Par Pacific (NYSE:PARR) Shares Down 5.8% After Analyst Downgrade

Par Pacific Holdings, Inc. (NYSE:PARR) was down 5.8% on Friday after Mizuho downgraded the stock from an outperform rating to a neutral rating. Mizuho now has a $91.00 price target on the stock. Par Pacific traded as low as $83.83 and last traded at $82.5880. Approximately 454,624 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 1,155,924 shares. The stock had previously closed at $87.65.

Other equities research analysts also recently issued reports about the company. Weiss Ratings raised Par Pacific from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, September 8th. Benchmark restated a “buy” rating on shares of Par Pacific in a research report on Wednesday, July 8th. UBS Group reaffirmed a “neutral” rating on shares of Par Pacific in a research note on Wednesday, August 26th. TD Cowen lowered their price target on Par Pacific from $100.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, August 7th. Finally, The Goldman Sachs Group increased their price objective on Par Pacific from $77.00 to $92.00 and gave the stock a “buy” rating in a research note on Thursday, July 23rd. 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 MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $85.14.

Insider Transactions at Par Pacific

In other news, insider Danielle Mattiussi sold 3,278 shares of Par Pacific stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $67.29, for a total value of $220,576.62. Following the completion of the transaction, the insider owned 27,878 shares in the company, valued at approximately $1,875,910.62. The trade was a 10.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William Monteleone sold 40,000 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $81.30, for a total value of $3,252,000.00. Following the sale, the chief executive officer owned 457,167 shares in the company, valued at approximately $37,167,677.10. This trade represents a 8.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 54,248 shares of company stock valued at $4,394,057. Corporate insiders own 3.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC increased its holdings in shares of Par Pacific by 32.0% in the first quarter. EverSource Wealth Advisors LLC now owns 713 shares of the company’s stock worth $45,000 after acquiring an additional 173 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Par Pacific by 1.7% in the 3rd quarter. GAMMA Investing LLC now owns 15,254 shares of the company’s stock valued at $1,245,000 after purchasing an additional 255 shares during the period. Birchbrook Inc. increased its stake in Par Pacific by 12.8% during the 2nd quarter. Birchbrook Inc. now owns 3,385 shares of the company’s stock worth $190,000 after purchasing an additional 385 shares in the last quarter. NewEdge Advisors LLC acquired a new stake in Par Pacific during the 1st quarter worth approximately $26,000. Finally, Pictet Asset Management Holding SA raised its holdings in Par Pacific by 6.4% during the 1st quarter. Pictet Asset Management Holding SA now owns 7,598 shares of the company’s stock worth $476,000 after buying an additional 455 shares during the period. 92.15% of the stock is owned by institutional investors.

Par Pacific Stock Performance

The company has a debt-to-equity ratio of 0.38, a current ratio of 1.84 and a quick ratio of 0.76. The stock’s 50 day simple moving average is $80.10 and its two-hundred day simple moving average is $68.72. The stock has a market cap of $4.14 billion, a P/E ratio of 4.85 and a beta of 0.75.

Par Pacific (NYSE:PARR) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $10.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.22 by $1.88. Par Pacific had a net margin of 9.94% and a return on equity of 56.19%. The company had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $2.40 billion. During the same quarter in the prior year, the firm earned $1.54 earnings per share. The firm’s revenue was up 56.8% compared to the same quarter last year. As a group, research analysts forecast that Par Pacific Holdings, Inc. will post 23.74 EPS for the current year.

Par Pacific Company Profile

Par Pacific Holdings, Inc is an energy company engaged in refining, marketing and distributing transportation fuels and other petroleum products. Through its refining operations, the company produces gasoline, diesel, jet fuel, asphalt and other refined products for commercial, industrial and retail customers.

Par Pacific operates refineries and related energy infrastructure in the western United States, with a significant presence in Hawaii and additional refining and logistics operations in the Pacific Northwest and Rocky Mountain regions.