2024-07-03 13:05:24 ET
Summary
- Par Pacific had a GAAP loss of $(0.06) per share in the first quarter because of weaker refinery operating margins.
- Their P/E of 8.9x based on 2024 consensus EPS estimates is not cheap.
- The new $250 million stock repurchase plan is irrational.
Refiner and gas station operator Par Pacific Holdings ( PARR ) has had a wild run over the last eight years. With the stock price dropping sharply this year because of poor operating results, some consider the stock now to be a buy. I am not so sure because I see too many problems with their operations and management. I rate PARR a hold. This is an update to my prior articles....
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Oil Refiner Par Pacific Has Some Problems