Par Pacific (NYSE:PARR) Downgraded to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Par Pacific (NYSE:PARR) from a hold rating to a sell rating in a report released on Thursday morning, reports.

According to Zacks, “Par Pacific Holdings, Inc. manages and maintains interests in energy and infrastructure businesses. The company’s operating segment consists of refining, retail and logistics. It also markets and distributes crude oil from the Western United States and Canada to refining hubs in the Midwest, Gulf Coast, East Coast and to Hawaii. Par Pacific Holdings, Inc., formerly known as Par Petroleum Corporation, is headquartered in Houston, Texas. “

Several other analysts have also weighed in on the company. Piper Sandler raised their price objective on Par Pacific from $11.00 to $14.00 and gave the company a neutral rating in a research note on Thursday, April 1st. Cowen raised Par Pacific from a market perform rating to an outperform rating and raised their price objective for the company from $13.00 to $21.00 in a research note on Monday, March 1st. Finally, The Goldman Sachs Group raised Par Pacific from a neutral rating to a buy rating and raised their price objective for the company from $19.00 to $20.00 in a research note on Tuesday, April 6th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. Par Pacific currently has a consensus rating of Hold and a consensus target price of $15.75.

Shares of NYSE PARR opened at $17.13 on Thursday. The company has a quick ratio of 0.33, a current ratio of 0.82 and a debt-to-equity ratio of 2.19. Par Pacific has a 52 week low of $5.91 and a 52 week high of $20.18. The company has a market capitalization of $1.03 billion, a PE ratio of -3.68 and a beta of 2.64. The stock has a fifty day moving average of $14.88.

Par Pacific (NYSE:PARR) last issued its quarterly earnings results on Wednesday, May 5th. The company reported ($1.55) EPS for the quarter, missing the Zacks’ consensus estimate of ($1.34) by ($0.21). Par Pacific had a negative return on equity of 94.82% and a negative net margin of 8.86%. The company had revenue of $888.68 million during the quarter, compared to the consensus estimate of $1.13 billion. Research analysts anticipate that Par Pacific will post -1.86 earnings per share for the current year.

In other news, CAO Ivan Daniel Guerra sold 5,000 shares of Par Pacific stock in a transaction dated Wednesday, June 2nd. The stock was sold at an average price of $15.24, for a total transaction of $76,200.00. Following the sale, the chief accounting officer now directly owns 23,021 shares of the company’s stock, valued at $350,840.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.90% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Vantage Consulting Group Inc acquired a new position in shares of Par Pacific in the fourth quarter worth approximately $40,000. KBC Group NV bought a new stake in Par Pacific in the first quarter worth approximately $88,000. Pinz Capital Management LP bought a new stake in Par Pacific in the first quarter worth approximately $106,000. Virtu Financial LLC bought a new stake in Par Pacific in the first quarter worth approximately $142,000. Finally, Meeder Asset Management Inc. increased its holdings in Par Pacific by 22,461.7% in the first quarter. Meeder Asset Management Inc. now owns 10,604 shares of the company’s stock worth $150,000 after purchasing an additional 10,557 shares in the last quarter. 91.93% of the stock is currently owned by institutional investors.

Par Pacific Company Profile

Par Pacific Holdings, Inc owns and operates energy and infrastructure businesses. The company operates in three segments: Refining, Retail, and Logistics. The Refining segment owns and operates four refineries that produces ultra-low sulfur diesel, gasoline, jet fuel, marine fuel, distillate, asphalt, low sulfur fuel oil, and other associated refined products primarily for consumption in Hawaii, Pacific Northwest, Wyoming, and South Dakota.

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