The Goldman Sachs Group Cuts Par Pacific (NYSE:PARR) Price Target to $23.00

Par Pacific (NYSE:PARR) had its price objective lowered by The Goldman Sachs Group from $26.00 to $23.00 in a report published on Thursday,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

PARR has been the subject of several other reports. Piper Sandler lowered 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. Tudor, Pickering, Holt & Co. cut shares of Par Pacific from a “buy” rating to a “hold” rating in a report on Monday, September 9th. Tudor Pickering upgraded shares of Par Pacific to a “hold” rating in a report on Monday, September 9th. JPMorgan Chase & Co. raised shares of Par Pacific from a “neutral” rating to an “overweight” rating and reduced their target price for the stock from $36.00 to $30.00 in a research note on Wednesday, October 2nd. Finally, StockNews.com upgraded Par Pacific from a “sell” rating to a “hold” rating in a report on Thursday, November 14th. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, Par Pacific has an average rating of “Hold” and a consensus target price of $26.50.

Par Pacific Stock Down 0.3 %

Shares of NYSE:PARR opened at $15.09 on Thursday. The company has a 50 day moving average price of $16.73 and a two-hundred day moving average price of $20.49. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.66 and a current ratio of 1.69. The company has a market capitalization of $844.32 million, a PE ratio of 2.92 and a beta of 1.99. Par Pacific has a 52 week low of $14.84 and a 52 week high of $40.69.

Par Pacific (NYSE:PARR) last issued its quarterly earnings data on Monday, November 4th. The company reported ($0.10) EPS 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 return on equity of 10.06% and a net margin of 3.74%. The firm’s revenue was down 16.9% compared to the same quarter last year. During the same quarter last year, the business posted $3.15 EPS. Analysts forecast that Par Pacific will post 1.12 earnings per share for the current year.

Insider Transactions at Par Pacific

In related news, Director William Pate sold 67,700 shares of the firm’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $16.22, for a total value of $1,098,094.00. Following the completion of the transaction, the director now directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 4.40% of the company’s stock.

Institutional Trading of Par Pacific

A number of large investors have recently added to or reduced their stakes in PARR. Pacer Advisors Inc. acquired a new stake in Par Pacific in the 3rd quarter valued at about $61,870,000. State Street Corp raised its stake in Par Pacific by 10.5% in the third quarter. State Street Corp now owns 3,461,282 shares of the company’s stock valued at $60,919,000 after buying an additional 328,325 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Par Pacific by 0.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,136,956 shares of the company’s stock valued at $53,956,000 after buying an additional 17,509 shares during the last quarter. Millennium Management LLC lifted its position in shares of Par Pacific by 48.4% in the second quarter. Millennium Management LLC now owns 1,952,754 shares of the company’s stock valued at $49,307,000 after buying an additional 636,908 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of Par Pacific by 13.9% during the 2nd quarter. American Century Companies Inc. now owns 1,435,794 shares of the company’s stock worth $36,254,000 after acquiring an additional 175,331 shares during the period. Institutional investors and hedge funds own 92.15% of the company’s stock.

Par Pacific Company Profile

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.