Par Pacific (NYSEAMERICAN:PARR) Stock Rating Lowered by Zacks Investment Research

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, Zacks.com reports.

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. “

Several other brokerages also recently issued reports on PARR. Royal Bank of Canada reaffirmed an “average” rating and set a $48.00 price target on shares of in a report on Monday, June 10th. Oppenheimer set a $23.00 price target on Par Pacific and gave the company a “buy” rating in a report on Friday, May 31st. Finally, Goldman Sachs Group raised their price target on MEG Energy from C$6.00 to C$7.00 in a report on Tuesday, April 16th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $22.83.

NYSEAMERICAN PARR opened at $22.87 on Wednesday. Par Pacific has a 12 month low of $13.68 and a 12 month high of $22.88.

Par Pacific (NYSEAMERICAN:PARR) last released its quarterly earnings data on Tuesday, May 7th. The oil and gas company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.04 by $0.09. The company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.13 billion.

Institutional investors and hedge funds have recently bought and sold shares of the company. KBC Group NV increased its position in shares of Par Pacific by 322.0% in the second quarter. KBC Group NV now owns 593,670 shares of the oil and gas company’s stock worth $12,182,000 after purchasing an additional 453,000 shares during the period. Punch & Associates Investment Management Inc. increased its position in shares of Par Pacific by 45.2% in the first quarter. Punch & Associates Investment Management Inc. now owns 657,848 shares of the oil and gas company’s stock worth $11,716,000 after purchasing an additional 204,729 shares during the period. AJO LP increased its position in shares of Par Pacific by 97.0% in the first quarter. AJO LP now owns 388,543 shares of the oil and gas company’s stock worth $6,920,000 after purchasing an additional 191,313 shares during the period. BlackRock Inc. increased its position in shares of Par Pacific by 1.7% in the fourth quarter. BlackRock Inc. now owns 4,623,320 shares of the oil and gas company’s stock worth $65,558,000 after purchasing an additional 76,848 shares during the period. Finally, Dupont Capital Management Corp bought a new position in shares of Par Pacific in the first quarter worth $1,084,000. 83.57% of the stock is owned by institutional investors.

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.

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