Par Pacific (NYSE:PARR) Releases Quarterly Earnings Results, Misses Estimates By $0.22 EPS

Par Pacific (NYSE:PARR) released its quarterly earnings data on Tuesday. The company reported $0.78 earnings per share for the quarter, missing the consensus estimate of $1.00 by ($0.22), FiscalAI reports. The firm had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.78 billion. Par Pacific had a net margin of 6.02% and a return on equity of 35.43%. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.94) earnings per share.

Par Pacific Stock Down 0.9%

NYSE PARR traded down $0.54 on Thursday, reaching $61.76. The company had a trading volume of 691,806 shares, compared to its average volume of 1,361,994. The firm has a market capitalization of $3.06 billion, a PE ratio of 6.89 and a beta of 0.91. Par Pacific has a 1 year low of $16.86 and a 1 year high of $70.39. The firm has a 50-day moving average of $57.88 and a 200-day moving average of $46.26. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.61 and a quick ratio of 0.49.

Analysts Set New Price Targets

Several research firms have recently weighed in on PARR. Zacks Research raised Par Pacific from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 21st. UBS Group lifted their price objective on Par Pacific from $40.00 to $60.00 and gave the company a “neutral” rating in a research note on Thursday, April 9th. TD Cowen lifted their price objective on Par Pacific from $39.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Mizuho lifted their price objective on Par Pacific from $49.00 to $58.00 and gave the company a “neutral” rating in a research note on Tuesday, March 17th. Finally, Piper Sandler lifted their price objective on Par Pacific from $63.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday, April 8th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $67.00.

Insiders Place Their Bets

In other Par Pacific news, CEO William Monteleone sold 108,948 shares of the company’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $54.06, for a total value of $5,889,728.88. Following the transaction, the chief executive officer directly owned 457,167 shares of the company’s stock, valued at $24,714,448.02. This represents a 19.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 3.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Par Pacific

Institutional investors have recently made changes to their positions in the business. Kestra Advisory Services LLC acquired a new position in shares of Par Pacific in the 4th quarter valued at approximately $190,000. Triumph Capital Management acquired a new position in shares of Par Pacific in the 4th quarter valued at approximately $286,000. Polymer Capital Management US LLC acquired a new position in shares of Par Pacific in the 3rd quarter valued at approximately $216,000. Prelude Capital Management LLC acquired a new position in shares of Par Pacific in the 3rd quarter valued at approximately $280,000. Finally, Numerai GP LLC acquired a new position in shares of Par Pacific in the 3rd quarter valued at approximately $269,000. 92.15% of the stock is owned by institutional investors and hedge funds.

About Par Pacific

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.