Par Pacific Falls About 5% on Day Goldman Sachs Cuts Rating

Par Pacific Holdings (PARR) shares fell about 5% on Thursday, Oct. 15, the day Goldman Sachs lowered its rating on the refiner to Neutral from Buy. Goldman Sachs raised its price target to $94 from $90. The timing does not establish that the rating change caused the decline. Goldman Sachs described the stock’s risk-reward outlook as more balanced, saying the market had increasingly recognized Par Pacific’s refining value and that the small refinery exemption catalyst had largely played out. The bank also raised its estimates to reflect updated refining-margin expectations. It expected elevated freight rates to weigh on the company’s realized margins. The decline followed a sharp rise two days earlier. On Oct.

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