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Par Pacific Holdings
(NYSE:PARR)
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Rating:75Outperform
Price Target:
$84.00
▲(13.79% Upside)
Action:Reiterated
Date:08/26/26
PARR scores well on valuation (very low P/E) and shows a strong TTM financial rebound supported by improved profitability and balance-sheet positioning, but the score is tempered by historically volatile earnings/cash flow and mixed cash conversion. Technicals are mixed-to-neutral, while the latest earnings call underscores strong near-term performance and deleveraging alongside a Q3 turnaround-driven margin/cash timing headwind.
Positive Factors
Refining profitability and operating execution
Strong refining margins, high capture rates, record throughput and safely completed outages demonstrate effective asset operations. This execution supports earnings resilience when regional supply, demand and crude-sourcing conditions are favorable.
Negative Factors
Cyclical earnings and uneven cash conversion
Refining earnings and cash generation remain sensitive to margins, feedstock costs, outages and working capital. Historical negative cash flow and incomplete conversion of earnings into cash indicate that strong results may not persist through the cycle.
Read all positive and negative factors
Positive Factors
Negative Factors
Refining profitability and operating execution
Strong refining margins, high capture rates, record throughput and safely completed outages demonstrate effective asset operations. This execution supports earnings resilience when regional supply, demand and crude-sourcing conditions are favorable.
Read all positive factors
Par Pacific Holdings Key Performance Indicators (KPIs)
Any
Operating Income by Segment
Breaks down operating profit by business unit to highlight which segments deliver strong margins and which weigh on consolidated earnings. Reveals sensitivity to refining margins, retail margins and operational efficiency across Par Pacific’s businesses, important for judging profitability resilience.
Breaks down operating profit by business unit to highlight which segments deliver strong margins and which weigh on consolidated earnings. Reveals sensitivity to refining margins, retail margins and operational efficiency across Par Pacific’s businesses, important for judging profitability resilience.
Data provided by:
The Fly
The FlyPar Pacific Holdings (PARR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.95B
Dividend YieldN/A
Average Volume (3M)920.91K
Price to Earnings (P/E)4.6
Beta (1Y)0.07
Revenue Growth13.19%
EPS GrowthN/A
CountryUS
Employees1,758
SectorEnergy
Sector Strength52
IndustryOil & Gas Refining & Marketing
Share Statistics
EPS (TTM)17.34
Shares Outstanding50,099,630
10 Day Avg. Volume952,038
30 Day Avg. Volume920,909
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)1.18
Price to Sales (P/S)0.24
P/FCF Ratio6.03
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$84.00Price Target Upside13.79% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)19.08
Revenue Forecast (FY)$8.50B
Par Pacific Holdings Business Overview & Revenue Model
Company Description
Par Pacific Holdings, Inc. is an integrated energy and infrastructure company, managing diverse operations across three key divisions: Refining, Retail, and Logistics. Its Refining segment oversees three facilities that produce a variety of refine...
How the Company Makes Money
Par Pacific primarily makes money by purchasing crude oil and other feedstocks, refining them into higher-value petroleum products, and selling those products into wholesale and retail markets.
1) Refining (core earnings driver): The company earn...
Par Pacific Holdings Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 09, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive near-term financial and operational performance driven by exceptional refining margins and disciplined execution: substantial adjusted EBITDA ($571M), strong cash flow, record regional throughput and safe, on-time outages, improved liquidity (~$1.4B) and meaningful debt reduction (> $220M). Offsetting items include a concentrated Hawaii turnaround that will depress Q3 capture and require inventory builds (causing $312M working capital outflows), softer logistics and small retail fuel volume declines, regional outage-driven higher per-barrel costs (notably Wyoming), and the likely exhaustion of NOLs leading to higher taxes in 2027. On balance, the highlights materially outweigh the lowlights given the sizable earnings, balance sheet improvement, and operating execution demonstrated in the quarter.Positive Updates
Strong Quarterly Financial Results
Second quarter adjusted EBITDA of $571 million and adjusted net income of $499 million ($10.10 per share), demonstrating material profitability in Q2 2026.
Negative Updates
Hawaii Turnaround Concentrated Impact on Q3 Capture
Hawaii turnaround (late June) reduced production vs plan and will concentrate financial impacts in Q3: increased refined product imports, lower capture expected (below typical normalized guidance), and higher landed crude costs. Q3 Hawaii crude differential expected between $11.50 and $13.50 per barrel.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Quarterly Financial Results
Second quarter adjusted EBITDA of $571 million and adjusted net income of $499 million ($10.10 per share), demonstrating material profitability in Q2 2026.
Read all positive updates
Company Guidance
Guidance for Q3 called for consolidated midpoint system throughput of about 182,000 bpd with Hawaii conventional throughput 59,000–65,000 bpd and renewable throughput 1,500–2,000 bpd (after June renewable throughput had ramped to ~3,000 bpd pre-turnaround); Mainland guidance: Washington 40,000–42,000 bpd, Wyoming 17,000–20,000 bpd and Montana 56,000–61,000 bpd (Montana coker down in July, expected back by mid‑August). July’s consolidated refining index was $31.34/bbl (≈$1.60 below Q2 average) and the company expects Q3 Hawaii landed crude differentials of $11.50–$13.50/bbl; the Hawaii turnaround will concentrate financial impacts in Q3, likely holding margin capture below the company’s typical 100%–110% guidance range as imported barrels are costed in Q3. Management also noted roughly $6–8 million of incremental OpEx and a heavier asphalt mix from Montana maintenance, a gradual restart and third‑party sales ramp in Renewables, no significant planned downtime for the remainder of the year, and that a substantial portion of Q2 working‑capital outflows should reverse as inventories normalize.Par Pacific Holdings Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
71
Positive
Cash Flow
64
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.62B | 7.46B | 7.97B | 8.23B | 7.32B | 4.71B |
| Gross Profit | 1.95B | 1.35B | 741.72M | 1.27B | 846.00M | 277.37M |
| EBITDA | 1.33B | 704.58M | 175.37M | 805.59M | 532.96M | 80.46M |
| Net Income | 856.91M | 369.39M | -33.32M | 728.64M | 364.19M | -81.30M |
Balance Sheet | ||||||
| Total Assets | 3.83B | 4.07B | 3.83B | 3.86B | 3.28B | 2.57B |
| Cash, Cash Equivalents and Short-Term Investments | 164.11M | 164.11M | 191.92M | 279.11M | 490.93M | 112.22M |
| Total Debt | 1.21B | 1.23B | 1.57B | 1.02B | 870.63M | 960.98M |
| Total Liabilities | 2.28B | 2.52B | 2.64B | 2.53B | 2.64B | 2.30B |
| Stockholders Equity | 1.51B | 1.51B | 1.19B | 1.34B | 644.54M | 265.70M |
Cash Flow | ||||||
| Free Cash Flow | 439.12M | 296.46M | -51.76M | 496.88M | 399.58M | -57.16M |
| Operating Cash Flow | 581.72M | 445.34M | 83.78M | 579.16M | 452.61M | -27.62M |
| Investing Cash Flow | -138.78M | -142.78M | -133.99M | -659.04M | -87.31M | 74.63M |
| Financing Cash Flow | -420.13M | -330.36M | -36.96M | -135.60M | 13.41M | -1.09M |
Par Pacific Holdings Technical Analysis
Positive
73.82
Price Trends
71.92
Positive
65.95
Positive
55.25
Positive
Market Momentum
1.18
Positive
55.77
Neutral
63.71
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PARR, the sentiment is Positive. The current price of 73.82 is below the 20-day moving average (MA) of 76.32, above the 50-day MA of 71.92, and above the 200-day MA of 55.25, indicating a bullish trend. The MACD of 1.18 indicates Positive momentum. The RSI at 55.77 is Neutral, neither overbought nor oversold. The STOCH value of 63.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PARR.
Par Pacific Holdings Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $17.73B | 9.65 | 19.86% | 2.27% | 16.26% | ― | |
79 Outperform | $8.45B | 6.35 | 24.08% | 1.78% | 13.54% | ― | |
75 Outperform | $3.95B | 4.61 | 57.75% | ― | 13.19% | ― | |
69 Neutral | $15.29B | 14.82 | 18.17% | 4.99% | 83.34% | 123.75% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | $4.42B | 20.35 | 95.27% | 1.61% | 11.40% | ― | |
55 Neutral | $4.20B | 60.67 | 10.48% | 1.41% | 17.88% | ― |
* Energy Sector Average
PARR
Par Pacific Holdings
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Par Pacific Holdings Corporate Events
Business Operations and StrategyM&A Transactions
Par Pacific Exits Laramie Energy Stake, Redeploys Capital
Positive
Aug 25, 2026
On August 25, 2026, Par Pacific announced that Laramie Energy, in which it holds a 46 percent non‑controlling stake, entered a definitive agreement to sell substantially all of its oil and gas assets to a third‑party buyer. The transac...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.