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Par Petroleum (PARR) Surges 11.1%: Is This an Indication of Further Gains?
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Par Petroleum (PARR - Free Report) shares soared 11.1% in the last trading session to close at $22.09. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 21.5% gain over the past four weeks.
Par Pacific Holdings stock extended its rally for the fourth straight day, driven by optimism over oil prices spurred by curbs on Russia, plus a tight fundamental picture. The sustained strength in crude prices (at around $85 a barrel) and robust product demand has lifted the fuel refining space and contributed to the share price movement in Par Pacific. The recent buyout of ExxonMobil’s Montana downstream facility also had a positive effect on the company.
This independent oil and gas company is expected to post quarterly earnings of $1.97 per share in its upcoming report, which represents a year-over-year change of +159.2%. Revenues are expected to be $1.74 billion, up 32.7% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Par Petroleum, the consensus EPS estimate for the quarter has been revised 13% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on PARR going forward to see if this recent jump can turn into more strength down the road.
Par Petroleum is a member of the Zacks Oil and Gas - Refining and Marketing industry. One other stock in the same industry, Phillips 66 (PSX - Free Report) , finished the last trading session 0.2% lower at $97.74. PSX has returned 20.5% over the past month.
For Phillips 66, the consensus EPS estimate for the upcoming report has changed +6.1% over the past month to $4.98. This represents a change of +56.6% from what the company reported a year ago. Phillips 66 currently has a Zacks Rank of #2 (Buy).
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Par Petroleum (PARR) Surges 11.1%: Is This an Indication of Further Gains?
Par Petroleum (PARR - Free Report) shares soared 11.1% in the last trading session to close at $22.09. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 21.5% gain over the past four weeks.
Par Pacific Holdings stock extended its rally for the fourth straight day, driven by optimism over oil prices spurred by curbs on Russia, plus a tight fundamental picture. The sustained strength in crude prices (at around $85 a barrel) and robust product demand has lifted the fuel refining space and contributed to the share price movement in Par Pacific. The recent buyout of ExxonMobil’s Montana downstream facility also had a positive effect on the company.
This independent oil and gas company is expected to post quarterly earnings of $1.97 per share in its upcoming report, which represents a year-over-year change of +159.2%. Revenues are expected to be $1.74 billion, up 32.7% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Par Petroleum, the consensus EPS estimate for the quarter has been revised 13% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on PARR going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Par Petroleum is a member of the Zacks Oil and Gas - Refining and Marketing industry. One other stock in the same industry, Phillips 66 (PSX - Free Report) , finished the last trading session 0.2% lower at $97.74. PSX has returned 20.5% over the past month.
For Phillips 66, the consensus EPS estimate for the upcoming report has changed +6.1% over the past month to $4.98. This represents a change of +56.6% from what the company reported a year ago. Phillips 66 currently has a Zacks Rank of #2 (Buy).