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

Par Pacific (NYSE:PARR) had its price objective trimmed by The Goldman Sachs Group from $26.00 to $23.00 in a report issued on Thursday,Benzinga reports. The firm currently has a neutral rating on the stock.

PARR has been the subject of a number of other research reports. 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. raised shares of Par Pacific from a “neutral” rating to an “overweight” rating and cut their price objective for the company from $36.00 to $30.00 in a report on Wednesday, October 2nd. StockNews.com raised shares of Par Pacific from a “sell” rating to a “hold” rating in a report on Thursday, November 14th. Mizuho cut Par Pacific from an “outperform” rating to a “neutral” rating and cut their price target for the company from $26.00 to $22.00 in a research note on Monday, December 16th. Finally, Tudor Pickering upgraded Par Pacific to a “hold” rating in a research note on Monday, September 9th. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $26.50.

Par Pacific Trading Down 0.3 %

Shares of PARR stock opened at $15.09 on Thursday. Par Pacific has a 12-month low of $14.84 and a 12-month high of $40.69. The firm has a 50 day moving average price of $16.73 and a two-hundred day moving average price of $20.49. The company has a quick ratio of 0.66, a current ratio of 1.69 and a debt-to-equity ratio of 0.84. The company has a market capitalization of $844.32 million, a PE ratio of 2.92 and a beta of 1.99.

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

Insider Activity

In related news, Director William Pate sold 67,700 shares of the stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $16.22, for a total value of $1,098,094.00. Following the completion of the transaction, the director now owns 524,610 shares of the company’s stock, valued at $8,509,174.20. This represents a 11.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

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

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.