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

Par Pacific (NYSE:PARR) had its target price dropped by research analysts at The Goldman Sachs Group from $26.00 to $23.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 52.42% from the company’s current price.

A number of other brokerages also recently commented on PARR. JPMorgan Chase & Co. upgraded Par Pacific from a “neutral” rating to an “overweight” rating and lowered their target price for the stock from $36.00 to $30.00 in a research note on Wednesday, October 2nd. Piper Sandler lowered Par Pacific from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $37.00 to $23.00 in a research report on Friday, September 20th. Tudor Pickering raised shares of Par Pacific to a “hold” rating in a report on Monday, September 9th. Tudor, Pickering, Holt & Co. downgraded shares of Par Pacific from a “buy” rating to a “hold” rating in a report on Monday, September 9th. Finally, Mizuho lowered shares of Par Pacific from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $26.00 to $22.00 in a research report on Monday, December 16th. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $26.50.

Par Pacific Price Performance

Shares of NYSE:PARR opened at $15.09 on Thursday. Par Pacific has a twelve month low of $14.84 and a twelve month high of $40.69. The company has a current ratio of 1.69, a quick ratio of 0.66 and a debt-to-equity ratio of 0.84. The company has a market cap of $844.32 million, a PE ratio of 2.92 and a beta of 1.99. The company’s 50 day moving average is $16.73 and its 200 day moving average is $20.49.

Par Pacific (NYSE:PARR) last released its quarterly earnings data on Monday, November 4th. The company reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.02. The firm had revenue of $2.14 billion for the quarter, compared to analyst estimates of $1.88 billion. Par Pacific had a net margin of 3.74% and a return on equity of 10.06%. The business’s quarterly revenue was down 16.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.15 earnings per share. On average, sell-side analysts forecast that Par Pacific will post 1.12 EPS for the current year.

Insider Activity at Par Pacific

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Sanctuary Advisors LLC acquired a new stake in Par Pacific in the 3rd quarter worth about $383,000. Geode Capital Management LLC lifted its position in shares of Par Pacific by 0.6% in the third quarter. Geode Capital Management LLC now owns 1,283,303 shares of the company’s stock valued at $22,591,000 after acquiring an additional 7,804 shares in the last quarter. Vestcor Inc acquired a new stake in shares of Par Pacific in the third quarter worth approximately $375,000. Barclays PLC increased its position in shares of Par Pacific by 10.1% during the third quarter. Barclays PLC now owns 469,640 shares of the company’s stock worth $8,265,000 after purchasing an additional 42,930 shares in the last quarter. Finally, Yaupon Capital Management LP raised its stake in Par Pacific by 17.0% in the 3rd quarter. Yaupon Capital Management LP now owns 604,828 shares of the company’s stock valued at $10,645,000 after purchasing an additional 87,881 shares during the last quarter. Institutional investors and hedge funds own 92.15% of the company’s stock.

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.