Par Pacific (NYSE:PARR) Upgraded by JPMorgan Chase & Co. to Overweight

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

PARR has been the subject of a number of other research reports. Tudor Pickering raised shares of Par Pacific to a hold rating in a research report on Monday, September 9th. The Goldman Sachs Group decreased their price objective 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. UBS Group decreased their price target on Par Pacific from $40.00 to $29.00 and set a neutral rating on the stock in a report on Monday, August 19th. Piper Sandler downgraded Par Pacific from an overweight rating to a neutral rating and lowered their price objective for the company from $37.00 to $23.00 in a research report on Friday, September 20th. Finally, Mizuho reduced their price target on shares of Par Pacific from $30.00 to $28.00 and set an outperform rating on the stock in a report on Monday, September 16th. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Par Pacific currently has an average rating of Hold and a consensus price target of $29.00.

Par Pacific Price Performance

Shares of NYSE:PARR opened at $18.97 on Wednesday. The business has a 50-day simple moving average of $21.27 and a two-hundred day simple moving average of $26.42. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.59 and a current ratio of 1.63. The firm has a market cap of $1.10 billion, a price-to-earnings ratio of 2.37 and a beta of 1.98. Par Pacific has a fifty-two week low of $17.06 and a fifty-two week high of $40.69.

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

Institutional Investors Weigh In On Par Pacific

Several large investors have recently added to or reduced their stakes in PARR. SummerHaven Investment Management LLC boosted its holdings in shares of Par Pacific by 2.0% in the second quarter. SummerHaven Investment Management LLC now owns 28,537 shares of the company’s stock valued at $721,000 after purchasing an additional 563 shares during the period. Range Financial Group LLC increased its stake in shares of Par Pacific by 9.8% during the first quarter. Range Financial Group LLC now owns 6,817 shares of the company’s stock valued at $253,000 after buying an additional 608 shares during the period. Simplicity Wealth LLC grew its holdings in Par Pacific by 5.1% during the 2nd quarter. Simplicity Wealth LLC now owns 13,949 shares of the company’s stock worth $352,000 after acquiring an additional 677 shares in the last quarter. Linden Thomas Advisory Services LLC increased its holdings in Par Pacific by 1.6% during the second quarter. Linden Thomas Advisory Services LLC now owns 43,892 shares of the company’s stock valued at $1,108,000 after buying an additional 703 shares during the period. Finally, ProShare Advisors LLC raised its position in shares of Par Pacific by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 11,154 shares of the company’s stock worth $413,000 after acquiring an additional 768 shares in the last quarter. 92.15% of the stock is owned by hedge funds and other institutional investors.

About Par Pacific

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.