Par Pacific (NYSE:PARR) Trading Down 4% – Should You Sell?
by Teresa Graham · The Cerbat GemPar Pacific Holdings, Inc. (NYSE:PARR – Get Free Report) shares were down 4% during trading on Monday . The stock traded as low as $36.59 and last traded at $36.2630. Approximately 491,668 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 1,369,155 shares. The stock had previously closed at $37.77.
Analyst Upgrades and Downgrades
Several equities research analysts recently issued reports on the company. Piper Sandler upped their price target on Par Pacific from $44.00 to $62.00 and gave the company an “overweight” rating in a research report on Friday, November 14th. Mizuho boosted their target price on shares of Par Pacific from $45.00 to $49.00 and gave the company a “neutral” rating in a research note on Friday, December 12th. Weiss Ratings reissued a “hold (c+)” rating on shares of Par Pacific in a report on Monday. Tudor Pickering raised shares of Par Pacific from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 6th. Finally, Wall Street Zen upgraded shares of Par Pacific from a “buy” rating to a “strong-buy” rating in a research note on Saturday, September 13th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Par Pacific presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.14.
Get Our Latest Research Report on Par Pacific
Par Pacific Price Performance
The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.48 and a current ratio of 1.51. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of 6.14 and a beta of 1.25. The business’s 50 day simple moving average is $41.17 and its 200-day simple moving average is $35.01.
Par Pacific (NYSE:PARR – Get Free Report) last released its quarterly earnings results on Tuesday, November 4th. The company reported $5.95 earnings per share for the quarter, beating analysts’ consensus estimates of $1.98 by $3.97. Par Pacific had a return on equity of 23.69% and a net margin of 3.15%.The company had revenue of $2.01 billion for the quarter, compared to analysts’ expectations of $1.72 billion. During the same quarter in the previous year, the company posted ($0.10) earnings per share. The business’s revenue for the quarter was down 6.1% compared to the same quarter last year. Research analysts anticipate that Par Pacific Holdings, Inc. will post 0.15 earnings per share for the current year.
Insiders Place Their Bets
In related news, CEO William Monteleone sold 99,284 shares of the company’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $43.15, for a total value of $4,284,104.60. Following the completion of the sale, the chief executive officer owned 423,022 shares of the company’s stock, valued at $18,253,399.30. This represents a 19.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Richard Creamer sold 15,848 shares of the firm’s stock in a transaction dated Thursday, November 6th. The shares were sold at an average price of $41.22, for a total transaction of $653,254.56. Following the transaction, the executive vice president directly owned 54,654 shares in the company, valued at approximately $2,252,837.88. The trade was a 22.48% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 4.40% of the company’s stock.
Institutional Trading of Par Pacific
A number of institutional investors have recently made changes to their positions in the stock. Encompass Capital Advisors LLC bought a new position in Par Pacific during the 2nd quarter valued at $34,609,000. Vanguard Group Inc. raised its stake in shares of Par Pacific by 30.9% in the 3rd quarter. Vanguard Group Inc. now owns 5,044,612 shares of the company’s stock worth $178,680,000 after buying an additional 1,190,088 shares in the last quarter. FJ Investments LLC acquired a new stake in shares of Par Pacific in the second quarter valued at $26,294,000. Arrowstreet Capital Limited Partnership boosted its stake in Par Pacific by 89.9% during the second quarter. Arrowstreet Capital Limited Partnership now owns 1,438,677 shares of the company’s stock valued at $38,168,000 after buying an additional 681,190 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in Par Pacific by 42.8% during the third quarter. American Century Companies Inc. now owns 1,522,392 shares of the company’s stock valued at $53,923,000 after buying an additional 456,473 shares in the last quarter. 92.15% of the stock is owned by institutional investors and hedge funds.
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.