Piper Sandler Cuts Par Pacific (NYSE:PARR) Price Target to $21.00

Par Pacific (NYSE:PARR) had its target price decreased by Piper Sandler from $25.00 to $21.00 in a research note released on Friday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

A number of other research analysts also recently issued reports on the stock. The Goldman Sachs Group dropped their price target on shares of Par Pacific from $20.00 to $18.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. Mizuho lowered shares of Par Pacific from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $26.00 to $22.00 in a report on Monday, December 16th. StockNews.com downgraded Par Pacific from a “hold” rating to a “sell” rating in a report on Friday, February 28th. JPMorgan Chase & Co. dropped their price objective on Par Pacific from $27.00 to $26.00 and set an “overweight” rating on the stock in a research note on Thursday, January 16th. Finally, TD Cowen decreased their target price on Par Pacific from $21.00 to $17.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $22.57.

Par Pacific Stock Performance

NYSE PARR opened at $13.22 on Friday. The company has a market capitalization of $723.93 million, a price-to-earnings ratio of 2.56 and a beta of 2.01. 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 has a twelve month low of $11.86 and a twelve month high of $40.20. The stock has a fifty day simple moving average of $16.33 and a 200 day simple moving average of $17.29.

Par Pacific (NYSE:PARR) last issued its quarterly earnings results on Tuesday, February 25th. The company reported ($0.79) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.64). The company had revenue of $1.83 billion during the quarter, compared to analyst estimates of $1.68 billion. Par Pacific had a net margin of 3.74% and a return on equity of 10.06%. Sell-side analysts expect that Par Pacific will post 0.15 EPS for the current year.

Insider Activity at Par Pacific

In other Par Pacific news, Director William Pate sold 67,700 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $16.22, for a total value of $1,098,094.00. Following the completion of the sale, the director now owns 524,610 shares of the company’s stock, valued at approximately $8,509,174.20. This trade represents a 11.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 4.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Par Pacific

A number of institutional investors have recently modified their holdings of the company. Walleye Capital LLC raised its holdings in Par Pacific by 1,014.3% during the third quarter. Walleye Capital LLC now owns 273,868 shares of the company’s stock worth $4,820,000 after buying an additional 249,290 shares during the last quarter. State Street Corp increased 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 in the last quarter. Sanctuary Advisors LLC raised its holdings in shares of Par Pacific by 126.2% in the 4th quarter. Sanctuary Advisors LLC now owns 49,256 shares of the company’s stock worth $843,000 after acquiring an additional 27,480 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Par Pacific by 7.4% during the 3rd 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 purchasing an additional 8,844 shares during the last quarter. Finally, Algert Global LLC increased its holdings in Par Pacific by 63.8% during the 3rd quarter. Algert Global LLC now owns 303,970 shares of the company’s stock worth $5,350,000 after purchasing an additional 118,393 shares in the last quarter. 92.15% of the stock is owned by institutional investors and hedge funds.

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.