Par Pacific (NYSE:PARR) PT Lowered to $26.00

Par Pacific (NYSE:PARR) had its target price cut by Mizuho from $28.00 to $26.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have an outperform rating on the stock.

Other analysts have also recently issued reports about the stock. Piper Sandler cut shares of Par Pacific from an overweight rating to a neutral rating and dropped their price target for the company from $37.00 to $23.00 in a research note on Friday, September 20th. The Goldman Sachs Group dropped their target price on Par Pacific from $37.00 to $32.00 and set a neutral rating on the stock in a research report on Wednesday, July 31st. UBS Group reduced their price target on Par Pacific from $40.00 to $29.00 and set a neutral rating for the company in a research report on Monday, August 19th. TD Cowen cut their target price on Par Pacific from $36.00 to $32.00 and set a buy rating for the company in a research note on Friday, August 9th. Finally, JPMorgan Chase & Co. raised shares of Par Pacific from a neutral rating to an overweight rating and lowered their price target for the stock from $36.00 to $30.00 in a report on Wednesday, October 2nd. Six analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $28.00.

Par Pacific Price Performance

Par Pacific stock opened at $18.26 on Wednesday. The business’s 50 day simple moving average is $20.53 and its 200 day simple moving average is $25.62. Par Pacific has a 12 month low of $17.06 and a 12 month high of $40.69. The company has a market cap of $1.03 billion, a price-to-earnings ratio of 2.34 and a beta of 1.98. The company has a current ratio of 1.63, a quick ratio of 0.59 and a debt-to-equity ratio of 0.84.

Par Pacific (NYSE:PARR) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.82 billion. During the same quarter in the prior year, the company earned $1.73 EPS. The firm’s quarterly revenue was up 13.1% compared to the same quarter last year. Sell-side analysts forecast that Par Pacific will post 1.19 EPS for the current year.

Hedge Funds Weigh In On Par Pacific

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Paragon Associates & Paragon Associates II Joint Venture purchased a new position in Par Pacific in the fourth quarter worth $1,637,000. Oracle Alpha Inc. bought a new position in shares of Par Pacific during the 4th quarter valued at about $496,000. Neo Ivy Capital Management purchased a new position in shares of Par Pacific during the 4th quarter valued at about $303,000. Goldman Sachs Group Inc. lifted its position in Par Pacific by 28.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,227,239 shares of the company’s stock worth $44,635,000 after buying an additional 268,219 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in Par Pacific by 17.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,920 shares of the company’s stock worth $252,000 after buying an additional 1,024 shares in the last quarter. Hedge funds and other institutional investors own 92.15% of the company’s stock.

About Par Pacific

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.