Par Pacific (NYSE:PARR) Shares Gap Up – Time to Buy?

Shares of Par Pacific Holdings, Inc. (NYSE:PARR) gapped up before the market opened on Thursday . The stock had previously closed at $83.13, but opened at $85.30. Par Pacific shares last traded at $82.5520, with a volume of 47,366 shares trading hands.

Key Par Pacific News

Here are the key news stories impacting Par Pacific this week:

• Positive Sentiment: Refining market remains supportive: Tight refining capacity, low fuel inventories and firm demand are supporting elevated crack spreads and margins. PARR and other refiners have gained more than 50% over the past six months. Oil Prices are High, But These 2 Refining Stocks are Still Crushing It
• Positive Sentiment: Strong operating results and valuation: Par Pacific’s flexible crude slate and diversified refining, retail and logistics platform are viewed as supporting earnings. The company’s latest quarterly EPS of $10.10 exceeded estimates by $1.88, while revenue rose 56.8% year over year to $2.97 billion. A reported 3.50x EV/EBITDA multiple is below the industry average. Par Pacific Surges 148% in a Year
• Positive Sentiment: Analyst outlook is broadly favorable: The stock carries an overall “Buy” rating, with most covering analysts recommending Buy or Strong Buy. Recent positive commentary emphasizes the company’s downstream diversification and ability to benefit from constrained industry capacity. Can Par Pacific’s Diversified Downstream Platform Drive Growth?

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. UBS Group reiterated a “neutral” rating on shares of Par Pacific in a report on Wednesday, August 26th. The Goldman Sachs Group boosted their target price on shares of Par Pacific from $77.00 to $92.00 and gave the stock a “buy” rating in a report on Thursday, July 23rd. Benchmark restated a “buy” rating on shares of Par Pacific in a research report on Wednesday, July 8th. Wall Street Zen raised shares of Par Pacific from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 17th. Finally, Weiss Ratings upgraded shares of Par Pacific from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Par Pacific presently has a consensus rating of “Buy” and a consensus price target of $81.57.

Par Pacific Stock Performance

The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.76 and a current ratio of 1.84. The stock’s 50 day moving average price is $76.90 and its 200 day moving average price is $64.11. The company has a market capitalization of $4.24 billion, a P/E ratio of 4.93 and a beta of 0.77.

Par Pacific (NYSE:PARR) last announced its earnings results on Tuesday, August 4th. The company reported $10.10 earnings per share for the quarter, topping analysts’ consensus estimates of $8.22 by $1.88. The business had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $2.40 billion. Par Pacific had a net margin of 9.94% and a return on equity of 56.19%. Par Pacific’s quarterly revenue was up 56.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.54 earnings per share. As a group, equities analysts expect that Par Pacific Holdings, Inc. will post 21.33 EPS for the current year.

Insiders Place Their Bets

In other news, CEO William Monteleone sold 40,000 shares of Par Pacific stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $81.30, for a total value of $3,252,000.00. Following the completion of the transaction, the chief executive officer directly owned 457,167 shares of the company’s stock, valued at approximately $37,167,677.10. This trade represents a 8.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Danielle Mattiussi sold 3,278 shares of the business’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $67.29, for a total value of $220,576.62. Following the completion of 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 ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 54,248 shares of company stock worth $4,394,057. Company insiders own 3.60% of the company’s stock.

Hedge Funds Weigh In On Par Pacific

Several institutional investors have recently added to or reduced their stakes in PARR. NewEdge Advisors LLC acquired a new stake in shares of Par Pacific during the 1st quarter worth approximately $26,000. EverSource Wealth Advisors LLC lifted its position in shares of Par Pacific by 32.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 713 shares of the company’s stock valued at $45,000 after acquiring an additional 173 shares during the period. C M Bidwell & Associates Ltd. acquired a new position in shares of Par Pacific during the 2nd quarter valued at $66,000. Aster Capital Management DIFC Ltd boosted its stake in Par Pacific by 34.9% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,847 shares of the company’s stock worth $65,000 after acquiring an additional 478 shares in the last quarter. Finally, Rockefeller Capital Management L.P. boosted its stake in Par Pacific by 385.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,962 shares of the company’s stock worth $69,000 after acquiring an additional 1,558 shares in the last quarter. 92.15% of the stock is owned by institutional investors and hedge funds.

About Par Pacific

Par Pacific Holdings, Inc (NYSE:PARR) is an energy company engaged in refining, logistics and retail operations. The company processes crude oil into transportation fuels and other refined products, including gasoline, diesel, jet fuel and asphalt, which it sells through wholesale and retail channels.

Par Pacific operates refining and fuel-distribution assets serving markets in Hawaii and the western United States, including the Rocky Mountain region. Its logistics operations include fuel terminals, pipelines, storage facilities and related infrastructure used to transport and distribute crude oil and refined petroleum products.

The company also operates retail fuel stations and convenience stores under various brand names, primarily in Hawaii and other western markets.