Shares of Par Pacific Holdings, Inc. (PARR) stock were declining in the current market trading session today after recording a rise of 1.92% at the previous closing. PARR stock price saw a downtrend of 2.42% in the recent trading to drop at $12.92 a share as of this writing. There is no major culprit behind this falling PARR stock price. Let’s deep dive to explore more of it.
Par Pacific Holdings, Inc, also known as Par Petroleum Corporation, is an oil and gas exploration and production firm operating in three segments i.e., refining, retail, and logistics. The falling stock price is not associated with any recent news by the PARR stock so far. Moreover, no analysts degrade have been in the news to justify the bearish sentiment. However, there will be 1×1 virtual meetings between Par’s Chief Financial Officer Will Monteleone and investors at the Goldman Sachs 6th Annual Credit and Leveraged Finance Conference today.
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First Quarter 2021 Financial Results:
PARR stock on May 06, 2021, announced its first-quarter 2021 financial results according to which:
- Net loss for the PARR stock was $62.2 million or $1.15 diluted per share as compared to a net loss of $222.3 million or $4.18 diluted per share in the first three months of 2020.
- Adjusted Net loss for Par Pacific significantly increased from $27.3 million in the first quarter of 2020 to $84.4 million in the first quarter of 2021.
- Adjusted EBITDA for the first three months of 2021 was $43.3 million while it was $13.7 million in the same tenure of the prior year.
- Refining segment suffered a $90.9 million operating loss in the recently reported quarter while the previous year’s operating loss for the refining segment was $168.6 million. Gross margin reduced to $3.9 million as compared to $39.6 million in the same period of the prior year.
- $49.4 million operating income was reported from the retail segment of PARR stock in the first quarter of 2021 as compared to $18.1 million in the same quarter of last year. The gross margin moved back from $31.4 million in Q1 2020 to $25.3 million in Q1 2021.
- Operating income of $10.1 million was reported in the logistics segment of PARR stock as compared to 18.8 million in the same prior-year quarter. $19.2 million adjusted gross margin was totaled in the first three months of 2021.
As of March 31, 2021, PARR stock had a total cash balance of 19.2 million and long-term debt increased to $656.0 million. Total liquidity of $286.9 million was reported at the end of March.
PARR stock is gloomy so far without any specific reason related to it. Long-term investors don’t mind such rises and falls rather they focus on stock’s fundamentals, balance sheet, and overall growth of the stock.