Par Pacific (NYSE:PARR) Price Target Cut to $29.00

Par Pacific (NYSE:PARR) had its price objective cut by investment analysts at UBS Group from $40.00 to $29.00 in a report issued on Monday, Benzinga reports. The firm currently has a “neutral” rating on the stock. UBS Group’s price objective would suggest a potential upside of 24.52% from the stock’s current price.

Other analysts have also issued reports about the company. TD Cowen decreased their target price on Par Pacific from $36.00 to $32.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Piper Sandler decreased their target price on Par Pacific from $43.00 to $37.00 and set an “overweight” rating for the company in a research report on Friday, June 14th. The Goldman Sachs Group decreased their target price on Par Pacific from $37.00 to $32.00 and set a “neutral” rating for the company in a research report on Wednesday, July 31st. Mizuho initiated coverage on Par Pacific in a research report on Wednesday, July 17th. They issued an “outperform” rating and a $33.00 target price for the company. Finally, JPMorgan Chase & Co. cut their price target on Par Pacific from $38.00 to $36.00 and set a “neutral” rating for the company in a research note on Tuesday, July 2nd. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Par Pacific presently has an average rating of “Hold” and a consensus target price of $33.17.

Par Pacific Trading Down 2.7 %

Shares of PARR stock traded down $0.64 during mid-day trading on Monday, hitting $23.29. The company’s stock had a trading volume of 167,177 shares, compared to its average volume of 828,720. The company’s fifty day simple moving average is $24.49 and its 200-day simple moving average is $30.65. Par Pacific has a 52 week low of $22.54 and a 52 week high of $40.69. 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 company has a market cap of $1.31 billion, a PE ratio of 2.91 and a beta of 2.00.

Par Pacific (NYSE:PARR) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.36. Par Pacific had a return on equity of 26.40% and a net margin of 5.43%. The firm had revenue of $2.02 billion during the quarter, compared to analyst estimates of $1.82 billion. During the same period last year, the company posted $1.73 EPS. The business’s quarterly revenue was up 13.1% on a year-over-year basis. As a group, equities research analysts expect that Par Pacific will post 1.71 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Par Pacific

A number of hedge funds have recently added to or reduced their stakes in PARR. Mackenzie Financial Corp boosted its stake in shares of Par Pacific by 4.0% in the 4th quarter. Mackenzie Financial Corp now owns 8,270 shares of the company’s stock worth $301,000 after buying an additional 317 shares during the last quarter. SummerHaven Investment Management LLC boosted its stake in shares of Par Pacific by 1.2% in the 4th quarter. SummerHaven Investment Management LLC now owns 27,703 shares of the company’s stock worth $1,008,000 after buying an additional 324 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Par Pacific by 91.4% in the 4th quarter. Quadrant Capital Group LLC now owns 959 shares of the company’s stock worth $35,000 after buying an additional 458 shares during the last quarter. Counterpoint Mutual Funds LLC lifted its stake in Par Pacific by 7.1% in the fourth quarter. Counterpoint Mutual Funds LLC now owns 7,783 shares of the company’s stock valued at $283,000 after purchasing an additional 518 shares during the last quarter. Finally, Range Financial Group LLC lifted its stake in Par Pacific by 9.8% in the first quarter. Range Financial Group LLC now owns 6,817 shares of the company’s stock valued at $253,000 after purchasing an additional 608 shares during the last quarter. Institutional investors and hedge funds own 92.15% of the company’s stock.

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.