Goldman Sachs analyst Neil Mehta downgraded Par Pacific (PARR) to Neutral from Buy with an unchanged price target of $19. The firm remains constructive on the refining sector but continues to be selective in its stock preferences and screen for attractive valuations. It cites Par Pacific’s relative share outperformance for the downgrade. At current levels, Parr shares now better reflect the improving Hawaii and Washington refining margin environment, the analyst tells investors in a research note. Goldman now sees less relative upside in Par Pacific versus is Buy-rated stocks including Valero (VLO), Marathon Petroleum (MPC) and HF Sinclair (DINO).
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 files automatic mixed securities shelf
- Par Pacific price target raised to $21 from $18 at Mizuho
- Par Pacific price target raised to $26 from $21 at Piper Sandler
- Par Pacific Holdings: Strategic Buyback and Market Conditions Justify Buy Rating
- Par Pacific Holdings Faces Q1 Losses Amid Strategic Progress