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

Par Pacific Holdings, Inc. (NYSE:PARR)’s share price gapped up prior to trading 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.

The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. The company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $1.88 billion. Par Pacific had a return on equity of 9.96% and a net margin of 3.74%. The firm’s quarterly revenue was down 16.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.15 EPS.

Analyst Ratings Changes

PARR has been the subject of a number of research analyst reports. Tudor, Pickering, Holt & Co. downgraded shares of Par Pacific from a “buy” rating to a “hold” rating in a research report on Monday, September 9th. UBS Group cut their price objective on Par Pacific from $40.00 to $29.00 and set a “neutral” rating for the company in a report on Monday, August 19th. StockNews.com downgraded Par Pacific from a “hold” rating to a “sell” rating in a research note on Wednesday. Mizuho cut their price target on Par Pacific from $28.00 to $26.00 and set an “outperform” rating for the company in a research note on Wednesday, October 9th. Finally, The Goldman Sachs Group lowered their price target on Par Pacific from $32.00 to $28.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Par Pacific presently has an average rating of “Hold” and a consensus target price of $28.00.

Institutional Investors Weigh In On Par Pacific

A number of large investors have recently added to or reduced their stakes in the stock. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in Par Pacific during the first quarter valued at about $341,000. Janney Montgomery Scott LLC grew its holdings in Par Pacific by 5.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 50,149 shares of the company’s stock valued at $1,859,000 after buying an additional 2,589 shares during the last quarter. Daiwa Securities Group Inc. bought a new position in Par Pacific in the 1st quarter worth approximately $296,000. GSA Capital Partners LLP lifted its holdings in shares of Par Pacific by 11.1% during the first quarter. GSA Capital Partners LLP now owns 15,938 shares of the company’s stock worth $591,000 after buying an additional 1,594 shares during the last quarter. Finally, Texas Permanent School Fund Corp boosted its position in shares of Par Pacific by 6.4% in the first quarter. Texas Permanent School Fund Corp now owns 48,713 shares of the company’s stock valued at $1,802,000 after acquiring an additional 2,921 shares during the period. Institutional investors own 92.15% of the company’s stock.

Par Pacific Stock Up 9.5 %

The company has a quick ratio of 0.59, a current ratio of 1.63 and a debt-to-equity ratio of 0.84. The firm has a 50-day moving average price of $18.36 and a two-hundred day moving average price of $23.29. The company has a market capitalization of $931.70 million, a P/E ratio of 3.21 and a beta of 1.99.

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.