Par Pacific (NYSE:PARR) Lowered to “Neutral” Rating by Mizuho

Par Pacific (NYSE:PARR) was downgraded by investment analysts at Mizuho from an “outperform” rating to a “neutral” rating in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. They currently have a $22.00 price objective on the stock, down from their previous price objective of $26.00. Mizuho’s price objective would suggest a potential upside of 33.66% from the stock’s current price.

A number of other brokerages also recently commented on PARR. Piper Sandler downgraded 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 dropped their target price on Par Pacific from $40.00 to $29.00 and set a “neutral” rating for the company in a report on Monday, August 19th. StockNews.com raised Par Pacific from a “sell” rating to a “hold” rating in a research report on Thursday, November 14th. The Goldman Sachs Group dropped their price objective on shares of Par Pacific from $32.00 to $28.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Finally, JPMorgan Chase & Co. raised shares of Par Pacific from a “neutral” rating to an “overweight” rating and reduced their target price for the company from $36.00 to $30.00 in a research note on Wednesday, October 2nd. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Par Pacific has an average rating of “Hold” and an average price target of $27.33.

Par Pacific Price Performance

PARR stock opened at $16.46 on Monday. The company has a market capitalization of $920.94 million, a PE ratio of 3.19 and a beta of 1.99. The company’s fifty day moving average price is $16.99 and its 200-day moving average price is $20.79. Par Pacific has a one year low of $14.84 and a one year high of $40.69. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.66 and a current ratio of 1.69.

Par Pacific (NYSE:PARR) last posted its earnings results on Monday, November 4th. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. Par Pacific had a net margin of 3.74% and a return on equity of 10.06%. The firm had revenue of $2.14 billion during the quarter, compared to analyst estimates of $1.88 billion. During the same period last year, the firm posted $3.15 earnings per share. Par Pacific’s revenue for the quarter was down 16.9% compared to the same quarter last year. On average, equities analysts anticipate that Par Pacific will post 1.12 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director William Pate sold 67,700 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The shares were 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 owns 524,610 shares of the company’s stock, valued at approximately $8,509,174.20. This represents a 11.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.40% of the company’s stock.

Institutional Trading of Par Pacific

Hedge funds and other institutional investors have recently bought and sold shares of the stock. SummerHaven Investment Management LLC grew its position in shares of Par Pacific by 2.0% in the 2nd quarter. SummerHaven Investment Management LLC now owns 28,537 shares of the company’s stock worth $721,000 after buying an additional 563 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Par Pacific by 0.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 518,708 shares of the company’s stock worth $13,097,000 after buying an additional 4,877 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in Par Pacific by 113.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 20,896 shares of the company’s stock valued at $528,000 after buying an additional 11,092 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Par Pacific by 8.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,462 shares of the company’s stock valued at $363,000 after buying an additional 1,139 shares during the last quarter. Finally, Innealta Capital LLC acquired a new stake in Par Pacific in the second quarter worth about $104,000. Institutional investors own 92.15% of the company’s stock.

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.