Par Pacific (NYSE:PARR) Given New $26.00 Price Target at JPMorgan Chase & Co.

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

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

Par Pacific Stock Performance

Shares of PARR opened at $17.88 on Thursday. The business’s 50 day moving average price is $16.75 and its 200-day moving average price is $19.44. The stock has a market cap of $1.00 billion, a P/E ratio of 3.46 and a beta of 2.00. Par Pacific has a 52 week low of $14.84 and a 52 week high of $40.69. 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 issued its earnings results on Monday, November 4th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.02. The business had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $1.88 billion. Par Pacific had a net margin of 3.74% and a return on equity of 10.06%. The business’s revenue for the quarter was down 16.9% compared to the same quarter last year. During the same period in the previous year, the company earned $3.15 earnings per share. Equities research analysts anticipate that Par Pacific will post 1.12 earnings per share for the current fiscal year.

Insider Activity at Par Pacific

In related news, Director William Pate sold 67,700 shares of Par Pacific stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $16.22, for a total transaction of $1,098,094.00. Following the transaction, the director now directly owns 524,610 shares in the company, valued at approximately $8,509,174.20. The trade was a 11.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 4.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Harbor Capital Advisors Inc. boosted its stake in shares of Par Pacific by 160.2% in the third quarter. Harbor Capital Advisors Inc. now owns 513,254 shares of the company’s stock worth $9,033,000 after acquiring an additional 315,967 shares during the period. Walleye Capital LLC boosted its stake in Par Pacific by 1,014.3% in the 3rd quarter. Walleye Capital LLC now owns 273,868 shares of the company’s stock worth $4,820,000 after purchasing an additional 249,290 shares during the period. State Street Corp boosted its position in shares of Par Pacific by 10.5% during the third quarter. State Street Corp now owns 3,461,282 shares of the company’s stock worth $60,919,000 after acquiring an additional 328,325 shares during the last quarter. Algert Global LLC boosted its position in shares of Par Pacific by 63.8% during the third quarter. Algert Global LLC now owns 303,970 shares of the company’s stock worth $5,350,000 after acquiring an additional 118,393 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Par Pacific by 7.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 127,732 shares of the company’s stock valued at $2,248,000 after acquiring an additional 8,844 shares in the last quarter. 92.15% of the stock is owned by hedge funds and other institutional investors.

Par Pacific Company Profile

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.