Par Pacific (NYSE:PARR) Price Target Cut to $36.00 by Analysts at TD Cowen

Par Pacific (NYSE:PARR) had its price objective reduced by TD Cowen from $42.00 to $36.00 in a research note issued to investors on Tuesday, Briefing.com reports. The firm currently has a “buy” rating on the stock. TD Cowen’s target price points to a potential upside of 47.48% from the stock’s current price.

PARR has been the topic of a number of other reports. Piper Sandler cut their target price on Par Pacific from $43.00 to $37.00 and set an “overweight” rating on the stock in a research note on Friday, June 14th. StockNews.com cut Par Pacific from a “buy” rating to a “hold” rating in a research note on Monday, March 4th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Par Pacific presently has an average rating of “Hold” and a consensus price target of $36.25.

Par Pacific Price Performance

PARR opened at $24.41 on Tuesday. The stock has a fifty day simple moving average of $28.17 and a two-hundred day simple moving average of $33.55. The company has a current ratio of 1.28, a quick ratio of 0.50 and a debt-to-equity ratio of 0.49. The company has a market cap of $1.41 billion, a price-to-earnings ratio of 3.06 and a beta of 2.00. Par Pacific has a 12-month low of $23.78 and a 12-month high of $40.69.

Par Pacific (NYSE:PARR) last released its earnings results on Monday, May 6th. The company reported $0.69 EPS for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.06). Par Pacific had a return on equity of 35.02% and a net margin of 5.71%. The company had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $2.12 billion. Research analysts predict that Par Pacific will post 3.69 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Par Pacific

Several institutional investors have recently modified their holdings of the business. Kennedy Capital Management LLC boosted its position in shares of Par Pacific by 2.4% during the third quarter. Kennedy Capital Management LLC now owns 12,235 shares of the company’s stock valued at $440,000 after buying an additional 287 shares during the last quarter. Mackenzie Financial Corp boosted its position in Par Pacific by 4.0% in the fourth quarter. Mackenzie Financial Corp now owns 8,270 shares of the company’s stock worth $301,000 after purchasing an additional 317 shares during the last quarter. SummerHaven Investment Management LLC boosted its position in Par Pacific by 1.2% in the fourth quarter. SummerHaven Investment Management LLC now owns 27,703 shares of the company’s stock worth $1,008,000 after purchasing an additional 324 shares during the last quarter. Exchange Traded Concepts LLC boosted its position in Par Pacific by 1.5% in the fourth quarter. Exchange Traded Concepts LLC now owns 24,168 shares of the company’s stock worth $879,000 after purchasing an additional 348 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its position in Par Pacific by 4.9% in the third quarter. Janney Montgomery Scott LLC now owns 8,297 shares of the company’s stock worth $298,000 after purchasing an additional 388 shares during the last quarter. 92.15% of the stock is 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.