Par Pacific (NYSE:PARR) Coverage Initiated at Raymond James

Raymond James assumed coverage on shares of Par Pacific (NYSE:PARR) in a research report sent to investors on Friday morning, Marketbeat.com reports. The brokerage issued an outperform rating and a $25.00 target price on the stock.

Several other research firms also recently commented on PARR. JPMorgan Chase & Co. dropped their price objective on shares of Par Pacific from $27.00 to $26.00 and set an “overweight” rating on the stock in a report on Thursday, January 16th. Mizuho downgraded shares of Par Pacific from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $26.00 to $22.00 in a report on Monday, December 16th. StockNews.com upgraded Par Pacific from a “sell” rating to a “hold” rating in a research report on Thursday, November 14th. Finally, The Goldman Sachs Group dropped their price objective on Par Pacific from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Thursday, December 19th. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $25.71.

Par Pacific Stock Performance

Shares of PARR stock opened at $17.49 on Friday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.66 and a current ratio of 1.69. The firm has a market cap of $978.79 million, a price-to-earnings ratio of 3.39 and a beta of 2.00. Par Pacific has a 52 week low of $14.84 and a 52 week high of $40.69. The firm’s 50-day simple moving average is $16.87 and its two-hundred day simple moving average is $19.06.

Par Pacific (NYSE:PARR) last posted its quarterly earnings data on Monday, November 4th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.02. The business had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $1.88 billion. Par Pacific had a return on equity of 10.06% and a net margin of 3.74%. Par Pacific’s revenue for the quarter was down 16.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.15 earnings per share. As a group, equities analysts forecast that Par Pacific will post 0.14 earnings per share for the current year.

Insider Activity

In other Par Pacific news, Director William Pate sold 67,700 shares of Par Pacific stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $16.22, for a total transaction of $1,098,094.00. Following the transaction, the director now directly owns 524,610 shares of the company’s stock, valued at approximately $8,509,174.20. This trade represents a 11.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Par Pacific

A number of large investors have recently added to or reduced their stakes in PARR. Pacer Advisors Inc. purchased a new position in shares of Par Pacific in the third quarter worth about $61,870,000. Millennium Management LLC grew its holdings in shares of Par Pacific by 48.4% in the second 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 during the last quarter. State Street Corp increased its stake in shares of Par Pacific by 10.5% in the third quarter. State Street Corp now owns 3,461,282 shares of the company’s stock worth $60,919,000 after buying an additional 328,325 shares during the period. Harbor Capital Advisors Inc. boosted its position in Par Pacific by 160.2% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 513,254 shares of the company’s stock valued at $9,033,000 after buying an additional 315,967 shares during the period. Finally, Walleye Capital LLC grew its holdings in Par Pacific by 1,014.3% in the 3rd quarter. Walleye Capital LLC now owns 273,868 shares of the company’s stock worth $4,820,000 after acquiring an additional 249,290 shares during the last quarter. Hedge funds and other institutional investors 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.