Raymond James Financial Boosts Par Pacific (NYSE:PARR) Price Target to $77.00

Par Pacific (NYSE:PARR) had its price objective upped by equities research analysts at Raymond James Financial from $50.00 to $77.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Raymond James Financial’s target price would suggest a potential upside of 21.90% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. The Goldman Sachs Group boosted their price target on Par Pacific from $44.00 to $53.00 and gave the company a “neutral” rating in a research report on Thursday, March 12th. Weiss Ratings restated a “hold (c+)” rating on shares of Par Pacific in a report on Monday, December 29th. Wall Street Zen raised Par Pacific from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 14th. Zacks Research cut Par Pacific from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 16th. Finally, Piper Sandler set a $57.00 target price on shares of Par Pacific in a research report on Monday, January 12th. Four analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $55.50.

Par Pacific Stock Performance

NYSE:PARR opened at $63.17 on Wednesday. The company has a market cap of $3.12 billion, a P/E ratio of 8.67 and a beta of 1.17. The firm’s 50 day moving average is $44.96 and its two-hundred day moving average is $40.82. Par Pacific has a fifty-two week low of $12.04 and a fifty-two week high of $63.68. The company has a quick ratio of 0.49, a current ratio of 1.61 and a debt-to-equity ratio of 0.54.

Par Pacific (NYSE:PARR) last announced its quarterly earnings data on Tuesday, February 24th. The company reported $1.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($0.04). The company had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.68 billion. Par Pacific had a net margin of 4.95% and a return on equity of 30.19%. The firm’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.79) earnings per share. Analysts expect that Par Pacific will post 0.15 EPS for the current year.

Insider Activity at Par Pacific

In other news, CEO William Monteleone sold 108,948 shares of the company’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $54.06, for a total value of $5,889,728.88. Following the completion of the sale, the chief executive officer owned 457,167 shares of the company’s stock, valued at $24,714,448.02. This represents a 19.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Par Pacific

Several hedge funds have recently modified their holdings of the stock. Encompass Capital Advisors LLC purchased a new position in Par Pacific in the 2nd quarter worth approximately $34,609,000. Vanguard Group Inc. raised its stake in shares of Par Pacific by 30.9% during the third quarter. Vanguard Group Inc. now owns 5,044,612 shares of the company’s stock valued at $178,680,000 after purchasing an additional 1,190,088 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of Par Pacific by 89.9% during the second quarter. Arrowstreet Capital Limited Partnership now owns 1,438,677 shares of the company’s stock worth $38,168,000 after purchasing an additional 681,190 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of Par Pacific by 7,787.1% in the fourth quarter. SG Americas Securities LLC now owns 563,930 shares of the company’s stock valued at $19,816,000 after purchasing an additional 556,780 shares during the period. Finally, American Century Companies Inc. boosted its stake in shares of Par Pacific by 42.8% in the third quarter. American Century Companies Inc. now owns 1,522,392 shares of the company’s stock valued at $53,923,000 after purchasing an additional 456,473 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 (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.