JPMorgan Chase & Co. Cuts Par Pacific (NYSE:PARR) Price Target to $26.00

Par Pacific (NYSE:PARR - Free Report) had its price objective reduced by JPMorgan Chase & Co. from $27.00 to $26.00 in a research report released on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other analysts have also recently commented on PARR. Mizuho cut Par Pacific from an "outperform" rating to a "neutral" rating and cut their price objective for the company from $26.00 to $22.00 in a research report on Monday, December 16th. The Goldman Sachs Group cut their target price on shares of Par Pacific from $26.00 to $23.00 and set a "neutral" rating for the company in a research note on Thursday, December 19th. Piper Sandler lowered Par Pacific from an "overweight" rating to a "neutral" rating and cut their price objective for the stock from $37.00 to $23.00 in a research note on Friday, September 20th. Finally, StockNews.com upgraded Par Pacific from a "sell" rating to a "hold" rating in a research report on Thursday, November 14th. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $25.83.

Par Pacific Stock Performance

NYSE:PARR traded down $0.52 during trading hours on Thursday, reaching $17.88. The company had a trading volume of 1,048,866 shares, compared to its average volume of 864,117. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.69 and a quick ratio of 0.66. Par Pacific has a 1-year low of $14.84 and a 1-year high of $40.69. The business's 50 day moving average price is $16.75 and its 200-day moving average price is $19.44. The firm has a market cap of $1.00 billion, a PE ratio of 3.46 and a beta of 2.00.

Par Pacific (NYSE:PARR - Get Free Report) last posted its earnings results on Monday, November 4th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.02. The firm had revenue of $2.14 billion during the quarter, compared to analysts' expectations of $1.88 billion. Par Pacific had a net margin of 3.74% and a return on equity of 10.06%. The business's revenue was down 16.9% compared to the same quarter last year. During the same period in the previous year, the business posted $3.15 EPS. Research analysts forecast that Par Pacific will post 1.12 EPS for the current year.

Insider Activity

In related news, Director William Pate sold 67,700 shares of the business's stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $16.22, for a total transaction of $1,098,094.00. Following the sale, the director now owns 524,610 shares of the company's stock, valued at approximately $8,509,174.20. The trade was a 11.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 4.40% of the company's stock.

Institutional Investors Weigh In On Par Pacific

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC boosted its position in shares of Par Pacific by 232.5% in the 4th quarter. GAMMA Investing LLC now owns 1,669 shares of the company's stock worth $27,000 after buying an additional 1,167 shares in the last quarter. Quarry LP raised its position in shares of Par Pacific by 610.5% during the 2nd quarter. Quarry LP now owns 2,359 shares of the company's stock worth $60,000 after purchasing an additional 2,027 shares during the last quarter. FMR LLC lifted its stake in Par Pacific by 126.7% in the 3rd quarter. FMR LLC now owns 8,634 shares of the company's stock valued at $152,000 after buying an additional 4,826 shares in the last quarter. MQS Management LLC acquired a new stake in Par Pacific during the 3rd quarter valued at $185,000. Finally, Verition Fund Management LLC purchased a new position in Par Pacific during the third quarter worth $197,000. 92.15% of the stock is currently owned by institutional investors and hedge funds.

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.