty day simple moving average is $21.62 and its 200 day simple moving average is $26.66. The company has a current ratio of 1.63, a quick ratio of 0.59 and a debt-to-equity ratio of 0.84.

Par Pacific (NYSE:PARR) last issued its quarterly earnings data 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. The company 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 revenue was up 13.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.73 earnings per share. On average, research analysts forecast that Par Pacific will post 1.7 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Headlands Technologies LLC lifted its position in shares of Par Pacific by 215.1% during the 2nd quarter. Headlands Technologies LLC now owns 1,166 shares of the company’s stock valued at $29,000 after acquiring an additional 796 shares during the period. Meeder Asset Management Inc. acquired a new position in shares of Par Pacific during the 2nd quarter valued at $43,000. Quarry LP lifted its position in shares of Par Pacific by 610.5% during the 2nd quarter. Quarry LP now owns 2,359 shares of the company’s stock valued at $60,000 after acquiring an additional 2,027 shares during the period. nVerses Capital LLC lifted 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 during the period. Finally, Innealta Capital LLC acquired a new position in shares of Par Pacific during the 2nd quarter valued at $104,000. 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.