JPMorgan Chase & Co. Trims Par Pacific (NYSE:PARR) Target Price to $36.00

Par Pacific (NYSE:PARR) had its target price cut by equities researchers at JPMorgan Chase & Co. from $38.00 to $36.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 37.51% from the stock’s previous close.

A number of other research firms also recently issued reports on PARR. StockNews.com downgraded Par Pacific from a “buy” rating to a “hold” rating in a research note on Monday, March 4th. Piper Sandler dropped their price target on Par Pacific from $43.00 to $37.00 and set an “overweight” rating on the stock in a research note on Friday, June 14th. Finally, TD Cowen dropped their price target on Par Pacific from $42.00 to $36.00 and set a “buy” rating on the stock in a research note on Tuesday, June 25th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $36.20.

Par Pacific Stock Up 3.5 %

PARR traded up $0.88 during trading on Tuesday, hitting $26.18. 337,055 shares of the company’s stock traded hands, compared to its average volume of 825,382. The company’s 50 day simple moving average is $27.47 and its two-hundred day simple moving average is $33.23. The company has a current ratio of 1.28, a quick ratio of 0.50 and a debt-to-equity ratio of 0.49. Par Pacific has a 12-month low of $23.78 and a 12-month high of $40.69. The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of 3.28 and a beta of 2.01.

Par Pacific (NYSE:PARR) last issued its earnings results on Monday, May 6th. The company reported $0.69 EPS for the quarter, missing the consensus estimate of $0.75 by ($0.06). Par Pacific had a net margin of 5.71% and a return on equity of 35.02%. The business had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $2.12 billion. Analysts predict that Par Pacific will post 2.92 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Par Pacific

A number of institutional investors and hedge funds have recently bought and sold shares of PARR. Kennedy Capital Management LLC increased its holdings in shares of Par Pacific by 2.4% in the third quarter. Kennedy Capital Management LLC now owns 12,235 shares of the company’s stock worth $440,000 after purchasing an additional 287 shares during the last quarter. Mackenzie Financial Corp increased its holdings in shares of Par Pacific by 4.0% in the fourth quarter. Mackenzie Financial Corp now owns 8,270 shares of the company’s stock worth $301,000 after purchasing an additional 317 shares during the last quarter. SummerHaven Investment Management LLC increased its holdings in shares of Par Pacific by 1.2% in the fourth quarter. SummerHaven Investment Management LLC now owns 27,703 shares of the company’s stock worth $1,008,000 after purchasing an additional 324 shares during the last quarter. Exchange Traded Concepts LLC increased its holdings in shares of 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 purchasing an additional 348 shares during the last quarter. Finally, Quadrant Capital Group LLC increased its holdings in shares of Par Pacific by 91.4% in the fourth quarter. Quadrant Capital Group LLC now owns 959 shares of the company’s stock worth $35,000 after purchasing an additional 458 shares during the last quarter. 92.15% of the stock is owned by 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.