Oppenheimer analyst Tim Rezvan reiterated a Buy rating on Par Pacific Holdings (PARR) today and set a price target of $22. The company’s shares opened today at $17.66.
Rezvan observed:
“As a volatile first quarter of oil price/differential volatility winds down for Par Pacific, we update earnings estimates after digesting comments from 4Q earnings and reviewing the company’s 10-K. PARR shares have traded well YTD (+25%, versus a +2% return for a group of small/mid-cap refiners), which we view as justified, given the emerging scale (166 mb/d throughput in 2019) and ongoing pivot to distillates (47% of 2019 refined products). We see upside in PARR shares if the company can execute on its 2019 growth capex initiatives, especially its ongoing distillate hydrotreater project, expected to come into service in 3Q19. We reiterate our Outperform rating and $22 price target.”
According to TipRanks.com, Rezvan is a 2-star analyst with an average return of 0.0% and a 48.0% success rate. Rezvan covers the Basic Materials sector, focusing on stocks such as Whiting Petroleum Corp, Gulfport Energy Corp, and Oasis Petroleum Inc.
Par Pacific Holdings has an analyst consensus of Moderate Buy, with a price target consensus of $22.
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Based on Par Pacific Holdings’ latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $13.69 million. In comparison, last year the company had a net profit of $18.81 million.
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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.
