Mizuho Raises Par Pacific (NYSE:PARR) Price Target to $80.00

Par Pacific (NYSE:PARR) had its price objective raised by analysts at Mizuho from $79.00 to $80.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Mizuho’s price objective would indicate a potential upside of 17.30% from the stock’s previous close.

Several other brokerages have also recently issued reports on PARR. Piper Sandler increased their target price on Par Pacific from $63.00 to $72.00 and gave the company an “overweight” rating in a research report on Wednesday, April 8th. Wall Street Zen upgraded Par Pacific from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 17th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Par Pacific in a research note on Wednesday, June 24th. JPMorgan Chase & Co. increased their price target on shares of Par Pacific from $48.00 to $77.00 and gave the company an “overweight” rating in a research report on Wednesday, April 8th. Finally, Raymond James Financial raised their price target on shares of Par Pacific from $50.00 to $77.00 and gave the company an “outperform” rating in a report on Wednesday, March 25th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $70.86.

Par Pacific Trading Down 0.5%

NYSE PARR opened at $68.20 on Thursday. Par Pacific has a one year low of $26.83 and a one year high of $70.39. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.60 and a current ratio of 1.62. The company has a market capitalization of $3.42 billion, a price-to-earnings ratio of 7.64 and a beta of 0.82. The company’s 50-day simple moving average is $58.11 and its two-hundred day simple moving average is $51.18.

Par Pacific (NYSE:PARR) last released its quarterly earnings data on Tuesday, May 5th. The company reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.22). The business had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.78 billion. Par Pacific had a net margin of 6.02% and a return on equity of 34.38%. Par Pacific’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.94) earnings per share. Equities analysts forecast that Par Pacific will post 16.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Par Pacific

Several hedge funds have recently modified their holdings of PARR. NewEdge Advisors LLC acquired a new position in Par Pacific during the 1st quarter valued at approximately $26,000. EverSource Wealth Advisors LLC grew its holdings in shares of Par Pacific by 32.0% during the first quarter. EverSource Wealth Advisors LLC now owns 713 shares of the company’s stock valued at $45,000 after buying an additional 173 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of Par Pacific by 81.1% during the second quarter. Smartleaf Asset Management LLC now owns 2,340 shares of the company’s stock valued at $62,000 after buying an additional 1,048 shares during the last quarter. Aster Capital Management DIFC Ltd increased its position in shares of Par Pacific by 34.9% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,847 shares of the company’s stock valued at $65,000 after acquiring an additional 478 shares during the period. Finally, Rockefeller Capital Management L.P. raised its stake in Par Pacific by 385.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,962 shares of the company’s stock worth $69,000 after acquiring an additional 1,558 shares during the last quarter. Institutional investors and hedge funds own 92.15% of the company’s stock.

Par Pacific Company Profile

Par Pacific Holdings, Inc (NYSE: PARR) is a diversified downstream energy company engaged in the refining, marketing and logistics of petroleum products. Through its subsidiaries, Par Pacific operates the Par Hawaii Refinery on the island of O?ahu, which processes crude oil into transportation fuels such as gasoline, diesel and jet fuel, as well as asphalt, petroleum coke and sulfur. In the Rocky Mountain region, the company owns and operates the Salt Lake City Refinery in Utah and associated logistics infrastructure, including pipelines and storage terminals, to support both crude supply and product distribution.

In marketing its refined products, Par Pacific maintains a network of branded and unbranded wholesale accounts across Hawaii and the U.S.