JPMorgan Chase & Co. Cuts Par Pacific (NYSE:PARR) Price Target to $26.00

Par Pacific (NYSE:PARR) had its price objective trimmed by JPMorgan Chase & Co. from $27.00 to $26.00 in a research report report published on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

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

Par Pacific Price Performance

Shares of PARR opened at $18.12 on Thursday. Par Pacific has a 12-month low of $14.84 and a 12-month high of $40.69. The business has a 50-day simple moving average of $16.83 and a two-hundred day simple moving average of $19.38. The company has a quick ratio of 0.66, a current ratio of 1.69 and a debt-to-equity ratio of 0.84. The stock has a market cap of $1.01 billion, a PE ratio of 3.51 and a beta of 2.00.

Par Pacific (NYSE:PARR) last issued its earnings results 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. Par Pacific had a return on equity of 10.06% and a net margin of 3.74%. The business had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $1.88 billion. During the same quarter in the prior year, the firm earned $3.15 EPS. The business’s revenue for the quarter was down 16.9% compared to the same quarter last year. Analysts anticipate that Par Pacific will post 1.12 earnings per share for the current fiscal year.

Insider Transactions at Par Pacific

In other news, Director William Pate sold 67,700 shares of the stock in a transaction that occurred on Thursday, December 12th. The stock was 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 through this hyperlink. Company insiders own 4.40% of the company’s stock.

Institutional Trading of Par Pacific

Institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC increased its position in shares of Par Pacific by 232.5% during the fourth quarter. GAMMA Investing LLC now owns 1,669 shares of the company’s stock valued at $27,000 after acquiring an additional 1,167 shares during the last quarter. Nisa Investment Advisors LLC increased its position in shares of Par Pacific by 37.7% during the fourth quarter. Nisa Investment Advisors LLC now owns 2,557 shares of the company’s stock valued at $42,000 after acquiring an additional 700 shares during the last quarter. Quarry LP increased its position in shares of Par Pacific by 610.5% during the second quarter. Quarry LP now owns 2,359 shares of the company’s stock valued at $60,000 after acquiring an additional 2,027 shares during the last quarter. FMR LLC increased its position in shares of Par Pacific by 126.7% during the third quarter. FMR LLC now owns 8,634 shares of the company’s stock valued at $152,000 after acquiring an additional 4,826 shares during the last quarter. Finally, MQS Management LLC purchased a new stake in shares of Par Pacific during the third quarter valued at approximately $185,000. 92.15% of the stock is owned by hedge funds and other 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.