Fri Sep 20 12:15:55 UTC 2024: ## Par Pacific Downgraded by Piper Sandler, Mixed Analyst Sentiment Remains
**New York, NY (MarketBeat News)** – Par Pacific (NYSE: PARR) has been downgraded from “overweight” to “neutral” by investment analysts at Piper Sandler, according to a research report released on Friday. The firm also lowered its price target for the stock from $37.00 to $23.00, representing a potential upside of 16.81% from current levels.
This move by Piper Sandler comes amidst a mixed sentiment from other research firms regarding Par Pacific. Tudor Pickering upgraded the stock to a “hold” rating, while Mizuho maintained an “outperform” rating but reduced its price target. Goldman Sachs and TD Cowen also lowered their price targets, while JPMorgan Chase & Co. maintained a “neutral” rating.
Overall, seven analysts currently rate Par Pacific as a “hold” and two as a “buy,” leading to an average rating of “Hold” with a consensus price target of $30.00.
Par Pacific recently reported strong earnings results for the second quarter, exceeding analyst expectations with earnings per share of $0.49 compared to the consensus estimate of $0.13. Revenue for the quarter also surpassed expectations at $2.02 billion, demonstrating continued growth compared to the previous year.
Despite the recent positive earnings, the downgrade by Piper Sandler reflects concerns about future performance. Large investors have been actively trading Par Pacific shares in recent quarters, with institutions and hedge funds collectively owning 92.15% of the company’s stock.
Par Pacific Holdings, Inc. operates in the energy and infrastructure industries, focusing on refining, retail, and logistics. The company owns and operates refineries across the United States, producing gasoline, distillate, asphalt, and other products.
First Piper 