TD Cowen Cuts Par Pacific (NYSE:PARR) Price Target to $17.00

Par Pacific (NYSE:PARR) had its price target reduced by equities researchers at TD Cowen from $21.00 to $17.00 in a research report issued to clients and investors on Thursday, MarketBeat reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price objective points to a potential upside of 18.12% from the stock’s previous close.

A number of other analysts have also recently weighed in on the stock. StockNews.com upgraded shares of Par Pacific from a “sell” rating to a “hold” rating in a research note on Thursday, November 14th. Mizuho downgraded Par Pacific from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $26.00 to $22.00 in a research note on Monday, December 16th. The Goldman Sachs Group reduced their price objective on Par Pacific from $23.00 to $20.00 and set a “neutral” rating for the company in a research report on Friday, January 31st. Raymond James initiated coverage on shares of Par Pacific in a research note on Friday, January 24th. They set an “outperform” rating and a $25.00 target price for the company. Finally, JPMorgan Chase & Co. decreased their price target on shares of Par Pacific from $27.00 to $26.00 and set an “overweight” rating on the stock in a research report on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $22.86.

Par Pacific Price Performance

NYSE PARR opened at $14.39 on Thursday. The company has a 50 day moving average price of $16.65 and a two-hundred day moving average price of $17.72. Par Pacific has a 12-month low of $13.40 and a 12-month high of $40.20. The stock has a market capitalization of $805.26 million, a PE ratio of 2.79 and a beta of 1.99. The company has a quick ratio of 0.66, a current ratio of 1.69 and a debt-to-equity ratio of 0.84.

Par Pacific (NYSE:PARR) last announced its quarterly earnings results on Tuesday, February 25th. The company reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.64). The company had revenue of $1.83 billion during the quarter, compared to analyst estimates of $1.68 billion. Par Pacific had a return on equity of 10.06% and a net margin of 3.74%. As a group, equities analysts predict that Par Pacific will post 0.15 earnings per share for the current fiscal year.

Insider Activity

In other Par Pacific news, Director William Pate sold 67,700 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $16.22, for a total transaction of $1,098,094.00. Following the completion of the transaction, the director now owns 524,610 shares in the company, valued at $8,509,174.20. This trade represents a 11.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Par Pacific

Hedge funds have recently modified their holdings of the stock. Creative Planning raised its stake in Par Pacific by 246.2% during the third quarter. Creative Planning now owns 33,014 shares of the company’s stock worth $581,000 after acquiring an additional 23,478 shares in the last quarter. Private Advisor Group LLC increased its position in shares of Par Pacific by 60.4% during the 3rd quarter. Private Advisor Group LLC now owns 21,213 shares of the company’s stock worth $373,000 after purchasing an additional 7,987 shares in the last quarter. State of Alaska Department of Revenue lifted its holdings in Par Pacific by 2.6% during the 3rd quarter. State of Alaska Department of Revenue now owns 32,145 shares of the company’s stock valued at $565,000 after purchasing an additional 810 shares during the last quarter. Janney Montgomery Scott LLC boosted its position in Par Pacific by 2.4% in the third quarter. Janney Montgomery Scott LLC now owns 52,804 shares of the company’s stock valued at $929,000 after buying an additional 1,226 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its stake in Par Pacific by 160.2% during the third quarter. Harbor Capital Advisors Inc. now owns 513,254 shares of the company’s stock worth $9,033,000 after buying an additional 315,967 shares during the last quarter. 92.15% of the stock is owned by institutional investors and hedge funds.

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.