Par Pacific (NYSE:PARR) Hits New 52-Week High – Here’s Why

Par Pacific Holdings, Inc. (NYSE:PARR)’s stock price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $53.55 and last traded at $53.8390, with a volume of 158439 shares changing hands. The stock had previously closed at $50.92.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PARR. Zacks Research cut Par Pacific from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 16th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Par Pacific in a report on Monday, December 29th. TD Cowen lifted their price objective on shares of Par Pacific from $39.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Mizuho boosted their target price on shares of Par Pacific from $45.00 to $49.00 and gave the company a “neutral” rating in a research note on Friday, December 12th. Finally, Raymond James Financial restated an “outperform” rating and issued a $50.00 target price on shares of Par Pacific in a research report on Wednesday, February 25th. Four investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $47.33.

Par Pacific Stock Performance

The company has a market cap of $2.62 billion, a P/E ratio of 7.35 and a beta of 1.17. The company has a 50 day moving average price of $40.45 and a 200-day moving average price of $39.07. The company has a quick ratio of 0.49, a current ratio of 1.61 and a debt-to-equity ratio of 0.54.

Par Pacific (NYSE:PARR) last announced its earnings results on Tuesday, February 24th. The company reported $1.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.04). Par Pacific had a net margin of 4.95% and a return on equity of 30.19%. The company had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the prior year, the company earned ($0.79) EPS. The business’s quarterly revenue was down 1.0% on a year-over-year basis. Equities analysts expect that Par Pacific Holdings, Inc. will post 0.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Par Pacific

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PARR. Corient Private Wealth LLC bought a new position in Par Pacific during the fourth quarter worth $345,000. Hsbc Holdings PLC raised its stake in shares of Par Pacific by 3.3% in the fourth quarter. Hsbc Holdings PLC now owns 49,096 shares of the company’s stock valued at $1,729,000 after acquiring an additional 1,578 shares during the last quarter. Virtu Financial LLC increased its holdings in Par Pacific by 378.3% during the 4th quarter. Virtu Financial LLC now owns 30,215 shares of the company’s stock valued at $1,062,000 after purchasing an additional 23,898 shares in the last quarter. Compound Planning Inc. bought a new position in Par Pacific in the 4th quarter valued at $392,000. Finally, XTX Topco Ltd grew its holdings in shares of Par Pacific by 271.2% during the fourth quarter. XTX Topco Ltd now owns 92,694 shares of the company’s stock worth $3,257,000 after purchasing an additional 67,720 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 (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.