Par Pacific (NYSE:PARR) Shares Gap Down – Here’s Why

Par Pacific Holdings, Inc. (NYSE:PARR)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $64.61, but opened at $58.00. Par Pacific shares last traded at $60.5870, with a volume of 542,358 shares.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Weiss Ratings reiterated a “hold (c+)” rating on shares of Par Pacific in a report on Friday, March 27th. Mizuho upped their price target on shares of Par Pacific from $49.00 to $58.00 and gave the stock a “neutral” rating in a report on Tuesday, March 17th. The Goldman Sachs Group upped their price target on shares of Par Pacific from $44.00 to $53.00 and gave the stock a “neutral” rating in a report on Thursday, March 12th. TD Cowen upped their price target on shares of Par Pacific from $39.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Finally, Wall Street Zen upgraded shares of Par Pacific from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 14th. Four analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Par Pacific currently has a consensus rating of “Hold” and a consensus price target of $58.00.

Par Pacific Trading Down 6.6%

The company has a quick ratio of 0.49, a current ratio of 1.61 and a debt-to-equity ratio of 0.54. The company has a market cap of $2.99 billion, a P/E ratio of 8.27 and a beta of 0.97. The firm’s 50 day moving average is $49.43 and its two-hundred day moving average is $42.58.

Par Pacific (NYSE:PARR) last issued its quarterly earnings data on Tuesday, February 24th. The company reported $1.17 earnings per share for the quarter, missing the consensus estimate of $1.21 by ($0.04). Par Pacific had a return on equity of 30.19% and a net margin of 4.95%.The business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the prior year, the firm earned ($0.79) EPS. The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Par Pacific Holdings, Inc. will post 0.15 EPS for the current year.

Insider Buying and Selling

In other Par Pacific news, CEO William Monteleone sold 108,948 shares of the company’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $54.06, for a total transaction of $5,889,728.88. Following the sale, the chief executive officer owned 457,167 shares of the company’s stock, valued at approximately $24,714,448.02. This represents a 19.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 3.60% of the company’s stock.

Institutional Trading of Par Pacific

Institutional investors have recently bought and sold shares of the company. Federated Hermes Inc. bought a new stake in Par Pacific during the third quarter valued at $44,000. Aster Capital Management DIFC Ltd bought a new stake in Par Pacific during the third quarter valued at $48,000. Smartleaf Asset Management LLC boosted its position in 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 acquiring an additional 1,048 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in Par Pacific by 16.2% during the third quarter. Nisa Investment Advisors LLC now owns 1,855 shares of the company’s stock valued at $66,000 after acquiring an additional 259 shares during the last quarter. Finally, Rockefeller Capital Management L.P. boosted its position in Par Pacific by 385.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,962 shares of the company’s stock valued at $69,000 after acquiring an additional 1,558 shares during the last quarter. Institutional investors 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.