Par Pacific (NYSE:PARR) Given New $23.00 Price Target at The Goldman Sachs Group

Par Pacific (NYSE:PARR) had its price objective cut by analysts at The Goldman Sachs Group from $26.00 to $23.00 in a report released on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target points to a potential upside of 50.13% from the stock’s current price.

PARR has been the subject of a number of other reports. Piper Sandler lowered 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 report on Friday, September 20th. Tudor, Pickering, Holt & Co. lowered Par Pacific from a “buy” rating to a “hold” rating in a report on Monday, September 9th. StockNews.com upgraded shares of Par Pacific from a “sell” rating to a “hold” rating in a research note on Thursday, November 14th. Mizuho cut shares of Par Pacific from an “outperform” rating to a “neutral” rating and cut their target price for the company from $26.00 to $22.00 in a report on Monday. Finally, JPMorgan Chase & Co. raised Par Pacific from a “neutral” rating to an “overweight” rating and decreased their price objective for the stock from $36.00 to $30.00 in a research report on Wednesday, October 2nd. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $26.50.

Par Pacific Stock Performance

PARR traded down $0.50 on Thursday, reaching $15.32. 268,647 shares of the stock were exchanged, compared to its average volume of 902,038. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.69 and a quick ratio of 0.66. Par Pacific has a fifty-two week low of $14.84 and a fifty-two week high of $40.69. The firm has a market capitalization of $857.18 million, a PE ratio of 2.97 and a beta of 1.99. The company’s 50-day moving average price is $16.85 and its 200 day moving average price is $20.60.

Par Pacific (NYSE:PARR) last announced its quarterly earnings results on Monday, November 4th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.02. The firm had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $1.88 billion. Par Pacific had a net margin of 3.74% and a return on equity of 10.06%. The firm’s quarterly revenue was down 16.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.15 earnings per share. As a group, sell-side analysts forecast that Par Pacific will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling at Par Pacific

In other news, Director William Pate sold 67,700 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $16.22, for a total transaction of $1,098,094.00. Following the completion of the transaction, the director now owns 524,610 shares in the company, valued at approximately $8,509,174.20. This trade represents a 11.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 4.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Par Pacific

Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp grew its position in shares of Par Pacific by 0.9% in the second quarter. Bank of New York Mellon Corp now owns 518,708 shares of the company’s stock valued at $13,097,000 after purchasing an additional 4,877 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Par Pacific by 113.1% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 20,896 shares of the company’s stock valued at $528,000 after purchasing an additional 11,092 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Par Pacific by 8.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,462 shares of the company’s stock worth $363,000 after acquiring an additional 1,139 shares in the last quarter. Innealta Capital LLC bought a new stake in Par Pacific during the second quarter worth about $104,000. Finally, Commonwealth Equity Services LLC acquired a new stake in shares of Par Pacific in the second quarter valued at $275,000. 92.15% of the stock is currently owned by hedge funds and other institutional investors.

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.