TD Cowen Cuts Par Pacific (NYSE:PARR) Price Target to $17.00

Par Pacific (NYSE:PARR) had its price objective trimmed by TD Cowen from $21.00 to $17.00 in a report published on Thursday morning, MarketBeat Ratings reports. The brokerage currently has a buy rating on the stock.

A number of other equities research analysts have also recently commented on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Par Pacific from $27.00 to $26.00 and set an “overweight” rating on the stock in a research note on Thursday, January 16th. The Goldman Sachs Group lowered their price objective on shares of Par Pacific from $23.00 to $20.00 and set a “neutral” rating on the stock in a research note on Friday, January 31st. Mizuho cut shares of Par Pacific from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $26.00 to $22.00 in a research note on Monday, December 16th. Raymond James started coverage on shares of Par Pacific in a research note on Friday, January 24th. They issued an “outperform” rating and a $25.00 price objective on the stock. Finally, StockNews.com raised shares of Par Pacific from a “sell” rating to a “hold” rating in a research note on Thursday, November 14th. One research analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $22.86.

Par Pacific Stock Performance

NYSE:PARR opened at $14.39 on Thursday. The company has a quick ratio of 0.66, a current ratio of 1.69 and a debt-to-equity ratio of 0.84. Par Pacific has a fifty-two week low of $13.40 and a fifty-two week high of $40.20. The stock has a market cap of $805.26 million, a PE ratio of 2.79 and a beta of 1.99. The firm’s fifty day simple moving average is $16.65 and its 200-day simple moving average is $17.68.

Par Pacific (NYSE:PARR) last posted its quarterly earnings results on Tuesday, February 25th. The company reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.64). Par Pacific had a return on equity of 10.06% and a net margin of 3.74%. The company had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.68 billion. Analysts expect that Par Pacific will post 0.15 earnings per share for the current fiscal year.

Insider Buying and Selling at Par Pacific

In other news, Director William Pate sold 67,700 shares of the stock in a transaction dated 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 in the company, valued at $8,509,174.20. This represents a 11.43 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 4.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. GAMMA Investing LLC lifted its holdings in shares of Par Pacific by 232.5% during the 4th quarter. GAMMA Investing LLC now owns 1,669 shares of the company’s stock worth $27,000 after acquiring an additional 1,167 shares during the period. Sterling Capital Management LLC lifted its holdings in shares of Par Pacific by 821.5% during the 4th quarter. Sterling Capital Management LLC now owns 1,714 shares of the company’s stock worth $28,000 after acquiring an additional 1,528 shares during the period. US Bancorp DE lifted its holdings in shares of Par Pacific by 55.7% during the 4th quarter. US Bancorp DE now owns 1,823 shares of the company’s stock worth $30,000 after acquiring an additional 652 shares during the period. Nisa Investment Advisors LLC lifted its holdings in shares of Par Pacific by 37.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 2,557 shares of the company’s stock worth $42,000 after acquiring an additional 700 shares during the period. Finally, Quadrant Capital Group LLC lifted its holdings in shares of Par Pacific by 123.1% during the 4th quarter. Quadrant Capital Group LLC now owns 3,233 shares of the company’s stock worth $53,000 after acquiring an additional 1,784 shares during the period. 92.15% of the stock is currently 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.