Par Pacific Q2 revenue, adjusted EPS beat estimates
Overview
Par Pacific Q2 revenue beats analyst expectations, adjusted EPS exceeds estimates, per LSEG data
Adjusted net income for Q2 beats consensus
Co completed Montana turnaround, announced Hawaii Renewables JV with $100 mln expected proceeds
Repurchased $28 mln of common stock, reducing shares outstanding by 3% during Q2
Outlook
Company plans to invest in Hawaii Renewables joint venture
Par Pacific continues strategic priorities, including Hawaii SAF project
Company sees strong commercial capabilities from Hawaii Renewables partners
Result Drivers
MONTANA TURNAROUND - Successful completion of the Montana turnaround contributed to increased throughput and improved margins
HAWAII THROUGHPUT - Record quarterly throughput of 88 Mbpd at Hawaii refinery supported revenue growth
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Beat | $1.89 bln | $1.60 bln (6 Analysts) |
Q2 Adjusted EPS | Beat | $1.54 | $0.77 (7 Analysts) |
Q2 EPS |
| $1.17 |
|
Q2 Adjusted Net Income | Beat | $78.30 mln | $35.20 mln (5 Analysts) |
Q2 Net Income |
| $59.46 mln |
|
Q2 Adjusted EBITDA | Beat | $137.80 mln | $98 mln (6 Analysts) |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the oil & gas refining and marketing peer group is "buy"
Wall Street's median 12-month price target for Par Pacific Holdings Inc is $32.00, about 4.6% above its August 4 closing price of $30.53
The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 21 three months ago
Press Release: ID:nGNX9DlsdQ
