Par Pacific (NYSE:PARR) Shares Gap Up Following Strong Earnings

Par Pacific Holdings, Inc. (NYSE:PARR) shares gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $15.82, but opened at $16.54. Par Pacific shares last traded at $15.88, with a volume of 106,908 shares trading hands.

The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.02. The business had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $1.88 billion. Par Pacific had a net margin of 5.43% and a return on equity of 26.40%. The company’s quarterly revenue was down 16.9% on a year-over-year basis. During the same period last year, the firm earned $3.15 earnings per share.

Analyst Ratings Changes

Several research firms have recently commented on PARR. UBS Group decreased their price objective on Par Pacific from $40.00 to $29.00 and set a “neutral” rating on the stock in a research note on Monday, August 19th. Tudor Pickering raised shares of Par Pacific to a “hold” rating in a report on Monday, September 9th. The Goldman Sachs Group lowered their price target on shares of Par Pacific from $32.00 to $28.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Piper Sandler downgraded shares of Par Pacific from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $37.00 to $23.00 in a research report on Friday, September 20th. Finally, JPMorgan Chase & Co. raised shares of Par Pacific from a “neutral” rating to an “overweight” rating and dropped their target price for the stock from $36.00 to $30.00 in a report on Wednesday, October 2nd. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $28.00.

Institutional Investors Weigh In On Par Pacific

Several large investors have recently made changes to their positions in the company. Headlands Technologies LLC grew its holdings in Par Pacific by 215.1% during the 2nd quarter. Headlands Technologies LLC now owns 1,166 shares of the company’s stock valued at $29,000 after buying an additional 796 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in Par Pacific in the second quarter worth $43,000. Quarry LP raised its stake in Par Pacific by 610.5% during the second quarter. Quarry LP now owns 2,359 shares of the company’s stock valued at $60,000 after purchasing an additional 2,027 shares in the last quarter. nVerses Capital LLC lifted its position in Par Pacific by 41.7% during the second quarter. nVerses Capital LLC now owns 3,400 shares of the company’s stock valued at $86,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Innealta Capital LLC purchased a new position in shares of Par Pacific in the 2nd quarter worth $104,000. 92.15% of the stock is owned by institutional investors.

Par Pacific Stock Performance

The business’s fifty day moving average price is $18.49 and its two-hundred day moving average price is $23.40. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.59 and a current ratio of 1.63. The stock has a market capitalization of $869.74 million, a P/E ratio of 2.02 and a beta of 1.99.

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.