In a report released today, Tim Rezvan from Oppenheimer initiated coverage with a Buy rating on Par Pacific Holdings (PARR) and a price target of $22. The company’s shares opened today at $16.60, close to its 52-week low of $16.10.
Rezvan commented:
“We initiate coverage of PARR shares with an Outperform rating and a $22 PT. The company has described itself as growth-oriented, and has taken this to heart this year, with several transformation acquisitions and growth projects underway that are dramatically reshaping the company. What was once a one-off Hawaii refinery with interests in a private E&P should soon be an integrated, three-refinery network processing 170+ mb/d of crude, with estimated $65+ million of annual Logistics EBITDA and $80+ million of FCF/year with mid-cycle crack spreads. Accretive acquisitions and tactical capital investments to optimize revenue opportunities in Hawaii should allow Par Pacific to garner more mindshare with energy investors. Our $22 PT is SOTP-based, reflecting a target 5.6x 2020E EV/EBITDA multiple.”
According to TipRanks.com, Rezvan is a 2-star analyst with an average return of 0.0% and a 47.1% success rate. Rezvan covers the Basic Materials sector, focusing on stocks such as Whiting Petroleum Corp, Gulfport Energy Corp, and Oasis Petroleum Inc.
The word on The Street in general, suggests a Hold analyst consensus rating for Par Pacific Holdings with a $22 average price target.
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Par Pacific Holdings’ market cap is currently $775.7M and has a P/E ratio of 17.52. The company has a Price to Book ratio of 1.62.
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Par Pacific Holdings, Inc. owns, manages, and maintains interests in energy and infrastructure businesses. The company operates through the following segments: Refining, Retail and Logistics. The Refining segment involves the production of sulfur diesel, gasoline, jet fuel, marine fuel, and other associated refined products.
