Par Pacific (NYSE:PARR) Stock Price Down 3.9% – Here’s Why

Par Pacific Holdings, Inc. (NYSE:PARR)’s share price dropped 3.9% on Tuesday . The stock traded as low as $17.50 and last traded at $17.51. Approximately 163,578 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 723,524 shares. The stock had previously closed at $18.22.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. The Goldman Sachs Group decreased their target price on shares of Par Pacific from $26.00 to $23.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. Piper Sandler lowered Par Pacific from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $37.00 to $23.00 in a research note on Friday, September 20th. StockNews.com raised Par Pacific from a “sell” rating to a “hold” rating in a report on Thursday, November 14th. Mizuho lowered Par Pacific from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $26.00 to $22.00 in a report on Monday, December 16th. Finally, JPMorgan Chase & Co. dropped their price target on Par Pacific from $27.00 to $26.00 and set an “overweight” rating for the company in a research note on Thursday. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $25.83.

Par Pacific Stock Performance

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 company has a market cap of $1.00 billion, a P/E ratio of 3.46 and a beta of 2.00. The company has a 50 day moving average price of $16.75 and a 200-day moving average price of $19.44.

Par Pacific (NYSE:PARR) last released its quarterly earnings data on Monday, November 4th. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.02. Par Pacific had a return on equity of 10.06% and a net margin of 3.74%. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $1.88 billion. During the same period last year, the firm posted $3.15 earnings per share. Par Pacific’s revenue was down 16.9% compared to the same quarter last year. On average, equities analysts expect that Par Pacific Holdings, Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director William Pate sold 67,700 shares of the business’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $16.22, for a total transaction of $1,098,094.00. Following the sale, the director now owns 524,610 shares in the company, valued at $8,509,174.20. The trade was a 11.43 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 4.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Par Pacific

Institutional investors and hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC grew its holdings in shares of Par Pacific by 232.5% during the fourth quarter. GAMMA Investing LLC now owns 1,669 shares of the company’s stock worth $27,000 after purchasing an additional 1,167 shares during the last quarter. Headlands Technologies LLC raised its holdings in Par Pacific by 215.1% in the 2nd quarter. Headlands Technologies LLC now owns 1,166 shares of the company’s stock valued at $29,000 after buying an additional 796 shares during the last quarter. Quarry LP grew its holdings in Par Pacific by 610.5% during the 2nd quarter. Quarry LP now owns 2,359 shares of the company’s stock worth $60,000 after acquiring an additional 2,027 shares during the last quarter. FMR LLC grew its holdings in Par Pacific by 126.7% during the 3rd quarter. FMR LLC now owns 8,634 shares of the company’s stock worth $152,000 after acquiring an additional 4,826 shares during the last quarter. Finally, MQS Management LLC acquired a new position in Par Pacific in the 3rd quarter valued at approximately $185,000. 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.