Par Pacific (NYSE:PARR) Rating Increased to Overweight at JPMorgan Chase & Co.

Par Pacific (NYSE:PARR) was upgraded by investment analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued to investors on Wednesday, Briefing.com reports. The firm presently has a $30.00 price target on the stock, down from their previous price target of $36.00. JPMorgan Chase & Co.‘s target price points to a potential upside of 71.28% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on PARR. Mizuho cut their target price on shares of Par Pacific from $30.00 to $28.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. The Goldman Sachs Group lowered their target price on shares of Par Pacific from $37.00 to $32.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 31st. UBS Group reduced their price target on shares of Par Pacific from $40.00 to $29.00 and set a “neutral” rating for the company in a report on Monday, August 19th. Tudor Pickering raised shares of Par Pacific to a “hold” rating in a report on Monday, September 9th. Finally, Tudor, Pickering, Holt & Co. downgraded shares of Par Pacific from a “buy” rating to a “hold” rating in a report on Monday, September 9th. Six equities research 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 stock presently has an average rating of “Hold” and an average target price of $29.00.

Par Pacific Stock Down 0.5 %

Shares of NYSE:PARR opened at $17.52 on Wednesday. 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 company has a market cap of $1.01 billion, a PE ratio of 2.19 and a beta of 1.99. Par Pacific has a 52 week low of $17.06 and a 52 week high of $40.69. The firm has a 50 day simple moving average of $21.62 and a 200 day simple moving average of $26.66.

Par Pacific (NYSE:PARR) last released its earnings results on Tuesday, August 6th. The company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.36. Par Pacific had a net margin of 5.43% and a return on equity of 26.40%. The company had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $1.82 billion. During the same quarter in the prior year, the firm earned $1.73 EPS. The company’s revenue was up 13.1% compared to the same quarter last year. As a group, research analysts expect that Par Pacific will post 1.7 earnings per share for the current year.

Hedge Funds Weigh In On Par Pacific

A number of hedge funds and other institutional investors have recently made changes to their positions in PARR. Headlands Technologies LLC increased its position in Par Pacific by 215.1% in the 2nd quarter. Headlands Technologies LLC now owns 1,166 shares of the company’s stock valued at $29,000 after acquiring an additional 796 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of Par Pacific during the 2nd quarter worth approximately $43,000. Quarry LP grew its position in shares of Par Pacific by 610.5% during the 2nd quarter. Quarry LP now owns 2,359 shares of the company’s stock worth $60,000 after buying an additional 2,027 shares during the period. nVerses Capital LLC grew its holdings 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 period. Finally, Innealta Capital LLC acquired a new position in Par Pacific during the second quarter valued at approximately $104,000. 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.