Par Pacific (NYSE:PARR) Lifted to “Overweight” at JPMorgan Chase & Co.

by · The Cerbat Gem

Par Pacific (NYSE:PARR – Get Free Report) was upgraded by equities researchers at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued on Wednesday, Marketbeat Ratings reports. The firm presently has a $30.00 price objective on the stock, down from their previous price objective of $36.00. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 55.28% from the company’s previous close.

Several other equities analysts have also issued reports on PARR. Tudor Pickering upgraded Par Pacific to a “hold” rating in a research report on Monday, September 9th. The Goldman Sachs Group decreased their target price on shares of Par Pacific from $37.00 to $32.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 31st. Piper Sandler lowered shares of Par Pacific from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $37.00 to $23.00 in a report on Friday, September 20th. UBS Group cut their target price on Par Pacific from $40.00 to $29.00 and set a “neutral” rating on the stock in a research note on Monday, August 19th. Finally, Mizuho reduced their price target on Par Pacific from $30.00 to $28.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $29.00.

Check Out Our Latest Research Report on PARR

Par Pacific Trading Up 6.7 %

Shares of PARR stock opened at $19.32 on Wednesday. The company has a quick ratio of 0.59, a current ratio of 1.63 and a debt-to-equity ratio of 0.84. The firm has a market cap of $1.09 billion, a P/E ratio of 2.42 and a beta of 1.99. The business has a 50-day moving average price of $21.40 and a two-hundred day moving average price of $26.55. Par Pacific has a 12-month low of $17.06 and a 12-month high of $40.69.

Par Pacific (NYSE:PARR – Get Free Report) last issued its earnings results on Tuesday, August 6th. The company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.36. Par Pacific had a net margin of 5.43% and a return on equity of 26.40%. The company had revenue of $2.02 billion for the quarter, compared to analysts’ expectations of $1.82 billion. During the same quarter last year, the company earned $1.73 EPS. The firm’s revenue was up 13.1% compared to the same quarter last year. Equities analysts anticipate that Par Pacific will post 1.34 EPS for the current fiscal year.

Hedge Funds Weigh In On Par Pacific

A number of institutional investors have recently bought and sold shares of PARR. Headlands Technologies LLC boosted its position in Par Pacific by 215.1% during the 2nd quarter. Headlands Technologies LLC now owns 1,166 shares of the company’s stock valued at $29,000 after acquiring an additional 796 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in shares of Par Pacific in the 2nd quarter valued at approximately $43,000. Quarry LP boosted 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 purchasing an additional 2,027 shares in the last quarter. nVerses Capital LLC grew its stake in Par Pacific by 41.7% in the second quarter. nVerses Capital LLC now owns 3,400 shares of the company’s stock worth $86,000 after purchasing an additional 1,000 shares during the period. Finally, Innealta Capital LLC bought a new position in Par Pacific in the second quarter worth $104,000. 92.15% of the stock is owned by institutional investors.

About Par Pacific

(Get Free Report)

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.

Featured Stories