Mizuho Securities Starts Par Pacific (PARR) at Buy
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Mizuho Securities initiates coverage on Par Pacific (NYSE: PARR) with a Buy rating and a price target of $20.00.
Analyst Timothy Rezvan commented, "It is a good time to put fresh eyes on a beaten-down mini-integrated amid a trough in global distillate pricing. Par Pacific diversified its downstream exposure through July's acquisition of the 18 mb/d Newcastle, WY refinery. Its upstream segment should benefit from increased activity from Laramie, amid resurgent natural gas. Catalysts for Par include potential IPOs of Laramie or its Logistics segment, resurgent natural gas prices, a recovery in crack spreads amid a declining distillate inventory glut, and additional accretive acquisitions."
Shares of Par Pacific closed at $13.80 yesterday.
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