Par Pacific (NYSE:PARR) Raised to Overweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Par Pacific (NYSE:PARR) from a neutral rating to an overweight rating in a report published on Wednesday morning, MarketBeat Ratings reports. The firm currently has $30.00 target price on the stock, down from their prior target price of $36.00.

A number of other research firms have also recently commented on PARR. Tudor Pickering upgraded shares of Par Pacific to a hold rating in a report on Monday, September 9th. TD Cowen dropped their target price on shares of Par Pacific from $36.00 to $32.00 and set a buy rating on the stock in a report on Friday, August 9th. The Goldman Sachs Group dropped their target price on shares of Par Pacific from $37.00 to $32.00 and set a neutral rating on the stock in a report on Wednesday, July 31st. UBS Group dropped their target price on shares of Par Pacific from $40.00 to $29.00 and set a neutral rating on the stock in a report on Monday, August 19th. Finally, Piper Sandler cut shares of Par Pacific from an overweight rating to a neutral rating and dropped their target price for the stock from $37.00 to $23.00 in a report on Friday, September 20th. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of Hold and an average price target of $29.00.

Par Pacific Trading Up 3.3 %

NYSE PARR opened at $18.11 on Wednesday. The company’s 50-day moving average price is $21.51 and its 200-day moving average price is $26.60. The company has a current ratio of 1.63, a quick ratio of 0.59 and a debt-to-equity ratio of 0.84. The stock has a market cap of $1.02 billion, a PE ratio of 2.27 and a beta of 1.99. Par Pacific has a 12 month low of $17.06 and a 12 month high of $40.69.

Par Pacific (NYSE:PARR) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.36. The firm had revenue of $2.02 billion for the quarter, compared to analysts’ expectations of $1.82 billion. Par Pacific had a net margin of 5.43% and a return on equity of 26.40%. The business’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.73 earnings per share. Equities research analysts forecast that Par Pacific will post 1.34 earnings per share for the current year.

Institutional Trading of Par Pacific

Several hedge funds have recently modified their holdings of the company. Millennium Management LLC boosted its stake in Par Pacific by 48.4% in the 2nd quarter. Millennium Management LLC now owns 1,952,754 shares of the company’s stock worth $49,307,000 after purchasing an additional 636,908 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Par Pacific by 28.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,227,239 shares of the company’s stock worth $44,635,000 after purchasing an additional 268,219 shares in the last quarter. Thomist Capital Management LP boosted its stake in Par Pacific by 176.2% in the 1st quarter. Thomist Capital Management LP now owns 372,866 shares of the company’s stock worth $13,818,000 after purchasing an additional 237,844 shares in the last quarter. American Century Companies Inc. boosted its stake in Par Pacific by 13.9% in the 2nd quarter. American Century Companies Inc. now owns 1,435,794 shares of the company’s stock worth $36,254,000 after purchasing an additional 175,331 shares in the last quarter. Finally, Harbor Capital Advisors Inc. boosted its stake in Par Pacific by 273.4% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 197,287 shares of the company’s stock worth $4,981,000 after purchasing an additional 144,449 shares in the last quarter. 92.15% of the stock is owned by hedge funds and other institutional investors.

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.