Par Pacific (NYSE:PARR) Earns Buy Rating from Analysts at The Goldman Sachs Group
by Amy Steele · The Cerbat GemEquities researchers at The Goldman Sachs Group started coverage on shares of Par Pacific (NYSE:PARR – Get Free Report) in a note issued to investors on Friday. The firm set a “buy” rating and a $77.00 price target on the stock. The Goldman Sachs Group’s price target indicates a potential upside of 28.41% from the stock’s current price.
A number of other equities analysts also recently commented on the company. Mizuho lifted their target price on Par Pacific from $49.00 to $58.00 and gave the company a “neutral” rating in a research note on Tuesday, March 17th. Zacks Research cut Par Pacific from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 16th. Wall Street Zen raised Par Pacific from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 14th. UBS Group boosted their target price on Par Pacific from $40.00 to $60.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Par Pacific in a report on Friday, March 27th. Six investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $67.00.
Read Our Latest Analysis on Par Pacific
Par Pacific Trading Up 0.8%
Shares of PARR traded up $0.50 during trading hours on Friday, hitting $59.96. The stock had a trading volume of 69,313 shares, compared to its average volume of 1,331,154. 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 cap of $2.97 billion, a P/E ratio of 8.19 and a beta of 0.97. The company’s fifty day simple moving average is $50.38 and its 200 day simple moving average is $42.83. Par Pacific has a 12-month low of $12.17 and a 12-month high of $67.39.
Par Pacific (NYSE:PARR – Get Free Report) last released its quarterly earnings data on Tuesday, February 24th. The company reported $1.17 EPS for the quarter, missing the consensus estimate 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 analysts’ expectations of $1.68 billion. During the same period last year, the business earned ($0.79) earnings per share. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. Equities research analysts forecast that Par Pacific will post 0.15 EPS for the current fiscal year.
Insiders Place Their Bets
In other Par Pacific news, CEO William Monteleone sold 108,948 shares of the company’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $54.06, for a total transaction of $5,889,728.88. Following the sale, the chief executive officer directly owned 457,167 shares of the company’s stock, valued at approximately $24,714,448.02. This represents a 19.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 3.60% of the company’s stock.
Institutional Trading of Par Pacific
Large investors have recently added to or reduced their stakes in the company. Federated Hermes Inc. bought a new position in Par Pacific in the third quarter valued at approximately $44,000. Aster Capital Management DIFC Ltd bought a new position in Par Pacific in the third quarter valued at approximately $48,000. Nisa Investment Advisors LLC boosted its stake in Par Pacific by 16.2% in the third quarter. Nisa Investment Advisors LLC now owns 1,855 shares of the company’s stock valued at $66,000 after acquiring an additional 259 shares during the last quarter. Rockefeller Capital Management L.P. boosted its stake in Par Pacific by 385.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,962 shares of the company’s stock valued at $69,000 after acquiring an additional 1,558 shares during the last quarter. Finally, USA Financial Formulas bought a new position in Par Pacific in the third quarter valued at approximately $82,000. 92.15% of the stock is owned by institutional investors.
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.