TD Cowen lowered the firm’s price target on Par Pacific to $32 from $36 and keeps a Buy rating on the shares. The firm said results beat estimates while the company repurchased a record 66MM in 2Q24. The company will have a small Billings turnaround in 3Q24 though Cowen sees less downside to 2H24 EBITDA relative to the peer group with benefits from diesel leverage asset availability and narrower US-Asia margin spread.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PARR:
- Par Pacific reports Q2 adjusted EPS 49c, consensus 17c
- PARR Upcoming Earnings Report: What to Expect?
- Par Pacific initiated with an Outperform at Mizuho
- Par Pacific Announces Second Quarter 2024 Earnings Release and Conference Call Schedule
- Par Pacific price target lowered to $36 from $38 at JPMorgan