Par Pacific (NYSE:PARR) Downgraded by Piper Sandler to Neutral

Piper Sandler downgraded shares of Par Pacific (NYSE:PARR) from an overweight rating to a neutral rating in a research report released on Friday, MarketBeat Ratings reports. The firm currently has $23.00 price objective on the stock, down from their prior price objective of $37.00.

Several other research firms have also weighed in on PARR. Mizuho reduced their price objective on shares of Par Pacific from $30.00 to $28.00 and set an outperform rating on the stock in a research note on Monday, September 16th. Tudor, Pickering, Holt & Co. lowered shares of Par Pacific from a buy rating to a hold rating in a report on Monday, September 9th. TD Cowen lowered their price objective on shares of Par Pacific from $36.00 to $32.00 and set a buy rating for the company in a research report on Friday, August 9th. The Goldman Sachs Group reduced their target price on Par Pacific from $37.00 to $32.00 and set a neutral rating on the stock in a report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. dropped their price target on Par Pacific from $38.00 to $36.00 and set a neutral rating on the stock in a research report on Tuesday, July 2nd. Seven 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.com, the company presently has a consensus rating of Hold and a consensus price target of $30.00.

Par Pacific Price Performance

PARR opened at $19.35 on Friday. The company has a fifty day moving average price of $22.48 and a two-hundred day moving average price of $27.69. 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 firm has a market capitalization of $1.09 billion, a PE ratio of 2.42 and a beta of 1.99. Par Pacific has a 52 week low of $18.00 and a 52 week high of $40.69.

Par Pacific (NYSE:PARR) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.36. Par Pacific had a return on equity of 26.40% and a net margin of 5.43%. The business had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $1.82 billion. During the same quarter in the prior year, the company posted $1.73 earnings per share. The firm’s revenue was up 13.1% on a year-over-year basis. As a group, analysts anticipate that Par Pacific will post 2.01 earnings per share for the current year.

Institutional Trading of Par Pacific

Hedge funds and other institutional investors have recently modified their holdings of the company. Quarry LP grew its holdings in shares of Par Pacific by 610.5% during the second quarter. Quarry LP now owns 2,359 shares of the company’s stock worth $60,000 after buying an additional 2,027 shares in the last quarter. Algert Global LLC boosted its position in Par Pacific by 15.4% during the 2nd quarter. Algert Global LLC now owns 185,577 shares of the company’s stock worth $4,686,000 after acquiring an additional 24,792 shares during the last quarter. Millennium Management LLC grew its stake in shares of Par Pacific by 48.4% during the 2nd quarter. Millennium Management LLC now owns 1,952,754 shares of the company’s stock worth $49,307,000 after acquiring an additional 636,908 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Par Pacific by 210.9% in the second quarter. AQR Capital Management LLC now owns 85,987 shares of the company’s stock valued at $2,171,000 after purchasing an additional 58,328 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new stake in shares of Par Pacific in the second quarter worth $1,932,000. Institutional investors and hedge funds own 92.15% of the company’s stock.

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.