Par Pacific (NYSE:PARR) Rating Increased to Overweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Par Pacific (NYSE:PARR) from a neutral rating to an overweight rating in a research report sent to investors on Wednesday morning, Marketbeat reports. The firm currently has $30.00 target price on the stock, down from their prior target price of $36.00.

Several other research analysts also recently commented on the company. UBS Group cut their target price on Par Pacific from $40.00 to $29.00 and set a neutral rating on the stock in a report on Monday, August 19th. TD Cowen reduced their price objective on shares of Par Pacific from $36.00 to $32.00 and set a buy rating for the company in a research report on Friday, August 9th. Mizuho cut their target price on Par Pacific from $30.00 to $28.00 and set an outperform rating on the stock in a report on Monday, September 16th. The Goldman Sachs Group dropped their price target on shares of Par Pacific from $37.00 to $32.00 and set a neutral rating on the stock in a research report on Wednesday, July 31st. Finally, Tudor Pickering upgraded Par Pacific to a hold rating in a report on Monday, September 9th. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, Par Pacific has a consensus rating of Hold and a consensus target price of $29.00.

Par Pacific Trading Down 1.8 %

PARR opened at $18.97 on Wednesday. The company has a market cap of $1.10 billion, a P/E ratio of 2.37 and a beta of 1.98. The company has a current ratio of 1.63, a quick ratio of 0.59 and a debt-to-equity ratio of 0.84. The company’s 50 day moving average is $21.27 and its 200-day moving average is $26.42. Par Pacific has a 1-year low of $17.06 and a 1-year high of $40.69.

Par Pacific (NYSE:PARR) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.36. Par Pacific had a return on equity of 26.40% and a net margin of 5.43%. The company had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $1.82 billion. During the same quarter last year, the business posted $1.73 EPS. Par Pacific’s revenue for the quarter was up 13.1% on a year-over-year basis. Equities research analysts predict that Par Pacific will post 1.34 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. TD Asset Management Inc raised its position in Par Pacific by 46.4% during the 4th quarter. TD Asset Management Inc now owns 104,400 shares of the company’s stock valued at $3,797,000 after purchasing an additional 33,100 shares during the last quarter. Acadian Asset Management LLC purchased a new position in Par Pacific during the 1st quarter valued at $978,000. Hennessy Advisors Inc. raised its holdings in Par Pacific by 18.7% in 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 purchased a new stake in shares of Par Pacific in the 4th quarter worth about $1,637,000. Finally, Russell Investments Group Ltd. boosted its stake in shares of Par Pacific by 14.9% during the 1st quarter. Russell Investments Group Ltd. now owns 204,509 shares of the company’s stock valued at $7,579,000 after purchasing an additional 26,485 shares in the last quarter. 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.