Par Pacific (NYSE:PARR) Shares Gap Down Following Weak Earnings

Par Pacific Holdings, Inc. (NYSE:PARR) gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $41.03, but opened at $36.71. Par Pacific shares last traded at $38.0860, with a volume of 294,323 shares trading hands.

The company reported $1.17 EPS for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.04). Par Pacific had a return on equity of 32.01% and a net margin of 4.95%.The firm had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same period last year, the firm earned ($0.79) earnings per share. Par Pacific’s revenue for the quarter was down 1.0% on a year-over-year basis.

Analyst Ratings Changes

Several equities research analysts have issued reports on PARR shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Par Pacific in a research note on Monday, December 29th. UBS Group raised their price objective on Par Pacific from $37.00 to $40.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 5th. Piper Sandler set a $57.00 target price on shares of Par Pacific in a research report on Monday, January 12th. Mizuho lifted their price target on shares of Par Pacific from $45.00 to $49.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. Finally, Wall Street Zen raised shares of Par Pacific from a “buy” rating to a “strong-buy” rating in a research note on Sunday, February 15th. Four analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $44.83.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Nisa Investment Advisors LLC increased its holdings in Par Pacific by 157.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,596 shares of the company’s stock worth $42,000 after purchasing an additional 976 shares during the period. Federated Hermes Inc. purchased a new stake in shares of Par Pacific during the third quarter worth approximately $44,000. Aster Capital Management DIFC Ltd purchased a new position in Par Pacific in the third quarter worth approximately $48,000. Smartleaf Asset Management LLC grew its holdings in Par Pacific by 81.1% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,340 shares of the company’s stock worth $62,000 after acquiring an additional 1,048 shares in the last quarter. Finally, USA Financial Formulas purchased a new stake in shares of Par Pacific in the 3rd quarter valued at approximately $82,000. 92.15% of the stock is currently owned by hedge funds and other institutional investors.

Par Pacific Price Performance

The firm has a market capitalization of $2.05 billion, a price-to-earnings ratio of 5.58 and a beta of 1.23. The stock’s fifty day moving average price is $38.30 and its two-hundred day moving average price is $37.86. The company has a current ratio of 1.51, a quick ratio of 0.48 and a debt-to-equity ratio of 0.70.

About Par Pacific

Par Pacific Holdings, Inc (NYSE: PARR) is a diversified downstream energy company engaged in the refining, marketing and logistics of petroleum products. Through its subsidiaries, Par Pacific operates the Par Hawaii Refinery on the island of Oʻahu, which processes crude oil into transportation fuels such as gasoline, diesel and jet fuel, as well as asphalt, petroleum coke and sulfur. In the Rocky Mountain region, the company owns and operates the Salt Lake City Refinery in Utah and associated logistics infrastructure, including pipelines and storage terminals, to support both crude supply and product distribution.

In marketing its refined products, Par Pacific maintains a network of branded and unbranded wholesale accounts across Hawaii and the U.S.