Par Pacific (NYSE:PARR) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Par Pacific (NYSE:PARR - Get Free Report) released its earnings results on Monday. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.02, Briefing.com reports. The business 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 business's quarterly revenue was down 16.9% compared to the same quarter last year. During the same quarter last year, the business posted $3.15 earnings per share.

Par Pacific Stock Performance

PARR traded down $0.71 on Tuesday, reaching $15.11. The company had a trading volume of 1,889,281 shares, compared to its average volume of 904,270. The stock has a 50-day moving average price of $18.49 and a 200-day moving average price of $23.40. Par Pacific has a 1 year low of $14.84 and a 1 year high of $40.69. The company has a quick ratio of 0.59, a current ratio of 1.63 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $851.15 million, a PE ratio of 1.93 and a beta of 1.99.

Analyst Ratings Changes

PARR has been the topic of several research reports. JPMorgan Chase & Co. upgraded Par Pacific from a "neutral" rating to an "overweight" rating and decreased their target price for the company from $36.00 to $30.00 in a research report on Wednesday, October 2nd. Piper Sandler downgraded Par Pacific from an "overweight" rating to a "neutral" rating and reduced their price objective for the stock from $37.00 to $23.00 in a research report on Friday, September 20th. The Goldman Sachs Group reduced their price objective on Par Pacific from $32.00 to $28.00 and set a "neutral" rating on the stock in a research report on Wednesday, October 9th. TD Cowen reduced their price objective on Par Pacific from $36.00 to $32.00 and set a "buy" rating on the stock in a research report on Friday, August 9th. Finally, UBS Group reduced their price objective on Par Pacific from $40.00 to $29.00 and set a "neutral" rating on the stock in a research report on Monday, August 19th. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $28.00.

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.