Par Pacific Holdings ( NYSE: PARR ) +4.1% in Friday's trading after Piper Sandler upgraded the oil and gas refining company to Overweight from Neutral with a $33 price target, up from $27, and raised its FY 2023 earnings estimate by 43% to $9.77/share, more than double Wall Street consensus.
Analyst Ryan Todd views the 2023 closing of the Billings acquisition as significant for Par Pacific ( PARR ), significantly improving the scale, quality and diversity of the company's refining portfolio.
Par Pacific ( PARR ) "has above average distillate and heavy crude leverage, a much improved balance sheet, and China's reopening and jet strength are major tailwinds for the Hawaiian asset," Todd wrote.
Piper also downgraded Delek US Holdings ( NYSE: DK ) to Neutral from Overweight, saying heavy maintenance in H1 2023 is "a material headwind to the outlook, while limited exposure to advantaged crude differentials remains a relative headwind in the current environment."
Par Pacific ( PARR ) is "forever transformed with a new age beginning," DT Analysis writes in an analysis published on Seeking Alpha .
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Par Pacific upgraded at Piper Sandler after significant acquisition