Par Pacific (NYSE:PARR) Reaches New 1-Year High – Here’s What Happened

Shares of Par Pacific Holdings, Inc. (NYSE:PARR) reached a new 52-week high on Wednesday . The stock traded as high as $70.39 and last traded at $69.4410, with a volume of 1484362 shares traded. The stock had previously closed at $67.36.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Mizuho lifted their price target on shares of Par Pacific from $49.00 to $58.00 and gave the company a “neutral” rating in a research note on Tuesday, March 17th. JPMorgan Chase & Co. increased their price objective on shares of Par Pacific from $48.00 to $77.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 8th. Raymond James Financial lifted their target price on Par Pacific from $50.00 to $77.00 and gave the company an “outperform” rating in a research report on Wednesday, March 25th. Wall Street Zen upgraded Par Pacific from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 14th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Par Pacific in a research report on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.00.

Par Pacific Price Performance

The business has a fifty day moving average of $58.30 and a two-hundred day moving average of $46.44. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.49 and a current ratio of 1.61. The firm has a market capitalization of $3.07 billion, a price-to-earnings ratio of 6.91 and a beta of 0.91.

Par Pacific (NYSE:PARR) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.00 by ($0.22). Par Pacific had a net margin of 6.02% and a return on equity of 35.43%. The business had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same period in the prior year, the business earned ($0.94) EPS. The company’s revenue for the quarter was up 4.5% compared to the same quarter last year. As a group, research analysts predict that Par Pacific Holdings, Inc. will post 14.19 EPS for the current fiscal year.

Insider Buying and Selling

In other Par Pacific news, CEO William Monteleone sold 108,948 shares of the stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $54.06, for a total value of $5,889,728.88. Following the transaction, the chief executive officer directly owned 457,167 shares of the company’s stock, valued at $24,714,448.02. This represents a 19.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 3.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Par Pacific by 30.9% during the third quarter. Vanguard Group Inc. now owns 5,044,612 shares of the company’s stock worth $178,680,000 after buying an additional 1,190,088 shares in the last quarter. SG Americas Securities LLC increased its position in Par Pacific by 7,787.1% during the fourth quarter. SG Americas Securities LLC now owns 563,930 shares of the company’s stock worth $19,816,000 after acquiring an additional 556,780 shares during the period. American Century Companies Inc. increased its position in Par Pacific by 42.8% during the third quarter. American Century Companies Inc. now owns 1,522,392 shares of the company’s stock worth $53,923,000 after acquiring an additional 456,473 shares during the period. Wells Fargo & Company MN raised its stake in Par Pacific by 810.8% in the 4th quarter. Wells Fargo & Company MN now owns 359,834 shares of the company’s stock worth $12,645,000 after purchasing an additional 320,326 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in Par Pacific by 22.1% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,756,161 shares of the company’s stock worth $62,203,000 after purchasing an additional 317,484 shares in the last quarter. 92.15% of the stock is owned by institutional investors and hedge funds.

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.