Zacks Investment Research Downgrades Par Pacific (PARR) to Hold

Par Pacific (NYSEAMERICAN:PARR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

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. “

Separately, Cowen downgraded shares of Par Pacific from an “outperform” rating to a “market perform” rating and set a $22.00 price target on the stock. in a report on Wednesday, September 12th.

Shares of NYSEAMERICAN:PARR opened at $16.96 on Wednesday. Par Pacific has a 1-year low of $16.10 and a 1-year high of $21.34.

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

Several institutional investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. raised its position in shares of Par Pacific by 15.9% during the second quarter. Victory Capital Management Inc. now owns 22,757 shares of the oil and gas company’s stock valued at $396,000 after buying an additional 3,121 shares during the last quarter. Rhumbline Advisers raised its position in shares of Par Pacific by 5.3% during the third quarter. Rhumbline Advisers now owns 69,534 shares of the oil and gas company’s stock valued at $1,418,000 after buying an additional 3,489 shares during the last quarter. Globeflex Capital L P raised its position in shares of Par Pacific by 4.5% during the second quarter. Globeflex Capital L P now owns 81,143 shares of the oil and gas company’s stock valued at $1,410,000 after buying an additional 3,522 shares during the last quarter. Strs Ohio raised its position in shares of Par Pacific by 8.9% during the second quarter. Strs Ohio now owns 46,600 shares of the oil and gas company’s stock valued at $809,000 after buying an additional 3,800 shares during the last quarter. Finally, Arizona State Retirement System raised its position in shares of Par Pacific by 10.5% during the third quarter. Arizona State Retirement System now owns 40,599 shares of the oil and gas company’s stock valued at $828,000 after buying an additional 3,851 shares during the last quarter. Hedge funds and other institutional investors 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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