Par Pacific (NYSE:PARR) Shares Gap Up Following Strong Earnings

Par Pacific Holdings, Inc. (NYSE:PARR) gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $15.82, but opened at $16.54. Par Pacific shares last traded at $15.88, with a volume of 106,908 shares trading hands.

The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.02. Par Pacific had a return on equity of 26.40% and a net margin of 5.43%. The firm had revenue of $2.14 billion during the quarter, compared to analyst estimates of $1.88 billion. During the same period last year, the company earned $3.15 EPS. Par Pacific’s quarterly revenue was down 16.9% compared to the same quarter last year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on PARR shares. Piper Sandler downgraded Par Pacific from an “overweight” rating to a “neutral” rating and cut their price target for the company from $37.00 to $23.00 in a report on Friday, September 20th. Tudor Pickering upgraded shares of Par Pacific to a “hold” rating in a report on Monday, September 9th. Tudor, Pickering, Holt & Co. cut shares of Par Pacific from a “buy” rating to a “hold” rating in a report on Monday, September 9th. Mizuho cut their price objective on shares of Par Pacific from $28.00 to $26.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. raised shares of Par Pacific from a “neutral” rating to an “overweight” rating and decreased their target price for the company from $36.00 to $30.00 in a research report on Wednesday, October 2nd. Six analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, Par Pacific has a consensus rating of “Hold” and a consensus price target of $28.00.

Hedge Funds Weigh In On Par Pacific

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Acadian Asset Management LLC purchased a new position in shares of Par Pacific during the 1st quarter valued at about $978,000. Russell Investments Group Ltd. raised its position in Par Pacific by 14.9% during the first quarter. Russell Investments Group Ltd. now owns 204,509 shares of the company’s stock valued at $7,579,000 after acquiring an additional 26,485 shares in the last quarter. Quantbot Technologies LP acquired a new position in Par Pacific in the first quarter valued at approximately $2,156,000. WINTON GROUP Ltd boosted its position in Par Pacific by 802.8% in the 2nd quarter. WINTON GROUP Ltd now owns 134,185 shares of the company’s stock worth $3,388,000 after purchasing an additional 119,321 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its stake in shares of Par Pacific by 160.2% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 513,254 shares of the company’s stock worth $9,033,000 after purchasing an additional 315,967 shares during the period. Institutional investors and hedge funds own 92.15% of the company’s stock.

Par Pacific Stock Performance

The stock has a market capitalization of $869.74 million, a PE ratio of 2.02 and a beta of 1.99. The firm’s fifty day moving average price is $18.49 and its two-hundred day moving average price is $23.40. 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 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.