Par Pacific (NYSE:PARR) Downgraded to “Neutral” at Piper Sandler

by · The Markets Daily

Piper Sandler cut shares of Par Pacific (NYSE:PARR – Free Report) from an overweight rating to a neutral rating in a research report report published on Friday, Marketbeat.com reports. The firm currently has $23.00 price target on the stock, down from their prior price target of $37.00.

PARR has been the topic of a number of other reports. JPMorgan Chase & Co. reduced their price target on shares of Par Pacific from $38.00 to $36.00 and set a neutral rating on the stock in a research report on Tuesday, July 2nd. The Goldman Sachs Group reduced their target price on Par Pacific from $37.00 to $32.00 and set a neutral rating on the stock in a report on Wednesday, July 31st. UBS Group lowered their price target on Par Pacific from $40.00 to $29.00 and set a neutral rating for the company in a report on Monday, August 19th. Tudor, Pickering, Holt & Co. lowered Par Pacific from a buy rating to a hold rating in a research report on Monday, September 9th. Finally, TD Cowen decreased their price objective on Par Pacific from $36.00 to $32.00 and set a buy rating for the company in a research report on Friday, August 9th. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Par Pacific has an average rating of Hold and an average price target of $30.00.

Check Out Our Latest Report on Par Pacific

Par Pacific Price Performance

Par Pacific stock opened at $19.35 on Friday. The stock has a market cap of $1.09 billion, a price-to-earnings ratio of 2.42 and a beta of 1.99. Par Pacific has a 12-month low of $18.00 and a 12-month high of $40.69. The company has a quick ratio of 0.59, a current ratio of 1.63 and a debt-to-equity ratio of 0.84. The business’s 50-day simple moving average is $22.48 and its 200 day simple moving average is $27.63.

Par Pacific (NYSE:PARR – Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.36. Par Pacific had a return on equity of 26.40% and a net margin of 5.43%. The company had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $1.82 billion. During the same quarter in the prior year, the business posted $1.73 EPS. The firm’s quarterly revenue was up 13.1% on a year-over-year basis. As a group, research analysts anticipate that Par Pacific will post 2.01 earnings per share for the current year.

Hedge Funds Weigh In On Par Pacific

A number of hedge funds have recently modified their holdings of PARR. Headlands Technologies LLC increased its holdings in Par Pacific by 215.1% in the second quarter. Headlands Technologies LLC now owns 1,166 shares of the company’s stock worth $29,000 after purchasing an additional 796 shares in the last quarter. Quadrant Capital Group LLC grew its position in shares of Par Pacific by 91.4% during the 4th quarter. Quadrant Capital Group LLC now owns 959 shares of the company’s stock worth $35,000 after buying an additional 458 shares during the period. Meeder Asset Management Inc. bought a new stake in shares of Par Pacific in the 2nd quarter valued at $43,000. Quarry LP increased its stake in shares of Par Pacific by 610.5% in the 2nd quarter. Quarry LP now owns 2,359 shares of the company’s stock valued at $60,000 after acquiring an additional 2,027 shares in the last quarter. Finally, nVerses Capital LLC lifted its position in shares of Par Pacific by 41.7% during the 2nd quarter. nVerses Capital LLC now owns 3,400 shares of the company’s stock valued at $86,000 after acquiring an additional 1,000 shares during the period. Institutional investors and hedge funds own 92.15% of the company’s stock.

About Par Pacific

(Get Free Report)

Par Pacific Holdings, Inc owns and operates energy and infrastructure businesses. The company operates through Refining, Retail, and Logistics segments. The Refining segment owns and operates refineries that produce gasoline, distillate, asphalt, and other products primarily for consumption in Kapolei, Hawaii, Newcastle, Wyoming, Tacoma, Washington, and Billings, Montana.

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