Par Pacific (NYSE:PARR) Stock Rating Lowered by Piper Sandler

Par Pacific (NYSE:PARR) was downgraded by investment analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a report released on Friday, MarketBeat.com reports. They currently have a $23.00 price objective on the stock, down from their previous price objective of $37.00. Piper Sandler’s price target would indicate a potential upside of 18.86% from the stock’s current price.

Several other equities research analysts also recently weighed in on PARR. The Goldman Sachs Group reduced their price target on Par Pacific from $37.00 to $32.00 and set a “neutral” rating on the stock in a report on Wednesday, July 31st. JPMorgan Chase & Co. cut their price objective on Par Pacific from $38.00 to $36.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 2nd. Mizuho decreased their target price on Par Pacific from $30.00 to $28.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Tudor Pickering raised shares of Par Pacific to a “hold” rating in a research note on Monday, September 9th. Finally, TD Cowen lowered their price objective on shares of 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 investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, Par Pacific has an average rating of “Hold” and a consensus target price of $30.00.

Par Pacific Stock Performance

NYSE:PARR opened at $19.35 on Friday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.59 and a current ratio of 1.63. The stock’s fifty day moving average is $22.48 and its 200 day moving average is $27.69. The firm has a market capitalization of $1.09 billion, a PE ratio of 2.42 and a beta of 1.99. Par Pacific has a fifty-two week low of $18.00 and a fifty-two week high of $40.69.

Par Pacific (NYSE:PARR) last released its earnings results on Tuesday, August 6th. The company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.36. The firm had revenue of $2.02 billion during the quarter, compared to analyst estimates of $1.82 billion. Par Pacific had a net margin of 5.43% and a return on equity of 26.40%. The business’s revenue was up 13.1% on a year-over-year basis. During the same quarter last year, the business earned $1.73 EPS. On average, sell-side analysts anticipate that Par Pacific will post 2.01 earnings per share for the current year.

Institutional Investors Weigh In On Par Pacific

Large investors have recently modified their holdings of the business. TD Asset Management Inc grew its stake in Par Pacific by 46.4% during the 4th quarter. TD Asset Management Inc now owns 104,400 shares of the company’s stock valued at $3,797,000 after acquiring an additional 33,100 shares in the last quarter. Acadian Asset Management LLC acquired a new position in shares of Par Pacific during the 1st quarter worth approximately $978,000. Hennessy Advisors Inc. grew its position in shares of Par Pacific by 18.7% in the first quarter. Hennessy Advisors Inc. now owns 853,000 shares of the company’s stock valued at $31,612,000 after purchasing an additional 134,600 shares in the last quarter. Paragon Associates & Paragon Associates II Joint Venture acquired a new stake in shares of Par Pacific in the fourth quarter valued at approximately $1,637,000. Finally, Russell Investments Group Ltd. lifted 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 worth $7,579,000 after buying an additional 26,485 shares in the last quarter. Institutional investors own 92.15% of the company’s stock.

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.