Par Pacific (NYSE:PARR) Shares Up 6.9% – Here’s Why

Shares of Par Pacific Holdings, Inc. (NYSE:PARR) were up 6.9% on Monday . The stock traded as high as $17.53 and last traded at $17.54. Approximately 248,970 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 826,487 shares. The stock had previously closed at $16.41.

Wall Street Analysts Forecast Growth

PARR has been the subject of several recent analyst reports. JPMorgan Chase & Co. decreased their target price on Par Pacific from $27.00 to $26.00 and set an “overweight” rating for the company in a research note on Thursday, January 16th. Mizuho downgraded shares of Par Pacific from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $26.00 to $22.00 in a research report on Monday, December 16th. Raymond James began coverage on shares of Par Pacific in a research report on Friday, January 24th. They set an “outperform” rating and a $25.00 target price on the stock. StockNews.com upgraded shares of Par Pacific from a “sell” rating to a “hold” rating in a report on Thursday, November 14th. Finally, The Goldman Sachs Group dropped their price objective on shares of Par Pacific from $23.00 to $20.00 and set a “neutral” rating on the stock in a report on Friday, January 31st. Seven investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $25.29.

Par Pacific Price Performance

The company has a quick ratio of 0.66, a current ratio of 1.69 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $891.84 million, a P/E ratio of 3.09 and a beta of 1.99. The business’s 50 day simple moving average is $16.82 and its two-hundred day simple moving average is $18.47.

Insider Buying and Selling at Par Pacific

In other Par Pacific news, Director William Pate sold 67,700 shares of Par Pacific 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. The trade was a 11.43 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 4.40% of the company’s stock.

Institutional Trading of Par Pacific

Several institutional investors and hedge funds have recently made changes to their positions in the company. Pacer Advisors Inc. bought a new stake in Par Pacific during the third quarter worth $61,870,000. State Street Corp increased its position in shares of Par Pacific by 10.5% during the 3rd quarter. State Street Corp now owns 3,461,282 shares of the company’s stock valued at $60,919,000 after purchasing an additional 328,325 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Par Pacific by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,283,303 shares of the company’s stock worth $22,591,000 after purchasing an additional 7,804 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Par Pacific by 22.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 909,220 shares of the company’s stock worth $14,902,000 after buying an additional 167,594 shares during the last quarter. Finally, Yaupon Capital Management LP grew its position in Par Pacific by 17.0% during the third quarter. Yaupon Capital Management LP now owns 604,828 shares of the company’s stock valued at $10,645,000 after buying an additional 87,881 shares during the period. Hedge funds and other institutional investors 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.