Cowen Lowers Par Pacific (PARR) to Market Perform

Par Pacific (NYSEAMERICAN:PARR) was downgraded by equities researchers at Cowen from an “outperform” rating to a “market perform” rating in a research report issued on Wednesday, September 12th, MarketBeat Ratings reports. They presently have a $22.00 price objective on the oil and gas company’s stock. Cowen’s price objective suggests a potential upside of 14.23% from the stock’s current price.

Separately, Zacks Investment Research raised shares of Par Pacific from a “hold” rating to a “buy” rating and set a $19.00 target price for the company in a research report on Wednesday, July 25th.

Shares of PARR stock traded down $0.20 on Wednesday, hitting $19.26. 158,401 shares of the company’s stock traded hands, compared to its average volume of 234,677. The company has a quick ratio of 0.35, a current ratio of 1.09 and a debt-to-equity ratio of 0.71. Par Pacific has a one year low of $16.42 and a one year high of $21.85.

Par Pacific (NYSEAMERICAN:PARR) last announced its quarterly earnings results on Tuesday, August 7th. The oil and gas company reported $0.29 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.04. The business had revenue of $856.40 million during the quarter, compared to analysts’ expectations of $654.70 million. Par Pacific had a net margin of 2.87% and a return on equity of 17.03%. On average, research analysts forecast that Par Pacific will post 1.33 earnings per share for the current fiscal year.

Large investors have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. bought a new stake in shares of Par Pacific in the second quarter worth approximately $5,725,000. Renaissance Technologies LLC grew its stake in shares of Par Pacific by 62.3% in the second quarter. Renaissance Technologies LLC now owns 750,200 shares of the oil and gas company’s stock worth $13,038,000 after acquiring an additional 287,946 shares during the period. Park West Asset Management LLC grew its stake in shares of Par Pacific by 53.0% in the first quarter. Park West Asset Management LLC now owns 725,000 shares of the oil and gas company’s stock worth $12,448,000 after acquiring an additional 251,097 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Par Pacific by 18.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,498,549 shares of the oil and gas company’s stock worth $25,730,000 after acquiring an additional 234,188 shares during the period. Finally, Schwab Charles Investment Management Inc. grew its stake in shares of Par Pacific by 41.3% in the first quarter. Schwab Charles Investment Management Inc. now owns 520,077 shares of the oil and gas company’s stock worth $8,930,000 after acquiring an additional 152,139 shares during the period. Institutional investors and hedge funds own 83.57% of the company’s stock.

Par Pacific Company Profile

Par Pacific Holdings, Inc owns, manages, and maintains interests in energy and infrastructure businesses. It operates through three segments: Refining, Retail, and Logistics. The Refining segment operates a refinery that produces ultra-low sulfur diesel, gasoline, jet fuel, marine fuel, and other associated refined products.

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