Par Pacific (NYSEAMERICAN:PARR) Stock Rating Upgraded by Zacks Investment Research
Par Pacific (NYSEAMERICAN:PARR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, Zacks.com reports. The firm currently has a $24.00 price target on the oil and gas company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 8.21% from the company’s previous close.
According to Zacks, “Par Pacific Holdings, Inc. manages and maintains interests in energy and infrastructure businesses. The company’s operating segment consists of refining, retail and logistics. It also markets and distributes crude oil from the Western United States and Canada to refining hubs in the Midwest, Gulf Coast, East Coast and to Hawaii. Par Pacific Holdings, Inc., formerly known as Par Petroleum Corporation, is headquartered in Houston, Texas. “
A number of other equities analysts have also weighed in on the company. Oppenheimer set a $23.00 target price on Par Pacific and gave the stock a “buy” rating in a research note on Friday, May 31st. Royal Bank of Canada reiterated an “average” rating and set a $48.00 target price on shares of in a research note on Monday, June 10th. Finally, Goldman Sachs Group increased their target price on MEG Energy from C$6.00 to C$7.00 in a research note on Tuesday, April 16th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $22.83.
Par Pacific (NYSEAMERICAN:PARR) last released its earnings results on Tuesday, May 7th. The oil and gas company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.09. The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.13 billion.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Flinton Capital Management LLC bought a new position in Par Pacific during the 4th quarter worth $26,000. Quadrant Capital Group LLC bought a new position in Par Pacific during the 1st quarter worth $49,000. Quantamental Technologies LLC bought a new position in Par Pacific during the 1st quarter worth $57,000. BNP Paribas Arbitrage SA raised its position in Par Pacific by 55,491.7% during the 1st quarter. BNP Paribas Arbitrage SA now owns 6,671 shares of the oil and gas company’s stock worth $119,000 after purchasing an additional 6,659 shares during the last quarter. Finally, Mason Street Advisors LLC raised its position in Par Pacific by 10.7% during the 1st quarter. Mason Street Advisors LLC now owns 9,619 shares of the oil and gas company’s stock worth $171,000 after purchasing an additional 928 shares during the last quarter. 83.57% of the stock is currently owned by institutional investors.
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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