Par Pacific (NYSE:PARR) Sets New 1-Year Low – Here’s What Happened

Shares of Par Pacific Holdings, Inc. (NYSE:PARR) reached a new 52-week low during trading on Wednesday . The stock traded as low as $12.08 and last traded at $12.35, with a volume of 112682 shares. The stock had previously closed at $12.48.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PARR. JPMorgan Chase & Co. reduced their target price 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 lowered Par Pacific from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $26.00 to $22.00 in a research note on Monday, December 16th. TD Cowen reduced their price target on Par Pacific from $21.00 to $17.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. The Goldman Sachs Group decreased their target price on shares of Par Pacific from $20.00 to $18.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. Finally, Raymond James initiated coverage on Par Pacific in a research report on Friday, January 24th. They set an “outperform” rating and a $25.00 price target for the company. One investment analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Par Pacific has a consensus rating of “Hold” and a consensus price target of $22.86.

Par Pacific Trading Down 3.8 %

The stock has a market cap of $656.98 million, a PE ratio of 2.32 and a beta of 2.01. The stock’s fifty day moving average price is $16.53 and its 200 day moving average price is $17.49. 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 Tuesday, February 25th. The company reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.64). The company had revenue of $1.83 billion for the quarter, compared to the consensus estimate of $1.68 billion. Par Pacific had a net margin of 3.74% and a return on equity of 10.06%. On average, sell-side analysts forecast that Par Pacific Holdings, Inc. will post 0.15 EPS for the current year.

Insider Transactions at Par Pacific

In other 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 directly owns 524,610 shares of the company’s stock, valued at $8,509,174.20. This represents a 11.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Pacer Advisors Inc. bought a new stake in Par Pacific during the third quarter valued at about $61,870,000. Solas Capital Management LLC raised its stake in Par Pacific by 417.7% during the 4th quarter. Solas Capital Management LLC now owns 795,000 shares of the company’s stock valued at $13,030,000 after purchasing an additional 641,423 shares during the period. Millennium Management LLC lifted its holdings in Par Pacific by 43.4% in the 4th quarter. Millennium Management LLC now owns 1,936,798 shares of the company’s stock worth $31,744,000 after purchasing an additional 586,003 shares in the last quarter. Bridgewater Associates LP purchased a new position in Par Pacific in the 4th quarter worth approximately $9,293,000. Finally, State Street Corp boosted 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 worth $60,919,000 after purchasing an additional 328,325 shares during the period. 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.