The Goldman Sachs Group Has Lowered Expectations for Par Pacific (NYSE:PARR) Stock Price

Par Pacific (NYSE:PARR - Get Free Report) had its price objective cut by stock analysts at The Goldman Sachs Group from $26.00 to $23.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. The Goldman Sachs Group's price target indicates a potential upside of 51.92% from the company's previous close.

A number of other analysts also recently issued reports on the stock. Tudor Pickering upgraded shares of Par Pacific to a "hold" rating in a report on Monday, September 9th. Piper Sandler downgraded shares of 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 note on Friday, September 20th. JPMorgan Chase & Co. upgraded Par Pacific from a "neutral" rating to an "overweight" rating and dropped their target price for the stock from $36.00 to $30.00 in a report on Wednesday, October 2nd. Tudor, Pickering, Holt & Co. downgraded Par Pacific from a "buy" rating to a "hold" rating in a research note on Monday, September 9th. Finally, Mizuho cut Par Pacific from an "outperform" rating to a "neutral" rating and dropped their price objective for the stock from $26.00 to $22.00 in a research note on Monday. Seven research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $26.50.

Par Pacific Trading Down 4.3 %

Shares of PARR stock traded down $0.68 during trading hours on Thursday, reaching $15.14. The company had a trading volume of 1,420,203 shares, compared to its average volume of 906,907. 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 company has a 50 day moving average of $16.85 and a 200 day moving average of $20.60. The firm has a market cap of $847.11 million, a price-to-earnings ratio of 2.93 and a beta of 1.99.

Par Pacific (NYSE:PARR - Get Free Report) last posted its earnings results on Monday, November 4th. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.02. The company had revenue of $2.14 billion for the quarter, compared to analyst estimates 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 for the quarter was down 16.9% compared to the same quarter last year. During the same period last year, the business posted $3.15 earnings per share. On average, equities research analysts anticipate that Par Pacific will post 1.12 EPS for the current year.

Insider Buying and Selling at Par Pacific

In other news, Director William Pate sold 67,700 shares of the firm's stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $16.22, for a total value of $1,098,094.00. Following the completion of the sale, the director now directly owns 524,610 shares in the company, valued at $8,509,174.20. This trade represents a 11.43 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 4.40% of the company's stock.

Institutional Investors Weigh In On Par Pacific

Institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp lifted its stake in Par Pacific by 0.9% in the second quarter. Bank of New York Mellon Corp now owns 518,708 shares of the company's stock valued at $13,097,000 after purchasing an additional 4,877 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Par Pacific by 113.1% during the second quarter. Allspring Global Investments Holdings LLC now owns 20,896 shares of the company's stock worth $528,000 after acquiring an additional 11,092 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Par Pacific by 8.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,462 shares of the company's stock worth $363,000 after acquiring an additional 1,139 shares in the last quarter. Innealta Capital LLC purchased a new position in shares of Par Pacific in the second quarter valued at $104,000. Finally, Commonwealth Equity Services LLC purchased a new stake in Par Pacific during the 2nd quarter worth about $275,000. Institutional investors own 92.15% of the company's stock.

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.