Par Pacific (NYSE:PARR) Rating Lowered to “Neutral” at Mizuho

Par Pacific (NYSE:PARR) was downgraded by investment analysts at Mizuho from an “outperform” rating to a “neutral” rating in a research report issued on Monday,Briefing.com Automated Import reports. They presently have a $22.00 price target on the stock, down from their previous price target of $26.00. Mizuho’s price objective suggests a potential upside of 33.66% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. Tudor, Pickering, Holt & Co. cut Par Pacific from a “buy” rating to a “hold” rating in a report on Monday, September 9th. Tudor Pickering raised shares of Par Pacific to a “hold” rating in a research note on Monday, September 9th. Piper Sandler cut shares of Par Pacific from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $37.00 to $23.00 in a report on Friday, September 20th. The Goldman Sachs Group dropped their price objective on shares of Par Pacific from $32.00 to $28.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Finally, StockNews.com raised shares of Par Pacific from a “sell” rating to a “hold” rating in a research note on Thursday, November 14th. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $27.33.

Par Pacific Stock Up 2.0 %

Par Pacific stock opened at $16.46 on Monday. Par Pacific has a fifty-two week low of $14.84 and a fifty-two week high of $40.69. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.69 and a quick ratio of 0.66. The firm has a market capitalization of $920.94 million, a price-to-earnings ratio of 3.19 and a beta of 1.99. The company’s 50 day simple moving average is $16.99 and its 200 day simple moving average is $20.79.

Par Pacific (NYSE:PARR) last released its quarterly earnings data on Monday, November 4th. The company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. The business had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $1.88 billion. Par Pacific had a net margin of 3.74% and a return on equity of 10.06%. The firm’s quarterly revenue was down 16.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.15 EPS. As a group, sell-side analysts anticipate that Par Pacific will post 1.12 EPS for the current year.

Insider Activity at Par Pacific

In other Par Pacific news, Director William Pate sold 67,700 shares of the stock in a transaction 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 sale, the director now owns 524,610 shares in the company, valued at $8,509,174.20. This trade represents a 11.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 4.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Par Pacific

A number of institutional investors and hedge funds have recently modified their holdings of the company. Pacer Advisors Inc. bought a new position in Par Pacific during the third quarter worth $61,870,000. Millennium Management LLC boosted its holdings 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 buying an additional 636,908 shares during the period. State Street Corp grew its stake in Par Pacific by 10.5% in the 3rd quarter. State Street Corp now owns 3,461,282 shares of the company’s stock valued at $60,919,000 after buying an additional 328,325 shares during the last quarter. Harbor Capital Advisors Inc. raised its holdings in Par Pacific by 160.2% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 513,254 shares of the company’s stock valued at $9,033,000 after acquiring an additional 315,967 shares during the period. Finally, Walleye Capital LLC grew its position in shares of Par Pacific by 1,014.3% in the third quarter. Walleye Capital LLC now owns 273,868 shares of the company’s stock valued at $4,820,000 after purchasing an additional 249,290 shares during the last quarter. 92.15% of the stock is owned by 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.