Par Pacific (NYSE:PARR) Shares Gap Up After Earnings Beat

Par Pacific Holdings, Inc. (NYSE:PARR - Get Free Report)'s share price gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $15.82, but opened at $16.54. Par Pacific shares last traded at $15.88, with a volume of 106,908 shares.

The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.02. The firm had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $1.88 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 down 16.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.15 EPS.

Wall Street Analyst Weigh In

Several analysts have issued reports on PARR shares. JPMorgan Chase & Co. raised shares of Par Pacific from a "neutral" rating to an "overweight" rating and decreased their price objective for the stock from $36.00 to $30.00 in a research note on Wednesday, October 2nd. Piper Sandler cut Par Pacific from an "overweight" rating to a "neutral" rating and dropped their price objective for the company from $37.00 to $23.00 in a report on Friday, September 20th. Mizuho reduced their target price on Par Pacific from $28.00 to $26.00 and set an "outperform" rating on the stock in a research note on Wednesday, October 9th. The Goldman Sachs Group lowered their target price on shares of Par Pacific from $32.00 to $28.00 and set a "neutral" rating for the company in a research note on Wednesday, October 9th. Finally, Tudor Pickering upgraded shares of 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 assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $28.00.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PARR. Millennium Management LLC boosted its stake in shares of Par Pacific by 48.4% during the second quarter. Millennium Management LLC now owns 1,952,754 shares of the company's stock valued at $49,307,000 after purchasing an additional 636,908 shares in the last quarter. Harbor Capital Advisors Inc. lifted its holdings in Par Pacific by 160.2% during the third quarter. Harbor Capital Advisors Inc. now owns 513,254 shares of the company's stock worth $9,033,000 after buying an additional 315,967 shares during the period. Thomist Capital Management LP boosted its position in Par Pacific by 50.0% during the 2nd quarter. Thomist Capital Management LP now owns 559,277 shares of the company's stock valued at $13,095,000 after acquiring an additional 186,411 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Par Pacific by 13.9% in the 2nd quarter. American Century Companies Inc. now owns 1,435,794 shares of the company's stock valued at $36,254,000 after acquiring an additional 175,331 shares during the period. Finally, Yaupon Capital Management LP raised its position in shares of Par Pacific by 31.8% in the 1st quarter. Yaupon Capital Management LP now owns 520,621 shares of the company's stock worth $19,294,000 after acquiring an additional 125,747 shares in the last quarter. Hedge funds and other institutional investors own 92.15% of the company's stock.

Par Pacific Stock Down 4.5 %

The business has a 50 day moving average of $18.49 and a two-hundred day moving average of $23.40. The stock has a market capitalization of $851.15 million, a PE ratio of 1.93 and a beta of 1.99. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.59 and a current ratio of 1.63.

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.