Par Pacific (NYSE:PARR) Downgraded by Piper Sandler

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

A number of other equities research analysts have also recently weighed in on the company. TD Cowen dropped their price objective 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. UBS Group dropped their target price 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. Tudor, Pickering, Holt & Co. cut shares of Par Pacific from a “buy” rating to a “hold” rating in a research report on Monday, September 9th. JPMorgan Chase & Co. cut their target price on shares of Par Pacific from $38.00 to $36.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 2nd. Finally, Tudor Pickering raised shares of Par Pacific to a “hold” rating in a research report on Monday, September 9th. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $30.00.

Par Pacific Stock Down 1.7 %

Shares of PARR opened at $19.35 on Friday. The company has a current ratio of 1.63, a quick ratio of 0.59 and a debt-to-equity ratio of 0.84. The firm has a market cap of $1.09 billion, a P/E ratio of 2.42 and a beta of 1.99. The company’s 50-day moving average price is $22.48 and its 200 day moving average price is $27.69. Par Pacific has a 12-month low of $18.00 and a 12-month high of $40.69.

Par Pacific (NYSE:PARR) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.13 by $0.36. The firm had revenue of $2.02 billion for 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%. During the same period in the prior year, the business posted $1.73 EPS. The business’s revenue for the quarter was up 13.1% compared to the same quarter last year. On average, sell-side analysts forecast that Par Pacific will post 2.01 earnings per share for the current year.

Institutional Investors Weigh In On Par Pacific

A number of hedge funds and other institutional investors have recently modified their holdings of PARR. Quadrant Capital Group LLC increased its holdings in Par Pacific by 91.4% in the fourth quarter. Quadrant Capital Group LLC now owns 959 shares of the company’s stock valued at $35,000 after buying an additional 458 shares during the last quarter. SummerHaven Investment Management LLC boosted its position in shares of Par Pacific by 2.0% during the 2nd quarter. SummerHaven Investment Management LLC now owns 28,537 shares of the company’s stock worth $721,000 after acquiring an additional 563 shares in the last quarter. Range Financial Group LLC increased its holdings in shares of Par Pacific by 9.8% in the 1st quarter. Range Financial Group LLC now owns 6,817 shares of the company’s stock valued at $253,000 after acquiring an additional 608 shares during the last quarter. Simplicity Wealth LLC raised its position in shares of Par Pacific by 5.1% during the 2nd quarter. Simplicity Wealth LLC now owns 13,949 shares of the company’s stock worth $352,000 after acquiring an additional 677 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC lifted its stake in Par Pacific by 1.6% during the second quarter. Linden Thomas Advisory Services LLC now owns 43,892 shares of the company’s stock worth $1,108,000 after purchasing an additional 703 shares during the last quarter. 92.15% of the stock is currently owned by institutional investors and hedge funds.

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.