Par Pacific (NYSE:PARR) Given New $17.00 Price Target at TD Cowen

Par Pacific (NYSE:PARR) had its price objective cut by TD Cowen from $21.00 to $17.00 in a report issued on Thursday, MarketBeat.com reports. They currently have a buy rating on the stock.

A number of other analysts have also recently issued reports on PARR. The Goldman Sachs Group reduced their target price on shares of Par Pacific from $23.00 to $20.00 and set a “neutral” rating for the company in a research note on Friday, January 31st. Raymond James began coverage on shares of Par Pacific in a research note on Friday, January 24th. They issued an “outperform” rating and a $25.00 price objective for the company. Mizuho downgraded shares of Par Pacific from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $26.00 to $22.00 in a research report on Monday, December 16th. StockNews.com raised Par Pacific from a “sell” rating to a “hold” rating in a research report on Thursday, November 14th. Finally, JPMorgan Chase & Co. decreased 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, January 16th. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Par Pacific has an average rating of “Hold” and a consensus target price of $22.86.

Par Pacific Price Performance

Shares of NYSE:PARR opened at $14.12 on Thursday. The firm has a market cap of $789.82 million, a price-to-earnings ratio of 2.74 and a beta of 1.99. Par Pacific has a 1 year low of $13.40 and a 1 year high of $40.20. 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 business has a fifty day simple moving average of $16.67 and a 200 day simple moving average of $17.78.

Par Pacific (NYSE:PARR) last posted its quarterly earnings results on Tuesday, February 25th. The company reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.64). The firm had revenue of $1.83 billion for the quarter, compared to analysts’ expectations of $1.68 billion. Par Pacific had a return on equity of 10.06% and a net margin of 3.74%. As a group, sell-side analysts predict that Par Pacific will post 0.15 earnings per share for the current fiscal year.

Insider Activity

In other news, Director William Pate sold 67,700 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 524,610 shares in the company, valued at $8,509,174.20. The trade was a 11.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Par Pacific

A number of institutional investors and hedge funds have recently bought and sold shares of PARR. Pacer Advisors Inc. acquired a new stake in Par Pacific in the 3rd quarter worth $61,870,000. Solas Capital Management LLC raised its position in shares of Par Pacific by 417.7% during the fourth quarter. Solas Capital Management LLC now owns 795,000 shares of the company’s stock valued at $13,030,000 after buying an additional 641,423 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Par Pacific by 43.4% in the fourth quarter. Millennium Management LLC now owns 1,936,798 shares of the company’s stock valued at $31,744,000 after buying an additional 586,003 shares during the period. Bridgewater Associates LP acquired a new stake in Par Pacific during the fourth quarter worth about $9,293,000. Finally, State Street Corp increased its stake in Par Pacific by 10.5% during the third quarter. State Street Corp now owns 3,461,282 shares of the company’s stock valued at $60,919,000 after acquiring an additional 328,325 shares during the period. 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.