Par Pacific (NYSE:PARR) Shares Break Above 50-Day Moving Average – Here’s What Happened

Par Pacific Holdings, Inc. (NYSE:PARR)’s stock price passed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $81.64 and traded as high as $84.00. Par Pacific shares last traded at $82.9180, with a volume of 646,590 shares changing hands.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PARR. Raymond James Financial reiterated an “outperform” rating and set a $117.00 price objective on shares of Par Pacific in a research note on Monday, October 19th. TD Cowen decreased their target price on shares of Par Pacific from $100.00 to $95.00 and set a “buy” rating for the company in a research note on Friday, August 7th. UBS Group restated a “neutral” rating on shares of Par Pacific in a research note on Wednesday, August 26th. Mizuho set a $91.00 price target on shares of Par Pacific and gave the company a “neutral” rating in a report on Thursday, October 8th. Finally, Piper Sandler began coverage on shares of Par Pacific in a research note on Tuesday. They set a “neutral” rating and a $94.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Par Pacific currently has an average rating of “Moderate Buy” and a consensus target price of $90.43.

Par Pacific Trading Down 1.1%

The company has a current ratio of 1.84, a quick ratio of 0.76 and a debt-to-equity ratio of 0.38. The business has a 50 day simple moving average of $81.35 and a two-hundred day simple moving average of $63.55. The stock has a market cap of $3.69 billion, a price-to-earnings ratio of 4.30 and a beta of 0.75.

Par Pacific (NYSE:PARR) last announced its earnings results on Tuesday, August 4th. The company reported $10.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.22 by $1.88. The company had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.40 billion. Par Pacific had a return on equity of 56.19% and a net margin of 9.94%. Par Pacific’s quarterly revenue was up 56.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.54 EPS. As a group, equities analysts anticipate that Par Pacific Holdings, Inc. will post 26.88 EPS for the current year.

Insider Buying and Selling

In other Par Pacific news, insider Danielle Mattiussi sold 3,278 shares of the stock in a transaction on Friday, August 7th. The shares were sold at an average price of $67.29, for a total transaction of $220,576.62. Following the transaction, the insider directly owned 27,878 shares in the company, valued at $1,875,910.62. This represents a 10.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William Monteleone sold 40,000 shares of the stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $81.30, for a total transaction of $3,252,000.00. Following the transaction, the chief executive officer owned 457,167 shares in the company, valued at $37,167,677.10. This trade represents a 8.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 54,248 shares of company stock worth $4,394,057. Insiders own 3.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PARR. Arrowstreet Capital Limited Partnership raised its stake in shares of Par Pacific by 0.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,771,793 shares of the company’s stock valued at $110,985,000 after purchasing an additional 6,162 shares in the last quarter. Encompass Capital Advisors LLC acquired a new position in Par Pacific in the first quarter worth about $28,839,000. Empowered Funds LLC grew its stake in Par Pacific by 24.4% in the first quarter. Empowered Funds LLC now owns 313,605 shares of the company’s stock worth $19,644,000 after purchasing an additional 61,464 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in Par Pacific in the second quarter valued at about $19,353,000. Finally, Pacer Advisors Inc. bought a new stake in Par Pacific in the first quarter valued at about $16,277,000. 92.15% of the stock is owned by institutional investors and hedge funds.

About Par Pacific

Par Pacific Holdings, Inc is an energy company engaged in refining, marketing and distributing transportation fuels and other petroleum products. Its refineries process crude oil into products such as gasoline, diesel, jet fuel, marine fuels and asphalt, serving customers in western U.S. markets.

The company operates refining and related energy businesses in Hawaii, Wyoming and Washington. Its operations also include logistics assets such as storage facilities, pipelines, terminals and other infrastructure used to move and distribute crude oil and refined products.