Par Pacific (NYSE:PARR) PT Lowered to $32.00 at TD Cowen

Par Pacific (NYSE:PARR) had its target price trimmed by TD Cowen from $36.00 to $32.00 in a research report report published on Friday morning, Marketbeat reports. The brokerage currently has a buy rating on the stock.

PARR has been the subject of several other research reports. Piper Sandler decreased their price objective on Par Pacific from $43.00 to $37.00 and set an overweight rating for the company in a report on Friday, June 14th. The Goldman Sachs Group decreased their price target on Par Pacific from $37.00 to $32.00 and set a neutral rating for the company in a research note on Wednesday, July 31st. JPMorgan Chase & Co. dropped their price objective on Par Pacific from $38.00 to $36.00 and set a neutral rating on the stock in a research note on Tuesday, July 2nd. Finally, Mizuho initiated coverage on shares of Par Pacific in a research note on Wednesday, July 17th. They issued an outperform rating and a $33.00 target price for the company. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Par Pacific has a consensus rating of Hold and an average price target of $34.50.

Par Pacific Trading Down 2.0 %

Shares of PARR traded down $0.48 during trading hours on Friday, reaching $23.92. The stock had a trading volume of 34,676 shares, compared to its average volume of 827,289. The firm has a 50-day moving average of $24.67 and a 200 day moving average of $31.09. The company has a quick ratio of 0.50, a current ratio of 1.28 and a debt-to-equity ratio of 0.49. The company has a market cap of $1.39 billion, a P/E ratio of 3.05 and a beta of 2.00. Par Pacific has a 52 week low of $22.54 and a 52 week high of $40.69.

Par Pacific (NYSE:PARR) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.36. The company had revenue of $2.02 billion for the quarter, compared to analyst estimates of $1.82 billion. Par Pacific had a return on equity of 26.54% and a net margin of 5.43%. Par Pacific’s revenue was up 13.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.73 earnings per share. On average, sell-side analysts expect that Par Pacific will post 1.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PARR. TD Asset Management Inc boosted its stake in shares of Par Pacific by 46.4% in the fourth quarter. TD Asset Management Inc now owns 104,400 shares of the company’s stock valued at $3,797,000 after buying an additional 33,100 shares during the period. Acadian Asset Management LLC bought a new stake in shares of Par Pacific during the 1st quarter valued at $978,000. Hennessy Advisors Inc. grew its holdings in shares of Par Pacific by 18.7% during the 1st quarter. Hennessy Advisors Inc. now owns 853,000 shares of the company’s stock worth $31,612,000 after purchasing an additional 134,600 shares in the last quarter. Paragon Associates & Paragon Associates II Joint Venture bought a new position in shares of Par Pacific in the fourth quarter worth $1,637,000. Finally, Russell Investments Group Ltd. increased its position in shares of Par Pacific by 14.9% in the first quarter. Russell Investments Group Ltd. now owns 204,509 shares of the company’s stock worth $7,579,000 after purchasing an additional 26,485 shares during the period. Institutional investors and hedge funds 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.