CIBC Initiates Coverage on Par Pacific (PARR)

Equities research analysts at CIBC started coverage on shares of Par Pacific (NYSEAMERICAN:PARR) in a report issued on Friday. The firm set an “outperform” rating and a $22.00 price target on the oil and gas company’s stock. CIBC’s price objective would suggest a potential upside of 28.13% from the company’s previous close.

Several other research firms also recently commented on PARR. Zacks Investment Research upgraded shares of Par Pacific from a “hold” rating to a “buy” rating and set a $19.00 price target for the company in a research note on Tuesday. Cowen downgraded shares of Par Pacific from an “outperform” rating to a “market perform” rating and set a $22.00 price target for the company. in a research note on Wednesday, September 12th. Finally, Oppenheimer assumed coverage on shares of Par Pacific in a research note on Thursday. They issued an “outperform” rating and a $22.00 price target for the company.

Par Pacific stock traded up $0.21 during trading on Friday, hitting $17.17. The company had a trading volume of 15,573 shares, compared to its average volume of 233,449. Par Pacific has a 1-year low of $16.10 and a 1-year high of $21.34.

Par Pacific (NYSEAMERICAN:PARR) last posted its earnings results on Tuesday, November 6th. The oil and gas company reported $0.12 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by ($0.15). The company had revenue of $909.78 million for the quarter, compared to analysts’ expectations of $744.50 million.

Several large investors have recently bought and sold shares of PARR. BlackRock Inc. lifted its position in shares of Par Pacific by 17.7% during the 3rd quarter. BlackRock Inc. now owns 4,546,472 shares of the oil and gas company’s stock worth $92,748,000 after purchasing an additional 683,693 shares during the last quarter. FMR LLC purchased a new stake in shares of Par Pacific during the 3rd quarter worth $6,960,000. Point72 Asset Management L.P. purchased a new stake in shares of Par Pacific during the 2nd quarter worth $5,725,000. Evermore Global Advisors LLC purchased a new stake in shares of Par Pacific during the 3rd quarter worth $6,645,000. Finally, Credit Suisse AG lifted its position in shares of Par Pacific by 951.5% during the 3rd quarter. Credit Suisse AG now owns 356,257 shares of the oil and gas company’s stock worth $7,267,000 after purchasing an additional 322,377 shares during the last quarter. Institutional investors and hedge funds own 83.57% of the company’s stock.

About Par Pacific

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.

Further Reading: SEC Filing

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