JPMorgan Upgrades Par Pacific Holdings (PARR) to Overweight

JPMorgan analyst John Royall upgraded Par Pacific Holdings (NYSE: PARR) from Neutral to Overweight with a price target of $30.00 (from $36.00).

The analyst comments: "PARR has been the worst performing refiner YTD, normalizing somewhat after a strong outperformance in 2023, and also reflecting a difficult environment for both diesel cracks, where PARR has a group-high exposure, and Asia cracks (and demand sentiment), where the company is also highly exposed. Post close of the Billings acquisition, PARR has been aggressive on its share buyback, which we expect to continue as shares have traded down sharply. While we think the near-term fundamental environment could continue to be challenging for PARR, we move to Overweight from Neutral as valuation has become highly attractive even on more conservative trough-like multiples."

For an analyst ratings summary and ratings history on Par Pacific Holdings click here. For more ratings news on Par Pacific Holdings click here.

Shares of Par Pacific Holdings closed at $17.53 yesterday.

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