Par Pacific (NYSE:PARR) Downgraded by Wall Street Zen to Buy

Wall Street Zen downgraded shares of Par Pacific (NYSE:PARR) from a strong-buy rating to a buy rating in a research report released on Saturday.

Other equities research analysts have also issued reports about the stock. Mizuho increased their target price on shares of Par Pacific from $45.00 to $49.00 and gave the stock a “neutral” rating in a report on Friday, December 12th. The Goldman Sachs Group increased their price objective on shares of Par Pacific from $34.00 to $40.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 22nd. Piper Sandler set a $57.00 target price on shares of Par Pacific in a report on Monday, January 12th. Raymond James Financial reissued an “outperform” rating and set a $45.00 price target (up from $38.00) on shares of Par Pacific in a report on Friday, October 17th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Par Pacific in a research note on Monday, December 29th. Four equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $44.00.

Par Pacific Stock Up 6.3%

PARR opened at $43.38 on Friday. The firm’s 50 day simple moving average is $38.44 and its two-hundred day simple moving average is $36.80. The company has a market capitalization of $2.18 billion, a PE ratio of 9.13 and a beta of 1.23. Par Pacific has a 1-year low of $11.86 and a 1-year high of $48.40. The company has a current ratio of 1.51, a quick ratio of 0.48 and a debt-to-equity ratio of 0.70.

Insider Buying and Selling at Par Pacific

In other news, CEO William Monteleone sold 99,284 shares of Par Pacific stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $43.15, for a total value of $4,284,104.60. Following the sale, the chief executive officer directly owned 423,022 shares of the company’s stock, valued at approximately $18,253,399.30. The trade was a 19.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 4.40% of the stock is currently owned by insiders.

Institutional Trading of Par Pacific

Large investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC grew its holdings in shares of Par Pacific by 157.4% in the second quarter. Nisa Investment Advisors LLC now owns 1,596 shares of the company’s stock valued at $42,000 after purchasing an additional 976 shares in the last quarter. Federated Hermes Inc. purchased a new stake in Par Pacific during the third quarter valued at $44,000. Aster Capital Management DIFC Ltd bought a new position in Par Pacific during the third quarter valued at $48,000. Smartleaf Asset Management LLC grew its stake in shares of Par Pacific by 81.1% in the 2nd quarter. Smartleaf Asset Management LLC now owns 2,340 shares of the company’s stock worth $62,000 after buying an additional 1,048 shares in the last quarter. Finally, USA Financial Formulas purchased a new position in shares of Par Pacific in the 3rd quarter worth $82,000. Institutional investors own 92.15% of the company’s stock.

Par Pacific Company Profile

Par Pacific Holdings, Inc (NYSE: PARR) is a diversified downstream energy company engaged in the refining, marketing and logistics of petroleum products. Through its subsidiaries, Par Pacific operates the Par Hawaii Refinery on the island of Oʻahu, which processes crude oil into transportation fuels such as gasoline, diesel and jet fuel, as well as asphalt, petroleum coke and sulfur. In the Rocky Mountain region, the company owns and operates the Salt Lake City Refinery in Utah and associated logistics infrastructure, including pipelines and storage terminals, to support both crude supply and product distribution.

In marketing its refined products, Par Pacific maintains a network of branded and unbranded wholesale accounts across Hawaii and the U.S.