Par Pacific (NYSE:PARR) Price Target Cut to $26.00 by Analysts at JPMorgan Chase & Co.

Par Pacific (NYSE:PARR) had its target price dropped by equities researchers at JPMorgan Chase & Co. from $27.00 to $26.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 41.77% from the stock’s previous close.

A number of other equities research analysts have also commented on PARR. Piper Sandler lowered shares of Par Pacific from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $37.00 to $23.00 in a research note on Friday, September 20th. Mizuho lowered Par Pacific from an “outperform” rating to a “neutral” rating and cut their target price for the company from $26.00 to $22.00 in a research report on Monday, December 16th. StockNews.com upgraded Par Pacific from a “sell” rating to a “hold” rating in a report on Thursday, November 14th. Finally, The Goldman Sachs Group dropped their price target on Par Pacific from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $25.83.

Par Pacific Stock Performance

NYSE PARR opened at $18.34 on Thursday. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of 3.55 and a beta of 2.00. Par Pacific has a twelve month low of $14.84 and a twelve month high of $40.69. The stock has a fifty day simple moving average of $16.72 and a 200 day simple moving average of $19.45. 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 (NYSE:PARR) last issued its quarterly earnings data on Monday, November 4th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.02. The company had revenue of $2.14 billion during 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%. The firm’s revenue was down 16.9% compared to the same quarter last year. During the same period last year, the company earned $3.15 earnings per share. Sell-side analysts expect that Par Pacific will post 1.12 EPS for the current year.

Insiders Place Their Bets

In related 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 value of $1,098,094.00. Following the completion of the transaction, the director now directly owns 524,610 shares in the company, valued at approximately $8,509,174.20. The trade was a 11.43 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Par Pacific

Several hedge funds and other institutional investors have recently modified their holdings of PARR. Commonwealth Equity Services LLC purchased a new position in Par Pacific during the second quarter valued at approximately $275,000. Massachusetts Financial Services Co. MA increased its stake in Par Pacific by 3.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 89,494 shares of the company’s stock worth $2,260,000 after acquiring an additional 3,005 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Par Pacific by 0.8% during the second quarter. Dimensional Fund Advisors LP now owns 2,136,956 shares of the company’s stock worth $53,956,000 after purchasing an additional 17,509 shares in the last quarter. Thomist Capital Management LP raised its stake in Par Pacific by 50.0% in the second quarter. Thomist Capital Management LP now owns 559,277 shares of the company’s stock valued at $13,095,000 after purchasing an additional 186,411 shares in the last quarter. Finally, Inspire Investing LLC lifted its position in Par Pacific by 133.7% during the second quarter. Inspire Investing LLC now owns 22,612 shares of the company’s stock valued at $571,000 after purchasing an additional 12,938 shares during the last quarter. 92.15% of the stock is currently owned by 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.