Oppenheimer Keeps Their Buy Rating on Par Pacific Holdings (PARR)


In a report released yesterday, Tim Rezvan from Oppenheimer maintained a Buy rating on Par Pacific Holdings (PARR), with a price target of $22. The company’s shares closed yesterday at $18.42.

Rezvan commented:

“We hosted CEO William Pate and CFO Will Monteleone for investor meetings earlier this week. With volatility for crack spreads and regional crude differential abating as spring begins, investor questions focused on leverage, earnings/CF growth and overall strategy. We come away from meetings encouraged by the imminent inflection in earnings as the company starts completing growth projects next quarter, and expect widening Canadian oil differentials to support modeling assumptions. With ongoing growth initiatives (DHT project, naphtha hydrotreater) and 2020 turnarounds announced, we expect FCF generation to accelerate. We believe a near-term sale of Laramie is unlikely, and do not expect near-term acquisitions, with Par Pacific focused on assimilating its recent Hawaii and Tacoma refinery asset acquisitions.”

According to TipRanks.com, Rezvan is a 3-star analyst with an average return of 2.4% and a 55.6% success rate. Rezvan covers the Basic Materials sector, focusing on stocks such as Whiting Petroleum Corp, Gulfport Energy Corp, and Occidental Petroleum.

Par Pacific Holdings has an analyst consensus of Moderate Buy, with a price target consensus of $22.

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The company has a one-year high of $21.34 and a one-year low of $13.68. Currently, Par Pacific Holdings has an average volume of 327K.

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Par Pacific Holdings, Inc. owns and operates energy and infrastructure businesses. It operates through the following three segments: Refining, Retail and Logistics. The Refining segment involves the production of sulfur diesel, gasoline, jet fuel, marine fuel, and other associated refined products.

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