The Goldman Sachs Group Cuts Par Pacific (NYSE:PARR) Price Target to $23.00

Par Pacific (NYSE:PARR) had its price target decreased by equities research analysts at The Goldman Sachs Group from $26.00 to $23.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price suggests a potential upside of 50.13% from the company’s previous close.

Several other research firms also recently weighed in on PARR. Tudor, Pickering, Holt & Co. downgraded Par Pacific from a “buy” rating to a “hold” rating in a research note on Monday, September 9th. JPMorgan Chase & Co. upgraded Par Pacific from a “neutral” rating to an “overweight” rating and reduced their price target for the company from $36.00 to $30.00 in a report on Wednesday, October 2nd. Tudor Pickering raised shares of Par Pacific to a “hold” rating in a research report on Monday, September 9th. Piper Sandler cut shares of Par Pacific from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $37.00 to $23.00 in a report on Friday, September 20th. Finally, StockNews.com raised Par Pacific from a “sell” rating to a “hold” rating in a research report on Thursday, November 14th. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $26.50.

Par Pacific Stock Down 3.2 %

Par Pacific stock traded down $0.50 during trading hours on Thursday, hitting $15.32. 268,647 shares of the stock traded hands, compared to its average volume of 902,038. The company has a market cap of $857.18 million, a PE ratio of 2.97 and a beta of 1.99. The company has a current ratio of 1.69, a quick ratio of 0.66 and a debt-to-equity ratio of 0.84. The firm’s 50-day moving average price is $16.85 and its two-hundred day moving average price is $20.60. Par Pacific has a one year low of $14.84 and a one year high of $40.69.

Par Pacific (NYSE:PARR) last issued its quarterly earnings results on Monday, November 4th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. The company had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $1.88 billion. Par Pacific had a net margin of 3.74% and a return on equity of 10.06%. Par Pacific’s revenue was down 16.9% on a year-over-year basis. During the same period last year, the company posted $3.15 EPS. On average, research analysts forecast that Par Pacific will post 1.12 EPS for the current year.

Insider Buying and Selling at Par Pacific

In other Par Pacific news, Director William Pate sold 67,700 shares of the stock in a transaction that occurred 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 completion of the sale, the director now directly owns 524,610 shares of the company’s stock, valued at $8,509,174.20. This trade represents a 11.43 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 4.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Par Pacific

Several institutional investors have recently added to or reduced their stakes in the company. Headlands Technologies LLC grew its position in Par Pacific by 215.1% in the second quarter. Headlands Technologies LLC now owns 1,166 shares of the company’s stock worth $29,000 after acquiring an additional 796 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in Par Pacific in the second quarter worth $43,000. Quarry LP boosted its stake in Par Pacific by 610.5% during the second quarter. Quarry LP now owns 2,359 shares of the company’s stock worth $60,000 after buying an additional 2,027 shares during the period. nVerses Capital LLC increased its position in Par Pacific by 41.7% during the second quarter. nVerses Capital LLC now owns 3,400 shares of the company’s stock valued at $86,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Innealta Capital LLC purchased a new stake in shares of Par Pacific in the second quarter valued at $104,000. Hedge funds and other institutional investors own 92.15% of the company’s stock.

Par Pacific Company Profile

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.