Par Pacific (NYSE:PARR) Raised to Overweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Par Pacific (NYSE:PARR) from a neutral rating to an overweight rating in a research report report published on Wednesday morning, Marketbeat reports. They currently have $30.00 target price on the stock, down from their previous target price of $36.00.

Several other equities research analysts also recently commented on the stock. Tudor, Pickering, Holt & Co. downgraded shares of Par Pacific from a buy rating to a hold rating in a research note on Monday, September 9th. Piper Sandler lowered shares of Par Pacific from an overweight rating to a neutral rating and decreased their price target for the company from $37.00 to $23.00 in a report on Friday, September 20th. Tudor Pickering raised Par Pacific to a hold rating in a research note on Monday, September 9th. The Goldman Sachs Group decreased their target price on Par Pacific from $37.00 to $32.00 and set a neutral rating for the company in a research note on Wednesday, July 31st. Finally, TD Cowen dropped their price target on Par Pacific from $36.00 to $32.00 and set a buy rating on the stock in a research report on Friday, August 9th. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of Hold and an average price target of $29.00.

Par Pacific Stock Down 1.8 %

NYSE:PARR opened at $18.97 on Wednesday. The company has a quick ratio of 0.59, a current ratio of 1.63 and a debt-to-equity ratio of 0.84. Par Pacific has a 12-month low of $17.06 and a 12-month high of $40.69. The stock’s fifty day simple moving average is $21.40 and its 200-day simple moving average is $26.55. The firm has a market capitalization of $1.07 billion, a P/E ratio of 2.37 and a beta of 1.99.

Par Pacific (NYSE:PARR) last issued its earnings results on Tuesday, August 6th. The company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.36. The firm had revenue of $2.02 billion for the quarter, compared to analysts’ expectations of $1.82 billion. Par Pacific had a return on equity of 26.40% and a net margin of 5.43%. The company’s revenue was up 13.1% compared to the same quarter last year. During the same quarter last year, the business earned $1.73 earnings per share. Equities research analysts expect that Par Pacific will post 1.34 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PARR. PNC Financial Services Group Inc. boosted its position in Par Pacific by 17.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 6,920 shares of the company’s stock worth $252,000 after acquiring an additional 1,024 shares during the last quarter. Franklin Resources Inc. boosted its holdings in Par Pacific by 55.1% during the fourth quarter. Franklin Resources Inc. now owns 33,992 shares of the company’s stock worth $1,236,000 after purchasing an additional 12,071 shares during the last quarter. US Bancorp DE grew its position in Par Pacific by 1,652.4% in the fourth quarter. US Bancorp DE now owns 16,841 shares of the company’s stock valued at $613,000 after purchasing an additional 15,880 shares in the last quarter. TD Asset Management Inc increased its stake in Par Pacific by 46.4% in the 4th quarter. TD Asset Management Inc now owns 104,400 shares of the company’s stock valued at $3,797,000 after buying an additional 33,100 shares during the last quarter. Finally, Rafferty Asset Management LLC increased its stake in Par Pacific by 31.0% in the 4th quarter. Rafferty Asset Management LLC now owns 121,664 shares of the company’s stock valued at $4,425,000 after buying an additional 28,797 shares during the last quarter. 92.15% of the stock is currently owned by institutional investors.

Par Pacific Company Profile

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.