Piper Sandler Cuts Par Pacific (NYSE:PARR) Price Target to $37.00

Par Pacific (NYSE:PARR) had its price target decreased by Piper Sandler from $43.00 to $37.00 in a research report report published on Friday, Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

A number of other research analysts have also recently commented on PARR. StockNews.com cut Par Pacific from a buy rating to a hold rating in a report on Monday, March 4th. TD Cowen dropped their target price on shares of Par Pacific from $45.00 to $42.00 and set a buy rating for the company in a research report on Wednesday, May 8th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Par Pacific currently has a consensus rating of Hold and a consensus price target of $37.75.

Par Pacific Stock Performance

Shares of NYSE PARR opened at $24.51 on Friday. The stock has a market cap of $1.42 billion, a PE ratio of 3.07 and a beta of 1.99. Par Pacific has a 1 year low of $23.19 and a 1 year high of $40.69. The firm has a fifty day moving average price of $29.48 and a 200-day moving average price of $33.94. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.28 and a quick ratio of 0.50.

Par Pacific (NYSE:PARR) last issued its quarterly earnings results on Monday, May 6th. The company reported $0.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.06). Par Pacific had a return on equity of 35.02% and a net margin of 5.71%. The business had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $2.12 billion. Equities analysts anticipate that Par Pacific will post 3.69 earnings per share for the current fiscal year.

Institutional Trading of Par Pacific

Several hedge funds have recently modified their holdings of the company. Kennedy Capital Management LLC raised its stake in Par Pacific by 2.4% during the third quarter. Kennedy Capital Management LLC now owns 12,235 shares of the company’s stock valued at $440,000 after purchasing an additional 287 shares in the last quarter. Mackenzie Financial Corp raised its position in shares of Par Pacific by 4.0% during the 4th quarter. Mackenzie Financial Corp now owns 8,270 shares of the company’s stock valued at $301,000 after buying an additional 317 shares in the last quarter. SummerHaven Investment Management LLC lifted its holdings in shares of Par Pacific by 1.2% in the 4th quarter. SummerHaven Investment Management LLC now owns 27,703 shares of the company’s stock valued at $1,008,000 after acquiring an additional 324 shares during the last quarter. Exchange Traded Concepts LLC grew its position in Par Pacific by 1.5% in the fourth quarter. Exchange Traded Concepts LLC now owns 24,168 shares of the company’s stock worth $879,000 after acquiring an additional 348 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its stake in Par Pacific by 4.9% during the third quarter. Janney Montgomery Scott LLC now owns 8,297 shares of the company’s stock worth $298,000 after acquiring an additional 388 shares during the last quarter. 92.15% of the stock is owned by hedge funds and other institutional investors.

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.