Track market-moving stories before they get noisy

Key Takeaways Par Pacific combines 219,000 bpd of refining capacity with retail and logistics operations.Constrained refining capacity and elevated crack spreads provide a near-term earnings tailwind.Retail and logistics increasingly add earnings, helping diversify exposure to refining cycles. Par Pacific Holdings (PARR - Free Report) operates an integrated downstream energy business across the United States, with fuel retail operations in Hawaii, Washington and Idaho; refining operations in Hawaii, Wyoming, Washington and Montana; a cumulative refining capacity of 219,000 barrels per day; and a supporting logistics network. Its logistics network includes 13 million barrels of storage, along with marine and pipeline assets for transportation. The commercial flexibility of its downstream network allows the company to capitalize on changing market conditions to support profitability.

The current business environment looks supportive for PARR, as refining capacity remains constrained due to ongoing disruptions in the Middle East and attacks on Russian refining infrastructure. The 3-2-1 crack spread, widely recognized as an indicator of refining profitability, also remains elevated compared with last year. In addition to refining, Par Pacific’s investment case is supported by its retail and logistics operations, which are increasingly contributing to its earnings. The company operates 87 Hawaii retail locations and 29 company-operated locations in Washington and Idaho. These retail positions, with merchandise and food service offerings, diversify the company’s earnings base and provide additional support beyond its refining operations.

The supportive refining environment provides a near-term earnings tailwind for PARR. Additionally, its retail and logistics businesses diversify its earnings base and reduce its exposure to refining cycles.

Other Refining Players to Benefit From Tight Fuel MarketsValero Energy (VLO - Free Report) is among the largest independent refiners in the United States, with a combined high-complexity throughput capacity of nearly 3 million barrels per day across its refineries. Its refining footprint is heavily concentrated along the U.S. Gulf Coast and the Midcontinent, offering feedstock sourcing flexibility. Moreover, its Gulf Coast access enables it to sell refined products in high-demand markets and capitalize on the current increase in export demand for refined products driven by the supply disruptions in the Middle East. This positions Valero to benefit from elevated refining margins and strong international demand for refined products.

PBF Energy (PBF - Free Report) has a geographically diverse refining network with large-scale processing capacity and a highly complex refining system. It operates six refineries - Delaware City Refinery, Paulsboro Refinery, Toledo Refinery, Chalmette Refinery, Torrance Refinery and Martinez Refinery— with a combined throughput capacity of approximately 1 million barrels per day and the ability to process a wide range of feedstocks. The diversified refining footprint provides the company exposure to several regional refining markets, supporting higher margins.

PARR’s Price Performance, Valuation & EstimatesPar Pacific shares have jumped 149.9% over the past year compared with the 119.8% improvement of the composite stocks belonging to the industry.

Image Source: Zacks Investment Research

From a valuation standpoint, PARR trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 3.48X. This is above the broader industry average of 5.75X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for PARR’s 2026 earnings hasn’t seen any revisions over the past seven days.

Image Source: Zacks Investment Research

PARR currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.

Par Pacific (PARR - Free Report) is a stock many investors are watching right now. PARR is currently holding a Zacks Rank #1 (Strong Buy) and a Value grade of A. The stock holds a P/E ratio of 9.61, while its industry has an average P/E of 10.28. PARR's Forward P/E has been as high as 33.91 and as low as 5.93, with a median of 15.56, all within the past year.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. PARR has a P/S ratio of 0.47. This compares to its industry's average P/S of 0.64.

These figures are just a handful of the metrics value investors tend to look at, but they help show that Par Pacific is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, PARR feels like a great value stock at the moment.

It has been about a month since the last earnings report for Par Petroleum (PARR - Free Report) . Shares have added about 14.7% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Par Petroleum due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers.

Par Pacific Beats on Q2 Earnings EstimatesPar Pacificreported second-quarter 2026 adjusted earnings of $10.10 per share, surging 555.8% from $1.54 a year ago. The figure beat the Zacks Consensus Estimate of $8.20 by 23.2%.

Quarterly revenues jumped 56.8% year over year to $2.97 billion and topped the consensus estimate of $2.48 billion by 19.9%.

The strong quarterly results were driven by strong refining economics and commercial execution as the refining adjusted gross margin reached $680.4 million despite total throughput declining 2.8% to 181.4 thousand barrels per day (Mbpd).

PARR's Refining Margins Power the QuarterThe Refining segment generated operating income of $629.9 million, up sharply from $81.3 million in the prior-year quarter. Segment adjusted EBITDA rose to $552 million from $108.4 million, underscoring the stronger margin environment across the refining system.

The adjusted gross margin per throughput barrel climbed to $41.22 from $13.65. The combined market index increased to $32.94 per barrel from $13.76, while production costs grew to $7.71 per barrel from $7.20.

Par Pacific's Hawaii Economics StrengthenThe Hawaii Index averaged $46.06 per barrel compared with $8.57 a year earlier. Hawaii throughput declined to 73.2 Mbpd from 88.1 Mbpd, but the refinery's adjusted gross margin expanded to $57 per barrel from $10.18.

The quarterly margin included a favorable net price lag impact of $76.5 million, or $11.49 per barrel, as lower June product prices benefited volumes sold using prior-period pricing. Production costs increased to $6.43 per barrel from $4.18. Management said that the Hawaii turnaround was substantially complete, with most processing units online.

PARR's Other Refineries Post Broad GainsMontana throughput increased to 52.7 Mbpd from 44.2 Mbpd. Its adjusted gross margin rose to $37.22 per barrel from $22.30, while production costs fell to $10.16 per barrel from $14.18.

Washington throughput was 41.2 Mbpd compared with 40.8 Mbpd, and adjusted gross margin advanced to $20.31 per barrel from $11.47. Wyoming throughput increased to 14.3 Mbpd from 13.5 Mbpd, while the adjusted gross margin reached $34.03 per barrel versus $18.57. Wyoming's results included a negative first-in, first-out (FIFO) inventory impact of $3.2 million, or $2.48 per barrel.

Par Pacific Retail Softens as Logistics HoldThe Retail segment reported operating income of $14.6 million, down from $20.8 million. Adjusted EBITDA declined to $17.3 million from $23.3 million, while fuel sales volume was nearly flat at 30.7 million gallons versus 30.8 million gallons.

Same-store fuel volumes decreased 0.8%, though inside sales revenues improved 1.0%. Logistics operating income slipped to $22.5 million from $23.7 million. The adjusted gross margin increased to $35.1 million from $34.4 million, while adjusted EBITDA remained steady at $29.8 million.

PARR Profitability Expands on Refining UpsideConsolidated adjusted EBITDA was $571.3 million compared with $137.8 million in the year-ago quarter. GAAP net income attributable to Par Pacific stockholders rose to $462.1 million, or $9.35 per diluted share, from $59.5 million, or $1.17 per share.

Operating income increased to $634.6 million from $96.8 million. Interest expenses and financing costs declined to $14.3 million from $22.1 million, though the quarter included $11.5 million in debt extinguishment and commitment costs, and $144 million in income tax expenses.

Par Pacific Ends Q2 With $1.4B in LiquidityNet cash provided by operations totaled $282.6 million, including working capital outflows of $312.2 million and deferred turnaround spending of $19.5 million. Excluding those items, the operating cash flow was $614.3 million. Investing activities used $39.7 million, while financing activities used $223 million.

Par Pacific ended June with $185 million in cash, gross term debt of $505.7 million, and net term debt of $320.7 million. Total liquidity stood at $1.4 billion. The company also completed a $500-million senior unsecured notes offering and reduced term debt by more than $130 million.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in fresh estimates.

The consensus estimate has shifted -9.53% due to these changes.

VGM ScoresCurrently, Par Petroleum has a great Growth Score of A, though it is lagging a lot on the Momentum Score front with a D. However, the stock has a score of A on the value side, putting it in the top quintile for value investors.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions indicates a downward shift. It comes with little surprise Par Petroleum has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry PlayerPar Petroleum is part of the Zacks Oil and Gas - Refining and Marketing industry. Over the past month, Equinor (EQNR - Free Report) , a stock from the same industry, has gained 14.3%. The company reported its results for the quarter ended June 2026 more than a month ago.

Equinor reported revenues of $35.18 billion in the last reported quarter, representing a year-over-year change of +39.9%. EPS of $1.33 for the same period compares with $0.64 a year ago.

Equinor is expected to post earnings of $1.46 per share for the current quarter, representing a year-over-year change of +294.6%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Equinor. Also, the stock has a VGM Score of A.

Key Takeaways PBF Energy operates six U.S. refineries with a combined throughput capacity of 1 million barrels per day.PBF sees tight global supplies and more than 5 million barrels per day of offline refining capacity.PBF Energy gains exposure to constrained East and West Coast markets that rely on imports to meet demand. PBF Energy (PBF - Free Report) is a well-known refining firm in the United States that operates a diverse, highly complex refining network with large-scale processing capacity. It operates six refineries, Delaware City Refinery, Paulsboro Refinery, Toledo Refinery, Chalmette Refinery, Torrance Refinery and Martinez Refinery, with a combined throughput capacity of 1million barrels per day and can process a wide range of feedstocks. This broad geographic footprint gives PBF exposure to several regional refining markets instead of relying on a single region.

The refining player is well-positioned to benefit from a favorable refining environment in the near-term, supported by tight global product supplies and structurally constrained refining capacity in key U.S. markets. Management noted that ongoing geopolitical disruptions, particularly in the Middle East and Russia, have taken more than 5 million barrels per day of refining capacity offline. The affected refining infrastructure is expected to take some timeto recover and come back online due to the extensive damages suffered . Moreover, management expects product inventories to take time to normalize under normal economic conditions. This is expected to support refining margins and create a favorable backdrop for refining players.

In addition, PBF’s diversified refining footprint is a key competitive advantage, providing exposure to the East and West Coasts, where refining capacity remains constrained, and markets rely on imports to meet demand. This includes California, which imports a significant portion of its gasoline and jet fuel requirements. This incurs substantial import costs and is expected to support regional product pricing and refinery margins. As such, the refining environment remains constructive for PBF Energy, which should enable the refining company to sustain profitability in the upcoming quarters.

Refining Players That Can Benefit From the Current Market EnvironmentPar Pacific Holdings (PARR - Free Report) operates an integrated downstream network spanning refining, logistics, retail and renewable fuels. The integrated platform covers the entire process,from sourcing crude to converting it into refined fuels and distributing the products through its retail and logistics channels. The downstream energy firm has a combined refining capacity of 219,000 barrels per day across Hawaii, Montana, Washington and Wyoming. This integrated setup provides the company with the operational flexibility to capitalize on favorable refining market conditions.

Valero Energy (VLO - Free Report) is among the largest independent refiners in the United States, witha combined high-complexity throughput capacity of nearly 3 million barrels per day across its refineries. Its refining footprint is heavily concentrated along the U.S. Gulf Coast and the Midcontinent, offering feedstock sourcing flexibility. Moreover, its Gulf Coast access enables it to sell its refined products in high-demand markets and benefit from elevated refining margins and strong international demand for refined products.

PBF’s Price Performance, Valuation & Estimates

PBF Energy shares have jumped 174% over the past year compared with the 112% improvement of the composite stocks belonging to the industry.

Image Source: Zacks Investment Research

From a valuation standpoint, PBF trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 4.95X. This is below the broader industry average of 5.48X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for PBF’s 2026 earnings has not seen any revisions over the past seven days.

Image Source: Zacks Investment Research

PBF, PARR and VLO each currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Growth investors focus on stocks that are seeing above-average financial growth, as this feature helps these securities garner the market's attention and deliver solid returns. But finding a great growth stock is not easy at all.

That's because, these stocks usually carry above-average risk and volatility. In fact, betting on a stock for which the growth story is actually over or nearing its end could lead to significant loss.

However, the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects, makes it pretty easy to find cutting-edge growth stocks.

Par Petroleum (PARR - Free Report) is on the list of such stocks currently recommended by our proprietary system. In addition to a favorable Growth Score, it carries a top Zacks Rank.

Research shows that stocks carrying the best growth features consistently beat the market. And for stocks that have a combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy), returns are even better.

Here are three of the most important factors that make the stock of this independent oil and gas company a great growth pick right now.

Earnings GrowthArguably nothing is more important than earnings growth, as surging profit levels is what most investors are after. And for growth investors, double-digit earnings growth is definitely preferable, and often an indication of strong prospects (and stock price gains) for the company under consideration.

While the historical EPS growth rate for Par Petroleum is 3.2%, investors should actually focus on the projected growth. The company's EPS is expected to grow 182.2% this year, crushing the industry average, which calls for EPS growth of 164.8%.

Impressive Asset Utilization RatioAsset utilization ratio -- also known as sales-to-total-assets (S/TA) ratio -- is often overlooked by investors, but it is an important indicator in growth investing. This metric shows how efficiently a firm is utilizing its assets to generate sales.

Right now, Par Petroleum has an S/TA ratio of 2.07, which means that the company gets $2.07 in sales for each dollar in assets. Comparing this to the industry average of 1.77, it can be said that the company is more efficient.

In addition to efficiency in generating sales, sales growth plays an important role. And Par Petroleum is well positioned from a sales growth perspective too. The company's sales are expected to grow 17.3% this year versus the industry average of 17.2%.

Promising Earnings Estimate RevisionsSuperiority of a stock in terms of the metrics outlined above can be further validated by looking at the trend in earnings estimate revisions. A positive trend is of course favorable here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

There have been upward revisions in current-year earnings estimates for Par Petroleum. The Zacks Consensus Estimate for the current year has surged 14.7% over the past month.

Bottom LineWhile the overall earnings estimate revisions have made Par Petroleum a Zacks Rank #1 stock, it has earned itself a Growth Score of A based on a number of factors, including the ones discussed above.

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

This combination indicates that Par Petroleum is a potential outperformer and a solid choice for growth investors.

For Immediate ReleaseChicago, IL – August 27, 2026 – Zacks Equity Research shares Wayfair (W - Free Report) as the Bull of the Day and Louisiana-Pacific Corporation (LPX - Free Report) as the Bear of the Day. In addition, Zacks Equity Research provides analysis on NVIDIA (NVDA - Free Report) , HF Sinclair (DINO - Free Report) and Par Pacific Holdings (PARR - Free Report)

Here is a synopsis of all five stocks:

Bull of the Day:Wayfair, a Zacks Rank #1 (Strong Buy), has quietly become one of the most compelling turnaround stories in retail.

The online home goods retailer just delivered its strongest U.S. growth since the pandemic era and its best free cash flow since 2020 — and it did so while the housing market, the single biggest driver of home furnishings demand, remains effectively frozen.

That combination is rare and the market certainly noticed. Shares closed roughly 30% higher on the day of the latest earnings report, one of the largest single-session moves for a large-cap retailer this year. The stock had entered that print down about 11% year to date, which tells you how little was expected.

A Leading Industry GroupWayfair is part of the Zacks Internet – Commerce industry group, which currently ranks in the top 43% out of more than 250 Zacks Ranked Industries. Because it is ranked in the top half of all Zacks Ranked Industries, we expect this group to outperform over the next 3 to 6 months.

Take note of the favorable characteristics for this group below. The industry’s improving positioning has been driven by a positive earnings outlook for its constituent companies in aggregate. Stocks in this industry are relatively undervalued and are expected to experience above-average earnings growth, signaling a powerful combination that should lead to higher prices in the future.

Historical research studies suggest that approximately half of a stock’s price appreciation is due to its industry grouping. In fact, the top 50% of Zacks Ranked Industries outperforms the bottom 50% by a factor of more than 2 to 1.

It’s no secret that investing in stocks that are part of leading industry groups can give us a leg up relative to the market. By focusing on leading stocks within the top 50% of Zacks Ranked Industries, we can dramatically improve our stock-picking success.

Company DescriptionHeadquartered in Boston, Wayfair is one of the world’s largest online sellers of home goods, offering more than 18 million products from over 12,000 suppliers. Beyond its flagship site, the company operates a family of specialty brands including Joss & Main, AllModern, Birch Lane and the luxury-focused Perigold, with international operations in Canada, the U.K. and Germany.

What has changed is the business model underneath. Management spent the past two years aggressively rationalizing costs, exiting unprofitable geographies and rebuilding the platform around profitability rather than growth at any price.

The result is a company that now converts revenue growth into cash. Wayfair has also been pushing into physical retail with large-format stores, a notable pivot for a business built online, and one that appears to lift both brand awareness and digital sales in surrounding markets.

Earnings Trends and Future EstimatesThe second quarter was emphatic. Total net revenue rose 7.5% to $3.52 billion, surpassing the Zacks Consensus Estimate by 1.5%, while adjusted earnings of 95 cents per share also topped the 94-cent consensus.

U.S. net revenue climbed 8.7% to $3.1 billion — the strongest domestic growth of the entire post-COVID period. Non-GAAP adjusted EBITDA reached $242 million against roughly $230 million expected, and free cash flow hit $301 million, the highest since 2020. The balance sheet ended the quarter with $1.1 billion in cash and short-term investments and $1.6 billion of total liquidity.

Management’s commentary was equally constructive. CEO Niraj Shah pointed to the best sequential second-quarter growth since 2020 and noteworthy outperformance at Perigold, while CFO Kate Gulliver said plainly that Wayfair is taking share from traditional brick-and-mortar competitors while the housing market remains stalled. For the third quarter, the company guided to high-single-digit revenue growth — against a Street looking for roughly 5% — with gross margin of 29.5% to 30.5%.

The estimate picture reflects all of this. Wayfair has topped consensus EPS estimates in each of the last four quarters. The Zacks Consensus Estimate stands at 81 cents for the current quarter and $2.95 for the current fiscal year, with those figures surging 6.58% and 5.36%, respectively, over the past 60 days. This is the kind of revision momentum that drives the Zacks Rank.

Let’s Get TechnicalWayfair has transitioned from a broken-down laggard into one of the more powerful momentum stories in consumer discretionary. This is exactly the kind of stock we want to include in our portfolio — one that is trending well and receiving positive earnings estimate revisions.

Notice the decisive breakout following the latest earnings report, with shares clearing both the 50-day (blue line) and 200-day (red line) moving averages. Gaps of that magnitude on fundamental news frequently mark the beginning of a new trend rather than the end of one.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. As we know, Wayfair has recently witnessed sharp upward revisions. As long as this trend remains intact (and W continues to deliver earnings beats), the stock will likely continue its bullish run.

Bottom LineBacked by a leading industry group, accelerating domestic growth, record post-pandemic free cash flow and a powerful wave of upward estimate revisions, it’s not difficult to see why this turnaround has captured investor attention. Currently, W sports the highly coveted Zacks Rank #1 (Strong Buy), placing it in the top 5% of Zacks-covered stocks on estimate revisions.

A company growing share while its end market shrinks is a company with genuine competitive advantage — and when housing does eventually turn, Wayfair will have that tailwind on top of the share gains it is banking now. If you haven’t already done so, be sure to put Wayfair on your watchlist.

Bear of the Day:Louisiana-Pacific Corporation is a manufacturer of engineered wood building products, operating through two principal segments. Its Siding business produces the SmartSide and ExpertFinish product lines used in residential and light commercial construction, while its OSB segment manufactures oriented strand board, the structural panel used for roofs, walls and floors in new home construction.

The company has spent the past decade methodically shifting its center of gravity from commodity OSB toward higher-margin, branded Siding — a genuinely sound strategy that has delivered 10% compound annual volume growth in SmartSide over 15 years. The problem is that the transition is not finished, and the commodity half of the business is now actively destroying earnings.

Management has been candid about the environment. Chief Executive Officer Jason Ringblom described a housing market that “feels like it’s stuck in neutral,” and the company is explicitly assuming no improvement in underlying markets for the remainder of the year. Elevated mortgage rates continue to suppress both new construction and the repair-and-remodel activity that drives Siding demand, while OSB pricing has collapsed on soft demand across North and South America.

The Zacks RundownLouisiana-Pacific has been a clear laggard, and a Zacks Rank #5 (Strong Sell) reflects sharply unfavorable earnings estimate revision trends. Analysts have been cutting numbers aggressively — the consensus estimate for the second quarter was revised 18% lower in just the 30 days ahead of the latest earnings report, and the company still missed.

Shares are part of the Zacks Building Products – Wood industry group, which currently ranks in the bottom 21% out of more than 250 Zacks Ranked Industries. Because this industry is ranked in the bottom half of all Zacks Ranked Industries, we expect it to underperform the market over the next 3 to 6 months. While individual names can outperform a weak group, the industry association tends to cap the size and durability of any rally.

Compounding the concern is valuation. Despite collapsing earnings, LPX has recently traded at a forward P/E near 62 against an industry average closer to 27. This is a declining business trading at a premium multiple — a combination that leaves no margin for further disappointment.

Cracks in the Foundation: A Big Miss and Falling EstimatesThe second quarter, reported August 5th, was poor on nearly every line. Louisiana-Pacific posted earnings of $0.40 per share, missing the Zacks Consensus Estimate of $0.58 by a wide 31% and collapsing roughly 60% from $0.99 in the year-ago period. Net sales of $664 million declined 12.1% year over year and came in 1.48% below the consensus mark.

The segment detail is where the damage lives. Siding sales declined 4%, as a 7% price increase was overwhelmed by an 11% volume decline against the year-ago quarter, with primed Siding volume down 12%. OSB was worse: prices came in roughly $15 below the company’s own guidance, driving a $46 million EBITDA decline in that segment alone.

Most concerning is the forward guidance. Management now projects OSB adjusted EBITDA of negative $45 million in the third quarter and negative $120 million for the full year, assuming flat prices. An entire operating segment is expected to lose money at the EBITDA line for the year.

The company also guided full-year Siding net sales to a roughly 1% decline, cut its capital expenditure budget by $70 million to about $320 million — largely by delaying OSB maintenance projects. For the full year, the Zacks Consensus Estimate has been slashed 41.5% to $1.17 per share on $2.5 billion in revenue, implying declines of roughly 56% and 7%, respectively. These are precisely the types of negative trends that the bears like to see.

Technical OutlookLPX stock has been carving out a well-defined downtrend. Notice how both the 50-day (blue line) and 200-day (red line) moving averages are sloping lower, with shares trading below them and drifting toward the lower end of their 52-week range.

The persistent decline has produced a classic “death cross,” wherein the 50-day moving average crosses below the 200-day moving average — a bearish technical signal that often precedes further weakness. Shares would need to mount a serious, high-volume move to the upside and show improving earnings estimate revisions to warrant taking any long positions.

Final ThoughtsA deteriorating fundamental and technical backdrop show that this stock doesn’t deserve a spot in household portfolios right now. An operating segment guided to lose $120 million at the EBITDA line, a 31% earnings miss, a premium valuation on falling numbers, and a housing market management itself calls “stuck in neutral” leave little reason for optimism in the near term.

Falling future earnings estimates will likely serve as a ceiling to any potential rallies, nurturing the stock’s downtrend. Potential investors may want to give this stock the cold shoulder, or perhaps consider including it as part of a short or hedge strategy.

Additional content:2 Oil Refiners Outperforming NVIDIA: Are They Better Buys?The Iran war has dominated the headlines of business newspapers as increasing oil prices rattle the global market. Investors have been considering the oil-energy sector to spot the stocks that are benefiting from the strong commodity pricing environment.

At the same time, despite the major macroeconomic events unsettling global equity markets, investors continue to chase opportunities tied to the AI revolution. Against this backdrop, NVIDIA has long been one of Wall Street’s most sought-after stocks as it is viewed as one of the leading ways to gain exposure to the AI revolution.

It would not be surprising if investors allocating money to NVDA also began looking at select energy companies to capitalize on opportunities arising from the ongoing conflicts in the Middle East. After all, two leading U.S. refiners — HF Sinclair and Par Pacific Holdings — have already outperformed NVDA based on their recent share-price performance. Let’s delve deeper.

Refining Margin to Stay Exceptionally StrongPer data from the International Energy Agency (IEA), the throughput of refineries across the globe in July plunged roughly 6% year over year. The reason for this is that globally, the energy market is experiencing disruption in fuel production due to the war in Iran and damage to Russian refining infrastructure. Thus, the supply of refined fuels such as gasoline and diesel is lower worldwide, and the IEA expects refining activity to remain weak in the third quarter.

The IEA has also forecast worldwide refinery throughput to slip by 2.5 million barrels per day in 2026. Most importantly, the key refiners in the United States have no other option but to operate at near maximum capacities, thereby generating exceptionally strong margins.

In other words, the high U.S. refinery utilizations are creating more opportunities for refiners like Par Pacific and HF Sinclair, which have soared 110.1% and 102.4%, respectively, year to date, outpacing NVDA’s 14.3% gain.

Why PARR & DINO are Attractive Bets NowPar Pacific continued to benefit from a strong refining market as it entered the third quarter. Its refining index, which is a rough measure of how profitable it is to turn crude oil into products like gasoline and diesel, was still very high in July at $31.34 per barrel, only slightly below the second-quarter average of about $33.

Demand for fuels remained strong, especially on the mainland, while global fuel inventories stayed relatively tight. In simple terms, there was still healthy demand for refined products and limited excess supply, which helped PARR continue earning attractive margins from its refineries.

PARR appears well-positioned to benefit from still-strong refining margins, firm fuel demand and tight global product inventories.

HF Sinclair is not going to be an exception. On its second-quarter 2026 call, the company mentioned that wars in the Middle East and Ukraine have disrupted refining capacities. DINO mentioned that inventories of fuel in the United States and in its key operating regions are low, especially when the demand for the end products remains healthy, thereby creating opportunities to continue to earn healthy refining margins. 

Last WordsWhile investors continue to pursue opportunities in the AI space, the favorable refining backdrop makes PARR and DINO stocks attractive right now. Both companies currently sport a Zacks #1 Rank (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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Key Takeaways PARR entered the third quarter with a $31.34-per-barrel combined refining index in July.Tight global product inventories and resilient refined-product demand are expected to support margins.Limited Persian Gulf, Russian and Chinese exports are helping sustain favorable refining conditions. Par Pacific Holdings (PARR - Free Report) operates an integrated downstream network spanning refining, logistics, retail and renewable fuels. The integrated platform covers everything from sourcing crude to converting it into refined fuels and distributing the products through its retail and logistics channels. The downstream energy firm has a combined refining capacity of 219,000 barrels per day across Hawaii, Montana, Washington and Wyoming. This integrated setup provides the company with the operational flexibility to capitalize on favorable refining market conditions.

Par Pacific reported strong second-quarter results, driven by strong refining gains and effective commercial execution. The company optimized refinery utilization and product placement to maximize margin capture. Management also stated that lower product exports from the Persian Gulf and Russia, along with conservative refinery operations by Asian refiners, supported its results. The company expects to benefit from favorable market conditions in the third quarter as well.

In its second-quarter earnings call, management mentioned that the company’s combined refining index totaled $31.34 per barrel in July, indicating a strong refining environment at the beginning of the third quarter. Moreover, tight product inventories globally are expected to support refining fundamentals. The company also closely monitors refinery utilization in China, where refined-product exports have seen limited growth. Tight product inventories amid resilient demand for refined products are expected to keep refining margins steady, while the flexibility of PARR’s asset base should support its profitability in the near term.

Downstream Players That Can Benefit From the Current Market EnvironmentPBF Energy (PBF - Free Report) has a geographically diverse refining network with large-scale processing capacity and a highly complex refining system. It operates six refineries — Delaware City Refinery, Paulsboro Refinery, Toledo Refinery, Chalmette Refinery, Torrance Refinery and Martinez Refinery — with a combined throughput capacity of 1 million barrels per day and can process a wide range of feedstocks. The company’s large-scale refining network enables it to capitalize on favorable refining market conditions. 

Valero Energy (VLO - Free Report) is among the largest independent refiners in the United States, with a combined high-complexity throughput capacity of nearly 3 million barrels per day across its refineries. Its refining footprint is heavily concentrated along the U.S. Gulf Coast and the Midcontinent, offering feedstock sourcing flexibility. Moreover, its Gulf Coast access enables it to sell its refined products in high-demand markets and benefit from elevated refining margins and strong international demand.

PARR’s Price Performance, Valuation & EstimatesPar Pacific’s shares have surged 103.8% over the past six months compared with the 78% improvement of the composite stocks belonging to the industry.

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From a valuation standpoint, PARR trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 3.33X. This is below the broader industry average of 5.38X.

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The Zacks Consensus Estimate for PARR’s 2026 earnings has not seen any revisions over the past seven days.

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PARR, PBF and VLO each currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Key Takeaways PARR entered Q3 with a July refining index of $31.34 per barrel, near Q2's roughly $33 average.Firm fuel demand and tight global product inventories continue to support PARR's refining margins.A Hawaii turnaround may pressure Q3 throughput, but the refining backdrop remains supportive. Par Pacific Holdings Inc (PARR - Free Report) continued to benefit from a strong refining market as it entered the third quarter. Its refining index, which is a rough measure of how profitable it is to turn crude oil into products like gasoline and diesel, was still very high in July at $31.34 per barrel, slightly below the second-quarter average of about $33.

Demand for fuels remained solid, especially on the mainland, while global fuel inventories stayed relatively tight. In simple terms, there was still healthy demand for refined products and limited excess supply, which helped Par Pacific continue earning attractive margins from its refineries.

Looking ahead, PARR appears well-positioned to benefit from still-strong refining margins, firm fuel demand and tight global product inventories. Although the Hawaii turnaround could weigh on third-quarter throughput and margin capture in the near term, the broader refining backdrop remains supportive of continued strong earnings.

Will PSX and VLO Also Gain?The favorable business environment is also likely to benefit refiners such as Phillips 66 (PSX - Free Report) and Valero Energy (VLO - Free Report) .

On its second-quarter 2026 earnings call, PSX noted that there aren’t enough refineries or products globally right now because much refining capacity is offline and fuel inventories are low. China is also exporting less fuel than usual. This shortage helps keep refining margins, also called crack spreads, high. PSX believes these shortages may take longer to resolve than in 2022, which could keep the energy major’s refining profits strong into the September quarter and potentially 2027.

Valero Energy is unlikely to be an exception. The overall favorable refining business backdrop is also likely to be aiding VLO’s bottom line.

PARR’s Price Performance, Valuation & EstimatesShares of PARR have gained 142.9% over the past year compared with the industry’s growth of 84.9%.

Image Source: Zacks Investment Research

From a valuation standpoint, PARR trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 3.26X. This is below the broader industry average of 5.67X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for PARR’s 2026 earnings hasn’t seen any revisions over the past seven days.

Image Source: Zacks Investment Research

Par Pacific currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Key Takeaways The low P/S strategy seeks stocks trading below their industry's median sales valuation.The screen also requires favorable P/E, P/B and debt-to-equity measures versus industry medians.PEB, M, PARR, APLE and PBF pair low sales valuations with solid fundamentals and business momentum. Investing in stocks based on valuation metrics is a proven strategy for identifying companies with strong upside potential. Although the price-to-earnings (P/E) ratio is widely used to assess value, it becomes less meaningful when a company is unprofitable, operating with thin margins or experiencing volatile earnings.

In such situations, the price-to-sales (P/S) ratio can offer a more useful perspective. By comparing a company’s market value with its revenues, the metric helps investors evaluate how much they are paying for each dollar of sales.

Stocks with low P/S ratios may present attractive opportunities, particularly when supported by solid fundamentals, improving margins and favorable business momentum. However, a low multiple should not be viewed in isolation, as it may also reflect structural weaknesses or limited growth prospects. Used alongside measures of profitability, financial strength and operating performance, the price-to-sales ratio can help uncover undervalued stocks with meaningful upside potential.

Pebblebrook Hotel Trust (PEB - Free Report) , Macy's, Inc. (M - Free Report) , Par Pacific Holdings, Inc. (PARR - Free Report) , Apple Hospitality REIT, Inc. (APLE - Free Report) and PBF Energy Inc. (PBF - Free Report) are some companies with low price-to-sales ratios and the potential to offer higher returns.

What Is the Price-to-Sales Ratio?While a loss-making company with a negative price-to-earnings ratio falls out of investor favor, its price-to-sales ratio can indicate the hidden strength of the business. This underrated ratio is also used to identify a recovery situation or ensure a company's growth is not overvalued.

A stock’s price-to-sales ratio reflects how much investors pay for each dollar of revenues generated by a company.

If the price-to-sales ratio is 1, investors are paying $1 for every $1 of revenues generated by the company. A stock with a price-to-sales ratio below 1 is a good bargain, as investors need to pay less than a dollar for a dollar’s worth.

Thus, a stock with a lower price-to-sales ratio is a more suitable investment than a stock with a high price-to-sales ratio.

The price-to-sales ratio is often preferred over price-to-earnings, as companies can manipulate their earnings using various accounting measures. However, sales are harder to manipulate and are relatively reliable.

However, one should keep in mind that a company with high debt and a low price-to-sales ratio is not an ideal choice. The high debt level will have to be paid off at some point, leading to further share issuance, a rise in market cap and a higher price-to-sales ratio.

In any case, the price-to-sales ratio used in isolation cannot do the trick. One should analyze other ratios like Price/Earnings, Price/Book and Debt/Equity before arriving at any investment decision.

Screening ParametersPrice-to-Sales less than the Median Price-to-Sales for its Industry: The lower the price-to-sales ratio, the better.

Price-to-Earnings using F(1) estimate less than the Median Price-to-Earnings for its Industry: The lower, the better.

Price-to-Book (Common Equity) less than the Median Price-to-Book for its Industry: This is another parameter to ensure the value feature of a stock.

Debt-to-Equity (Most Recent) less than the Median Debt-to-Equity for its Industry: A company with less debt should have a stable price-to-sales ratio.

Current Price greater than or equal to $5: The stocks must be trading at a minimum of $5 or higher.

Zacks Rank less than or equal to 2: Zacks Rank #1 (Strong Buy) or 2 (Buy) stocks are known to outperform, irrespective of the market environment.

Value Score less than or equal to B: Our research shows that stocks with a Value Score of A or B, when combined with a Zacks Rank #1 or 2, offer the best opportunities in the value investing space.

Here are five of the 12 stocks that qualified the screening:

Pebblebrook, an internally managed hotel investment company, continues to demonstrate strong fundamentals, supported by its diverse portfolio of upscale urban and resort hotels. The company’s strategy centers on operational efficiency, disciplined capital allocation and enhancing long-term asset value through targeted redevelopments. Recent property transformations, including the successful repositioning of Newport Harbor Island Resort and the full restoration of LaPlaya Beach Resort, have strengthened portfolio quality and profitability.

Pebblebrook’s focus on productivity initiatives and cost control has helped offset inflationary pressures and protect margins, even amid uneven regional recoveries. With all major redevelopment projects completed, capital needs are expected to moderate, enabling greater free cash flow generation. Pebblebrook remains well-positioned to benefit from resilient travel demand, disciplined expense management and strategic property enhancements that support sustainable, long-term value creation. PEB currently has a Value Score of A and sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.

Macy's Bold New Chapter strategy is focused on improving the company’s long-term competitive position through a more productive store base, stronger luxury banners, disciplined merchandising and enhanced customer engagement. The Reimagine initiative provides a repeatable operating model to improve service, store standards and local execution across key locations. Bloomingdale’s and Bluemercury strengthen portfolio diversification, support a more favorable sales mix and reduce its reliance on the core department store business.

High-margin revenue streams, including credit card income and Macy’s Media Network, enhance earnings quality and provide stability beyond merchandise sales. Continued investment in omnichannel capabilities, artificial intelligence, supply-chain automation and inventory management should improve efficiency, availability and conversion. Strong liquidity supports these initiatives, while brand partnerships, curated assortments and experiential retail programs help reinforce traffic, loyalty and long-term relevance with customers. M presently has a Zacks Rank #2 and a Value Score of A.

Houston, TX-based Par Pacific offers a compelling investment case, supported by its integrated downstream platform spanning refining, logistics and retail operations. The company combines strong financial flexibility, with $937.7 million in liquidity, an active share repurchase program and lower financing costs, positioning it to create shareholder value through market cycles. Operational execution remains a key strength, highlighted by record Hawaii and Montana throughput, restored Washington operations and completed Rockies maintenance.

Hawaii Renewables provides an additional long-term growth catalyst as renewable diesel production ramps through the second half of 2026, while excess RIN monetization and affiliate earnings further support durable cash flow growth. PARR currently sports a Zacks Rank #1 and has a Value Score of A.

Apple Hospitality is a publicly traded real estate investment trust that owns the largest and most diverse portfolio of upscale, room-focused hotels in the United States. The company offers a fundamentally sound lodging REIT story built on portfolio quality, brand alignment and disciplined execution. It owns a geographically diversified collection of room-focused hotels affiliated with leading brands, giving it broad exposure to leisure, corporate and group demand.

Management has demonstrated prudent capital allocation through selective acquisitions, timely dispositions and consistent reinvestment to keep properties competitive. A flexible balance sheet and ample liquidity provide resilience across cycles. While recent demand softness weighed on its performance, leisure trends remain supportive and operational agility positions the portfolio to benefit as business travel normalizes, supporting long-term cash flow stability and shareholder returns. APLE has a Value Score of B and a Zacks Rank of 2 at present.

Parsippany, NJ-based PBF Energy benefits from a geographically diversified refining network that provides flexibility in sourcing crude, optimizing operations and supplying multiple regional markets. Its complex refining system enables the processing of a broad range of crude types while producing higher-value refined products, supporting profitability as market conditions evolve. The company also maintains a relatively conservative balance sheet with solid liquidity, providing financial flexibility and resilience through refining cycles while supporting its focus on reducing debt when conditions allow.

In addition, PBF continues to advance its Refining Business Improvement program, which is aimed at lowering costs and improving operational efficiency. These initiatives are expected to enhance refinery performance, reduce operating and capital expenditure, and strengthen long-term earnings potential, positioning the company to benefit from improved reliability and disciplined execution. PBF currently sports a Zacks Rank #1 and has a Value Score of A.

Growth investors focus on stocks that are seeing above-average financial growth, as this feature helps these securities garner the market's attention and deliver solid returns. But finding a growth stock that can live up to its true potential can be a tough task.

By their very nature, these stocks carry above-average risk and volatility. Moreover, if a company's growth story is over or nearing its end, betting on it could lead to significant loss.

However, the task of finding cutting-edge growth stocks is made easy with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects.

Par Petroleum (PARR - Free Report) is one such stock that our proprietary system currently recommends. The company not only has a favorable Growth Score, but also carries a top Zacks Rank.

Research shows that stocks carrying the best growth features consistently beat the market. And returns are even better for stocks that possess the combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy).

Here are three of the most important factors that make the stock of this independent oil and gas company a great growth pick right now.

Earnings GrowthEarnings growth is arguably the most important factor, as stocks exhibiting exceptionally surging profit levels tend to attract the attention of most investors. For growth investors, double-digit earnings growth is highly preferable, as it is often perceived as an indication of strong prospects (and stock price gains) for the company under consideration.

While the historical EPS growth rate for Par Petroleum is 3.2%, investors should actually focus on the projected growth. The company's EPS is expected to grow 182.2% this year, crushing the industry average, which calls for EPS growth of 123.7%.

Cash Flow GrowthWhile cash is the lifeblood of any business, higher-than-average cash flow growth is more important and beneficial for growth-oriented companies than for mature companies. That's because, growth in cash flow enables these companies to expand their businesses without depending on expensive outside funds.

Right now, year-over-year cash flow growth for Par Petroleum is 249.7%, which is higher than many of its peers. In fact, the rate compares to the industry average of 13.4%.

While investors should actually consider the current cash flow growth, it's worth taking a look at the historical rate too for putting the current reading into proper perspective. The company's annualized cash flow growth rate has been 39.8% over the past 3-5 years versus the industry average of 28.6%.

Promising Earnings Estimate RevisionsBeyond the metrics outlined above, investors should consider the trend in earnings estimate revisions. A positive trend is a plus here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

There have been upward revisions in current-year earnings estimates for Par Petroleum. The Zacks Consensus Estimate for the current year has surged 19.5% over the past month.

Bottom LineWhile the overall earnings estimate revisions have made Par Petroleum a Zacks Rank #1 stock, it has earned itself a Growth Score of A based on a number of factors, including the ones discussed above.

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

This combination indicates that Par Petroleum is a potential outperformer and a solid choice for growth investors.

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.

The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.

Zacks Premium also includes the Zacks Style Scores.

What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.

Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.

Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.

How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

#1 (Strong Buy) stocks have produced an unmatched +23.94% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.

This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.

That's where the Style Scores come in.

To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.

The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.

A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Par Petroleum (PARR - Free Report) Par Pacific Holdings, Inc. is a growth-oriented energy company supplying conventional and renewable fuels across the western U.S., headquartered in Houston, TX. Its integrated platform sources crude, refines transportation fuels, and distributes products through wholesale, retail, and logistics channels. As of Dec. 31, 2025, Par Pacific owned four refineries with a combined crude throughput capacity of 219 thousand barrels per day (Mbpd) in Kapolei, Hawaii; Newcastle, Wyoming; Tacoma, Washington; and Billings, Montana. These facilities produce gasoline, distillates, asphalt, and other refined products for Hawaii and markets from Washington through the Dakotas and Wyoming.

PARR is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

Additionally, the company could be a top pick for growth investors. PARR has a Growth Style Score of A, forecasting year-over-year earnings growth of 156% for the current fiscal year.

Four analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $3.93 to $19.35 per share. PARR boasts an average earnings surprise of +48.7%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, PARR should be on investors' short list.

For the quarter ended June 2026, Par Petroleum (PARR - Free Report) reported revenue of $2.97 billion, up 56.8% over the same period last year. EPS came in at $10.10, compared to $1.54 in the year-ago quarter.

The reported revenue represents a surprise of +19.9% over the Zacks Consensus Estimate of $2.48 billion. With the consensus EPS estimate being $8.20, the EPS surprise was +23.17%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Par Petroleum performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Feedstocks Throughput - Total Refining: 181400 millions of barrels of oil versus the two-analyst average estimate of 184508.4 millions of barrels of oil.Feedstocks Throughput - Hawaii Refinery: 73.20 MMBBL/D versus 80.35 MMBBL/D estimated by two analysts on average.Feedstocks Throughput - Washington Refinery: 41.20 MMBBL/D compared to the 40.99 MMBBL/D average estimate based on two analysts.Feedstocks Throughput - Wyoming Refinery: 14.30 MMBBL/D versus 15.30 MMBBL/D estimated by two analysts on average.Adjusted Gross Margin per throughput bbl - Wyoming Refinery: $34.03 versus $28.32 estimated by two analysts on average.Adjusted Gross Margin per bbl - Total Refining: $41.22 versus $34.70 estimated by two analysts on average.Adjusted Gross Margin per bbl - Hawaii Refinery: $57.00 versus $49.91 estimated by two analysts on average.Adjusted Gross Margin per throughput bbl - Montana Refinery: $37.22 versus the two-analyst average estimate of $25.01.Adjusted Gross Margin per throughput bbl - Washington Refinery: $20.31 versus $18.61 estimated by two analysts on average.Revenues- Refining: $2.91 billion versus the two-analyst average estimate of $2.32 billion. The reported number represents a year-over-year change of +59.1%.Revenues- Retail: $181.53 million compared to the $158.42 million average estimate based on two analysts. The reported number represents a change of +23.8% year over year.Revenues- Logistics: $79.58 million versus $76.5 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +9% change.View all Key Company Metrics for Par Petroleum here>>>

Shares of Par Petroleum have returned +2% over the past month versus the Zacks S&P 500 composite's +3.3% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.

One company value investors might notice is Par Pacific (PARR - Free Report) . PARR is currently holding a Zacks Rank #2 (Buy) and a Value grade of A.

Another notable valuation metric for PARR is its P/B ratio of 1.57. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. This stock's P/B looks attractive against its industry's average P/B of 2.65. Over the past year, PARR's P/B has been as high as 1.63 and as low as 0.58, with a median of 0.80.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. This is a preferred metric because revenue can't really be manipulated, so sales are often a truer performance indicator. PARR has a P/S ratio of 0.48. This compares to its industry's average P/S of 0.6.

These are only a few of the key metrics included in Par Pacific's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, PARR looks like an impressive value stock at the moment.

Key Takeaways EV-to-EBITDA offers a fuller view of valuation by accounting for debt, unlike traditional P/E ratios.PKX, PARR, SBH, BIP and DINO are screened as bargain stocks with low EV-to-EBITDA ratios.Each stock meets strict criteria, including valuation, trading volume, price, growth, and Value Score. Investors often focus on the price-to-earnings (P/E) ratio while looking for attractively priced stocks. Easy to compute and widely recognized, it remains one of the most commonly used valuation metrics for estimating a stock’s fair market value. However, despite its widespread use, the P/E ratio comes with certain drawbacks.

Although P/E is the most popular valuation metric, a more complicated multiple called EV-to-EBITDA is often considered a more effective alternative. It provides a clearer picture of a company’s valuation and earnings potential by taking a more comprehensive approach. Although P/E considers a firm’s equity portion, EV-to-EBITDA captures its total value.

POSCO Holdings Inc. (PKX - Free Report) , Par Pacific Holdings, Inc. (PARR - Free Report) , Sally Beauty Holdings, Inc. (SBH - Free Report) , Brookfield Infrastructure Partners L.P. (BIP - Free Report) and HF Sinclair Corporation (DINO - Free Report) are some stocks with impressive EV-to-EBITDA ratios.

Is EV-to-EBITDA a Better Substitute for P/E?Also referred to as the enterprise multiple, EV-to-EBITDA is the enterprise value (EV) of a stock divided by its earnings before interest, taxes, depreciation and amortization (EBITDA). EV is the sum of a company’s market capitalization, its debt and preferred stock minus cash and cash equivalents. In essence, it is the entire value of a company. EBITDA, the other element, gives a clearer picture of a company’s profitability by removing the impact of non-cash expenses like depreciation and amortization that dampen net earnings. It is also often used as a proxy for cash flows.

Typically, the lower the EV-to-EBITDA ratio, the more enticing it is. A low EV-to-EBITDA ratio could indicate that a stock is undervalued. Unlike the P/E ratio, EV-to-EBITDA takes debt on a company’s balance sheet into account. For this reason, it is typically used to value acquisition targets. The ratio shows the amount of debt that the acquirer has to bear. Stocks flaunting a low EV-to-EBITDA multiple could be seen as attractive takeover candidates.

Another shortcoming of P/E is that it can’t be used to value a loss-making firm. A company’s earnings are also subject to accounting estimates and management manipulation. On the other hand, EV-to-EBITDA is difficult to manipulate and can also be used to value loss-making but EBITDA-positive companies. EV-to-EBITDA is also a useful tool in measuring the value of firms that are highly leveraged and have a high degree of depreciation. Moreover, it can be used to compare companies with different levels of debt.

EV-to-EBITDA is not devoid of limitations and alone cannot conclusively determine a stock’s inherent potential and future performance. The multiple varies across industries and is usually not appropriate when comparing stocks in different industries, given their diverse capital expenditure requirements.

Thus, instead of just relying on EV-to-EBITDA, you can club it with the other major ratios, such as price-to-book (P/B), P/E and price-to-sales (P/S) to achieve the desired results.

Screening CriteriaHere are the parameters to screen for bargain stocks:

EV-to-EBITDA 12 Months-Most Recent less than X-Industry Median: A lower EV-to-EBITDA ratio represents a cheaper valuation.

P/E using (F1) less than X-Industry Median: This metric screens stocks that are trading at a discount to their peers.

P/B less than X-Industry Median: A lower P/B compared with the industry average implies that the stock is undervalued.

P/S less than X-Industry Median: The lower the P/S ratio, the more attractive the stock is, as investors will have to pay a smaller price for the same amount of sales generated by the company.

Estimated One-Year EPS Growth F(1)/F(0) greater than or equal to X-Industry Median: This parameter will help in screening stocks that have growth rates higher than the industry median.

Average 20-day Volume greater than or equal to 100,000: The addition of this metric ensures that shares can be traded easily.

Current Price greater than or equal to $5: This parameter will help in screening stocks that are trading at a minimum price of $5 or higher.

Zacks Rank less than or equal to 2: It is a fundamental truth that stocks with a Zacks Rank #1 (Strong Buy) or 2 (Buy) have always managed to beat adversities and outperform the market.

Value Score of less than or equal to B: Our research shows that stocks with a Value Score of A or B, when combined with a Zacks Rank #1 or 2, offer the best upside potential.

Here are our five picks out of the 13 stocks that passed the screen:

POSCO manufactures and markets a wide range of steel products, including hot-rolled sheets, plates, wire rods, cold-rolled sheets, galvanized sheets and stainless steel globally. This Zacks Rank #2 stock has a Value Score of A.

POSCO has an expected year-over-year earnings growth rate of 222.4% for 2026. The Zacks Consensus Estimate for PKX’s 2026 earnings has been revised 1.1% higher over the last 60 days.

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HOUSTON, Aug. 04, 2026 (GLOBE NEWSWIRE) -- Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific” or the “Company”) today reported its financial results for the quarter ended June 30, 2026.

Net income attributable to Par Pacific stockholders of $462.1 million, or $9.35 per diluted shareAdjusted Net Income attributable to Par Pacific stockholders of $499.2 million, or $10.10 per diluted shareAdjusted EBITDA of $571.3 millionHawaii turnaround substantially complete, with the majority of processing units now onlineCompleted $500 million Senior Unsecured Notes offering, reducing term debt by more than $130 million The Company reported net income attributable to Par Pacific stockholders of $462.1 million, or $9.35 per diluted share, for the quarter ended June 30, 2026, compared to $59.5 million, or $1.17 per diluted share, for the same quarter in 2025. Second quarter 2026 Adjusted Net Income attributable to Par Pacific stockholders was $499.2 million, compared to $78.3 million in the second quarter of 2025. Second quarter 2026 Adjusted EBITDA was $571.3 million, compared to $137.8 million in the second quarter of 2025. A reconciliation of reported non-GAAP financial measures to their most directly comparable GAAP financial measures can be found in the tables accompanying this news release.

“Our second quarter financial results reflect strong operational and commercial execution in a constructive market,” said Will Monteleone, President and Chief Executive Officer. “With our annual turnaround maintenance substantially complete, we are well positioned to capitalize on the current favorable margin environment.”

Refining

The Refining segment reported operating income of $629.9 million in the second quarter of 2026, compared to $81.3 million in the second quarter of 2025. Adjusted Gross Margin for the Refining segment was $680.4 million in the second quarter of 2026, compared to $231.8 million in the second quarter of 2025.

Refining segment Adjusted EBITDA was $552.0 million in the second quarter of 2026, compared to $108.4 million in the second quarter of 2025. Refining segment throughput was 181 thousand barrels per day (Mbpd) for the second quarter of 2026, compared to 187 Mbpd for the second quarter of 2025.

Hawaii
The Hawaii Index averaged $46.06 per barrel in the second quarter of 2026, compared to $8.57 per barrel in the second quarter of 2025. Throughput in the second quarter of 2026 was 73 Mbpd, compared to 88 Mbpd for the same quarter in 2025. Production costs were $6.43 per throughput barrel in the second quarter of 2026, compared to $4.18 per throughput barrel in the same period of 2025.

The Hawaii refinery’s Adjusted Gross Margin was $57.00 per barrel during the second quarter of 2026, including a net price lag impact of approximately $76.5 million, or $11.49 per barrel, compared to Adjusted Gross Margin of $10.18 per barrel during the second quarter of 2025.

The net price lag impact reflects the Hawaii refinery's contractual sales volumes that are priced based on prior-month and prior-week average market prices. The second quarter 2026 net price lag benefit was driven by lower refined product prices in June relative to March, partially reversing the negative net price lag impact recognized in the first quarter of 2026 as refined product prices increased rapidly. In general, declining refined product prices produce a positive net price lag impact, while rising prices produce a negative net price lag impact.

Montana
The Montana Index averaged $25.76 per barrel in the second quarter of 2026, compared to $20.29 per barrel in the second quarter of 2025. The Montana refinery’s throughput in the second quarter of 2026 was 53 Mbpd, compared to 44 Mbpd for the same quarter in 2025. Production costs were $10.16 per throughput barrel in the second quarter of 2026, compared to $14.18 per throughput barrel in the same period of 2025.

The Montana refinery’s Adjusted Gross Margin was $37.22 per barrel during the second quarter of 2026, compared to $22.30 per barrel during the second quarter of 2025.

Washington
The Washington Index averaged $20.27 per barrel in the second quarter of 2026, compared to $15.37 per barrel in the second quarter of 2025. The Washington refinery’s throughput was 41 Mbpd in the second quarter of 2026, compared to 41 Mbpd in the second quarter of 2025. Production costs were $4.21 per throughput barrel in the second quarter of 2026, compared to $3.73 per throughput barrel in the same period of 2025.

The Washington refinery’s Adjusted Gross Margin was $20.31 per barrel during the second quarter of 2026, compared to $11.47 per barrel during the second quarter of 2025.

Wyoming

The Wyoming Index averaged $28.73 per barrel in the second quarter of 2026, compared to $21.41 per barrel in the second quarter of 2025. The Wyoming refinery’s throughput was 14 Mbpd in the second quarter of 2026, compared to 13 Mbpd in the second quarter of 2025. Production costs were $15.28 per throughput barrel in the second quarter of 2026, compared to $14.50 per throughput barrel in the same period of 2025.

The Wyoming refinery's Adjusted Gross Margin was $34.03 per barrel during the second quarter of 2026, including a FIFO impact of approximately $(3.2) million, or $(2.48) per barrel, compared to Adjusted Gross Margin of $18.57 per barrel during the second quarter of 2025.

Retail

The Retail segment reported operating income of $14.6 million in the second quarter of 2026, compared to $20.8 million in the second quarter of 2025. Adjusted Gross Margin for the Retail segment was $40.7 million in the second quarter of 2026, compared to $43.6 million in the same quarter of 2025.

Retail segment Adjusted EBITDA was $17.3 million in the second quarter of 2026, compared to $23.3 million in the second quarter of 2025. The Retail segment reported fuel sales volumes of 30.7 million gallons in the second quarter of 2026, compared to 30.8 million gallons in the same quarter of 2025. Second quarter 2026 same store fuel volumes declined by 0.8% and inside sales revenue increased by 1.0% compared to the second quarter of 2025.

Logistics

The Logistics segment reported operating income of $22.5 million in the second quarter of 2026, compared to $23.7 million in the second quarter of 2025. Adjusted Gross Margin for the Logistics segment was $35.1 million in the second quarter of 2026, compared to $34.4 million in the same quarter of 2025.

Logistics segment Adjusted EBITDA was $29.8 million in the second quarter of 2026, compared to $29.8 million in the second quarter of 2025.

Liquidity

Net cash provided by operations totaled $282.6 million for the three months ended June 30, 2026, including working capital outflows of $(312.2) million and deferred turnaround expenditures of $(19.5) million. Excluding these items, net cash provided by operations was $614.3 million for the three months ended June 30, 2026. We expect a substantial portion of these working capital outflows to reverse as commodity prices normalize and Hawaii inventory returns to more typical levels following the turnaround. Net cash provided by operations was $133.6 million for the three months ended June 30, 2025. Net cash used in investing activities totaled $(39.7) million for the three months ended June 30, 2026, consisting primarily of capital expenditures, compared to $(45.9) million for the three months ended June 30, 2025. Net cash used in financing activities totaled $(223.0) million for the three months ended June 30, 2026, compared to net cash used in financing activities of $(52.3) million for the three months ended June 30, 2025.

At June 30, 2026, Par Pacific’s cash balance totaled $185.0 million. Gross term debt was $505.7 million and net term debt was $320.7 million at June 30, 2026. Total liquidity was $1.4 billion at June 30, 2026.

Laramie Energy

During the second quarter of 2026, Par Pacific recorded $(1.7) million of equity losses related to Laramie Energy, LLC (“Laramie”). Laramie’s total net loss was $(6.7) million in the second quarter of 2026, including unrealized losses on derivatives of $(7.2) million, compared to a net income of $0.5 million in the second quarter of 2025. Laramie’s total Adjusted EBITDAX was $17.9 million in the second quarter of 2026, compared to $12.4 million in the second quarter of 2025.

Conference Call Information

A conference call is scheduled for Wednesday, August 5, 2026 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To access the call, please dial 1-800-715-9871 inside the U.S. or 1-646-307-1963 outside of the U.S. and ask for the Par Pacific call. Please dial in at least 10 minutes early to register. The webcast may be accessed online through the Company’s website at http://www.parpacific.com on the Investors page. A telephone replay will be available until August 19, 2026, and may be accessed by calling 1-800-770-2030 inside the U.S. or 1-609-800-9909 outside the U.S. and using the conference ID 5483514.

About Par Pacific

Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, is a growing energy company providing both renewable and conventional fuels to the western United States. Par Pacific owns and operates 219,000 bpd of combined refining capacity across four locations in Hawaii, the Pacific Northwest and the Rockies, and an extensive energy infrastructure network, including 13 million barrels of storage, and marine, rail, rack, and pipeline assets. In addition, Par Pacific operates the Hele retail brand in Hawaii and the “nomnom” convenience store chain in the Pacific Northwest. Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado. More information is available at www.parpacific.com.

Forward-Looking Statements

This news release (and oral statements regarding the subject matter of this news release, including those made on the conference call and webcast announced herein) includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include, without limitation, statements about: expected market conditions; anticipated free cash flows; anticipated refinery throughput; anticipated cost savings; anticipated capital expenditures, including major maintenance costs, and their effect on our financial and operating results, including earnings per share and free cash flow; anticipated retail sales volumes and on-island sales; the anticipated financial and operational results of Laramie Energy, LLC; the amount of our discounted net cash flows and the impact of our NOL carryforwards thereon; our ability to identify, acquire, and develop energy, related retailing, and infrastructure businesses; the timing and expected results of certain development projects, as well as the impact of such investments on our product mix and sales; the commercial and other benefits anticipated from the Hawaii renewable fuels joint venture; and other risks and uncertainties detailed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any other documents that we file with the Securities and Exchange Commission. Additionally, forward-looking statements are subject to certain risks, trends, and uncertainties, such as changes to our financial condition and liquidity; the volatility of crude oil and refined product prices; the Russia-Ukraine war, military conflicts in the Middle East, the political activity in Venezuela, Houthi related disruptions in the Red Sea, the ongoing military conflict with Iran and disruptions in the Strait of Hormuz and their potential impacts on global crude oil markets and our business; the impacts of tariffs; potential operating disruptions at our refineries resulting from unplanned maintenance events or natural disasters; environmental risks; changes in the labor market; and risks of political or regulatory changes. We cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should any of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. We do not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events, or otherwise. We further expressly disclaim any written or oral statements made by a third party regarding the subject matter of this news release.

Contact:
Ashimi Patel Vitter
VP, Investor Relations & Sustainability
(832) 916-3355
[email protected]

Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)

  Three Months Ended
June 30, Six Months Ended
June 30,   2026   2025   2026   2025 Revenues $2,968,869  $1,893,438  $4,792,619  $3,638,474 Operating expenses        Cost of revenues (excluding depreciation)  2,116,189   1,593,479   3,674,693   3,152,839 Operating expense (excluding depreciation)  157,122   148,680   299,640   292,834 Depreciation and amortization  36,454   34,712   70,914   71,298 General and administrative expense (excluding depreciation)  28,047   23,648   52,922   47,891 Equity earnings from refining and logistics investments  (7,468)  (7,305)  (13,297)  (14,819)Acquisition and integration costs  —   —   64   — Par West redevelopment and other costs  3,676   4,690   6,661   8,672 Other operating loss (gain), net  296   (1,226)  1,147   (1,225)     Total operating expenses  2,334,316   1,796,678   4,092,744   3,557,490 Operating income  634,553   96,760   699,875   80,984 Other income (expense)        Interest expense and financing costs, net  (14,268)  (22,106)  (30,202)  (43,954)Debt extinguishment and commitment costs  (11,461)  —   (11,523)  (25)Other expense, net  (171)  (163)  (185)  (534)Equity earnings (losses) from Laramie Energy, LLC  (1,666)  1,856   7,513   2,582      Total other expense, net  (27,566)  (20,413)  (34,397)  (41,931)     Income before income taxes  606,987   76,347   665,478   39,053 Income tax expense  (144,046)  (16,887)  (156,386)  (9,993)     Net income  462,941   59,460   509,092   29,060 Less:          Net income (loss) attributable to noncontrolling interest  810   —   (7,489)  — Net income attributable to Par Pacific stockholders $462,131  $59,460  $516,581  $29,060                  Weighted-average shares outstanding
                Basic
  48,509   50,373   48,460   52,052 Diluted  49,444   50,836   49,544   52,390                  Income attributable to Par Pacific stockholders per share                Basic $9.53  $1.18  $10.66  $0.56 Diluted  $9.35  $1.17  $10.43  $0.55                                    Balance Sheet Data
(Unaudited)
(in thousands)

  June 30, 2026 December 31, 2025Balance Sheet Data    Cash and cash equivalents $184,997 $164,113Working capital (1)  936,710  510,772ABL Credit Facility  243,000  175,000Term debt (2)  505,692  639,830Total debt, including current portion  739,198  802,870Total stockholders’ equity  1,982,441  1,511,540        (1)Working capital is calculated as (i) total current assets excluding cash and cash equivalents less (ii) total current liabilities excluding current portion of long-term debt. Total current assets include inventories stated at the lower of cost or net realizable value.(2)Term debt includes the Senior Notes, Term Loan Credit Agreement, and other long-term debt.               Operating Statistics

The following table summarizes key operational data:

  Three Months Ended
June 30, Six Months Ended
June 30,   2026   2025   2026   2025 Total Refining Segment        Feedstocks Throughput (Mbpd)  181.4   186.6   182.7   181.4 Refined product sales volume (Mbpd)  201.3   204.5   195.1   194.6          Adjusted Gross Margin per bbl ($/throughput bbl) (1) $41.22  $13.65  $26.17  $10.24 Production costs per bbl ($/throughput bbl)  7.71   7.20   7.32   7.30 D&A per bbl ($/throughput bbl)  1.61   1.47   1.57   1.56          Hawaii Refinery        Feedstocks Throughput (Mbpd)  73.2   88.1   81.4   83.8 Yield (% of total throughput)        Gasoline and gasoline blendstocks  27.2%  26.9%  28.0%  26.4%Distillates  33.3%  40.4%  34.8%  37.6%Fuel oils  34.3%  29.1%  32.2%  30.6%Other products  2.6%  1.0%  2.3%  2.4%Total yield  97.4%  97.4%  97.3%  97.0%         Refined product sales volume (Mbpd)  85.3   88.5   87.8   88.6                  Adjusted Gross Margin per bbl ($/throughput bbl) (1) $57.00  $10.18  $32.96  $9.57 Production costs per bbl ($/throughput bbl)  6.43   4.18   5.47   4.48 D&A per bbl ($/throughput bbl)  0.64   0.25   0.43   0.24          Montana Refinery        Feedstocks Throughput (Mbpd)  52.7   44.2   54.8   48.0 Yield (% of total throughput)        Gasoline and gasoline blendstocks  47.5%  45.3%  47.1%  45.3%Distillates  36.0%  30.4%  35.7%  31.5%Asphalt  7.9%  13.9%  8.6%  12.5%Other products  3.6%  4.3%  3.4%  3.7%Total yield  95.0%  93.9%  94.8%  93.0%         Refined product sales volume (Mbpd)  56.2   55.6   53.5   51.5          Adjusted Gross Margin per bbl ($/throughput bbl) (1) $37.22  $22.30  $21.57  $13.02 Production costs per bbl ($/throughput bbl)  10.16   14.18   9.58   12.22 D&A per bbl ($/throughput bbl)  2.66   2.83   2.61   2.56          Washington Refinery        Feedstocks Throughput (Mbpd)  41.2   40.8   32.1   39.7 Yield (% of total throughput)        Gasoline and gasoline blendstocks  24.2%  23.1%  24.1%  23.7%Distillates  34.7%  35.2%  34.1%  35.5%Asphalt  19.9%  18.8%  19.2%  17.1%Other products  18.2%  19.5%  19.4%  20.1%Total yield  97.0%  96.6%  96.8%  96.4%         Refined product sales volume (Mbpd)  40.7   45.7   35.6   41.1          Adjusted Gross Margin per bbl ($/throughput bbl) (1) $20.31  $11.47  $16.02  $6.94 Production costs per bbl ($/throughput bbl)  4.21   3.73   5.40   3.94 D&A per bbl ($/throughput bbl)  1.43   1.91   1.99   1.96          Wyoming Refinery        Feedstocks Throughput (Mbpd)  14.3   13.5   14.4   9.9 Yield (% of total throughput)        Gasoline and gasoline blendstocks  46.2%  44.1%  47.5%  46.1%Distillates  44.2%  47.3%  44.1%  46.8%Fuel oils  3.8%  3.5%  3.0%  3.1%Other products  2.8%  3.1%  2.4%  2.4%Total yield  97.0%  98.0%  97.0%  98.4%                 Refined product sales volume (Mbpd)  19.1   14.7   18.2   13.4          Adjusted Gross Margin per bbl ($/throughput bbl) (1) $34.03  $18.57  $30.49  $19.01 Production costs per bbl ($/throughput bbl)  15.28   14.50   13.52   20.81 D&A per bbl ($/throughput bbl)  3.27   3.64   3.16   6.37          Market Indices (average $ per barrel)        Hawaii Index $46.06  $8.57  $38.62  $8.35 Montana Index  25.76   20.29   15.36   13.72 Washington Index  20.27   15.37   14.27   9.79 Wyoming Index  28.73   21.41   24.04   20.86 Combined Index  32.94   13.76   26.11   10.59          Market Cracks (average $ per barrel)        Singapore 3.1.2 Product Crack $49.99  $13.56  $43.04  $13.34 Montana 6.3.2.1 Product Crack  36.64   29.00   25.92   23.04 Washington 3.1.1.1 Product Crack  33.75   24.16   25.20   18.12 Wyoming 2.1.1 Product Crack  36.77   22.68   29.54   22.21          Crude Oil Prices (average $ per barrel)        Brent $96.68  $66.71  $87.58  $70.82 WTI  92.70   63.68   82.74   67.53 ANS (-) Brent  13.07   3.67   8.02   2.93 Bakken Guernsey (-) WTI  4.03   (1.00)  2.12   (1.40)Bakken Williston (-) WTI  4.63   (2.20)  1.56   (2.64)WCS Hardisty (-) WTI  (14.15)  (9.41)  (13.95)  (10.92)MSW (-) WTI  1.78   (1.67)  (0.62)  (3.42)Syncrude (-) WTI  8.93   2.17   4.80   0.11 Brent M1-M3  6.76   1.42   5.33   1.32          Retail Segment        Retail sales volumes (thousands of gallons)  30,709   30,848   58,773   60,279            (1)We calculate Adjusted Gross Margin per barrel by dividing Adjusted Gross Margin by total refining throughput. Adjusted Gross Margin for our Washington refinery is determined under the last-in, first-out (“LIFO”) inventory costing method. Adjusted Gross Margin for our other refineries is determined under the first-in, first-out (“FIFO”) inventory costing method. Total Refining Segment Adjusted Gross Margin per barrel is presented net of intercompany profit in inventory of ($0.11) per barrel and $0.29 per barrel for the three months ended June 30, 2026 and 2025, respectively, and $0.20 per barrel and $0.19 per barrel for the six months ended June 30, 2026 and 2025, respectively, which represents margin on intercompany sales where the inventory remains on our condensed consolidated balance sheet at period end.                     Non-GAAP Performance Measures 

Management uses certain financial measures and forecasts to evaluate our operating performance and allocate resources that are considered non-GAAP financial measures. The chief operating decision-maker (“CODM”) is the Chief Executive Officer (“CEO”), who uses certain non-GAAP financial measures and forecasts to allocate resources and evaluate our operating performance. These measures should not be considered in isolation or as substitutes or alternatives to their most directly comparable GAAP financial measures or any other measure of financial performance or liquidity presented in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures used by other companies since each company may define these terms differently.

We believe Adjusted Gross Margin (as defined below) provides useful information to investors because it eliminates the gross impact of volatile commodity prices and adjusts for certain non-cash items and timing differences created by our inventory financing agreements and lower of cost and net realizable value adjustments to demonstrate the earnings potential of the business before other fixed and variable costs, which are reported separately in Operating expense (excluding depreciation) and Depreciation and amortization. Operating expense includes certain shared costs such as finance, accounting, tax, human resources, information technology, and legal costs that are not directly attributable to specific operating segments. The criteria used to determine the allocation of these expenses generally reflect the time and resources required to provide the applicable service to other internal stakeholders. Remaining expenses are included in the reconciliation of reportable segment Adjusted EBITDA to consolidated pre-tax income (loss) as unallocated corporate general and administrative expenses.

Management, including the CODM, uses Adjusted Gross Margin per barrel to evaluate operating performance and compare profitability to other companies in the industry and to industry benchmarks. We believe Adjusted Net Income (Loss) attributable to Par Pacific stockholders, Adjusted EBITDA (as defined below) and Adjusted EBITDA by segment (as defined below) are useful supplemental financial measures that allow management and investors to assess the financial performance of our assets without regard to financing methods, capital structure, or historical cost basis, the ability of our assets to generate cash to pay interest on our indebtedness, and our operating performance and return on invested capital as compared to other companies without regard to financing methods and capital structure.

Beginning with the financial results reported for the fourth quarter of 2025, Adjusted Net Income (Loss) attributable to Par Pacific stockholders excludes the portion of non-GAAP adjustments associated with the noncontrolling interest in our joint venture established on October 21, 2025. Adjusted Net Income (Loss) attributable to Par Pacific stockholders and Adjusted EBITDA by segment also excludes other operating gains and losses (which primarily includes the impacts of the noncash remeasurement of our environmental liabilities). This modification improves comparability between periods by excluding non-cash gains and losses that do not reflect ongoing underlying business operations.

Beginning with the financial results reported for the fourth quarter of 2025, Adjusted EBITDA includes the Adjusted Net Income (Loss) attributable to noncontrolling interests associated with our joint venture established on October 21, 2025.

Adjusted Gross Margin

Adjusted Gross Margin is defined as Operating income (loss) excluding:

• operating expense (excluding depreciation);• depreciation and amortization (“D&A”);• Par’s portion of interest, taxes, and D&A expense from refining and logistics investments;• impairment expense;• other operating (gain) loss, net (which primarily includes the impacts of the noncash remeasurement of our environmental liabilities);• Par's portion of accounting policy differences from refining and logistics investments;• inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);• Environmental obligation mark-to-market adjustment (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington Climate Commitment Act ("Washington CCA") and Clean Fuel Standard); and• unrealized loss (gain) on derivatives.    The following tables present a reconciliation of Adjusted Gross Margin to the most directly comparable GAAP financial measure, operating income (loss), on a historical basis, for selected segments, for the periods indicated (in thousands):

Three months ended June 30, 2026 Refining Logistics RetailOperating Income $629,916  $22,519 $14,553Operating expense (excluding depreciation)  128,452   5,262  23,408Depreciation, depletion, and amortization  26,652   6,142  2,759Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments  684   1,170  —Inventory valuation adjustment  (35,704)  —  —Environmental obligation mark-to-market adjustments  (41,243)  —  —Unrealized gain on derivatives  (28,290)  —  —Par's portion of accounting policy differences from refining and logistics investments  (183)  —  —Other operating loss, net  144   —  —Adjusted Gross Margin (1) $680,428  $35,093 $40,720 Three months ended June 30, 2025 Refining Logistics RetailOperating Income $81,320  $23,741  $20,793Operating expense (excluding depreciation)  123,597   4,797   20,286Depreciation, depletion, and amortization  24,919   6,530   2,510Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments  1,204   751   —Inventory valuation adjustment  28,530   —   —Environmental obligation mark-to-market adjustments  1,360   —   —Unrealized gain on derivatives  (28,815)  —   —Par's portion of accounting policy differences from refining and logistics investments  (526)  —   —Other operating loss (gain), net  191   (1,417)  —Adjusted Gross Margin (1) $231,780  $34,402  $43,589 Six months ended June 30, 2026 Refining Logistics RetailOperating Income $686,232  $47,039 $27,558Operating expense (excluding depreciation)  244,372   11,154  44,114Depreciation, depletion, and amortization  52,073   11,942  5,194Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments  1,611   2,252  —Inventory valuation adjustment  (96,930)  —  —Environmental obligation mark-to-market adjustments  (70,751)  —  —Unrealized loss on derivatives  48,621   —  —Par's portion of accounting policy differences from refining and logistics investments  (595)  —  —Other operating loss, net  870   125  —Adjusted Gross Margin (1) $865,503  $72,512 $76,866 Six months ended June 30, 2025 Refining Logistics RetailOperating Income $56,599  $45,630  $36,754Operating expense (excluding depreciation)  242,217   9,162   41,455Depreciation, depletion, and amortization  51,316   13,349   5,172Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments  2,356   1,717   —Inventory valuation adjustment  16,843   —   —Environmental obligation mark-to-market adjustments  6,314   —   —Unrealized gain on derivatives  (38,257)  —   —Par's portion of accounting policy differences from refining and logistics investments  (1,471)  —   —Other operating loss (gain), net  191   (1,417)  1Adjusted Gross Margin (1) $336,108  $68,441  $83,382           (1)For the three and six months ended June 30, 2026 and 2025, there was no impairment expense in Operating income.                     Adjusted Net Income (Loss) Attributable to Par Pacific Stockholders and Adjusted EBITDA

Adjusted Net Income (Loss) attributable to Par Pacific stockholders is defined as Net income (loss) attributable to Par Pacific stockholders excluding:

• inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);• Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard);• unrealized (gain) loss on derivatives;• acquisition and integration costs;• redevelopment and other costs related to Par West;• debt extinguishment and commitment costs;• increase in (release of) tax valuation allowance and other deferred tax items;• changes in the value of contingent consideration and common stock warrants;• severance costs and other non-operating expense (income);• impairment expense;• impairment expense associated with our investment in Laramie Energy;• Par’s share of equity (earnings) losses from Laramie Energy, LLC, excluding cash distributions;• Par's portion of accounting policy differences from refining and logistics investments;• other operating (gain) loss, net (which primarily includes the impacts of the noncash remeasurement of our environmental liabilities); and• noncontrolling interest impact of non GAAP adjustments.    Adjusted EBITDA is defined as Adjusted Net Income (Loss) attributable to Par Pacific stockholders plus Adjusted Net Loss attributable to noncontrolling interests excluding:

• D&A;• interest expense and financing costs, net, excluding unrealized interest rate derivative loss (gain);• cash distributions from Laramie Energy, LLC to Par;• Par's portion of interest, taxes, and D&A expense from refining and logistics investments; and• income tax expense (benefit) excluding the increase in (release of) tax valuation allowance.    The following table presents a reconciliation of Adjusted Net Income (Loss) attributable to Par Pacific stockholders and Adjusted EBITDA to the most directly comparable GAAP financial measure, Net income (loss) attributable to Par Pacific stockholders, on a historical basis for the periods indicated (in thousands):        

  Three Months Ended
June 30, Six Months Ended
June 30,   2026   2025   2026   2025 Net income attributable to Par Pacific stockholders $462,131  $59,460  $516,581  $29,060 Inventory valuation adjustment  (35,704)  28,530   (96,930)  16,843 Environmental obligation mark-to-market adjustments  (41,243)  1,360   (70,751)  6,314 Unrealized loss (gain) on derivatives  (28,892)  (28,166)  47,987   (37,523)Acquisition and integration costs  —   —   64   — Par West redevelopment and other costs  3,676   4,690   6,661   8,672 Debt extinguishment and commitment costs  11,461   —   11,523   25 Changes in valuation allowance and other deferred tax items (1)  122,340   15,473   132,968   8,579 Severance costs and other non-operating expense (2)  13   552   66   1,278 Equity (earnings) losses from Laramie Energy, LLC, excluding cash distributions  1,666   (1,856)  (7,513)  (2,582)Par's portion of accounting policy differences from refining and logistics investments  (183)  (526)  (595)  (1,471)Other operating loss (gain), net  296   (1,226)  1,147   (1,225)Noncontrolling interest impact of non-GAAP adjustments  3,630   —   (3,475)  — Adjusted Net Income attributable to Par Pacific stockholders (3)   499,191   78,291   537,733   27,970 Adjusted Net Loss attributable to noncontrolling interests (4)  (2,820)  —   (4,014)  — Depreciation, depletion, and amortization  36,454   34,712   70,914   71,298 Interest expense and financing costs, net, excluding unrealized interest rate derivative loss (gain)  14,870   21,457   30,836   43,220 Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments  1,854   1,955   3,863   4,073 Income tax expense  21,706   1,414   23,418   1,414 Adjusted EBITDA (3) $571,255  $137,829  $662,750  $147,975            (1)For the three and six months ended June 30, 2026, we recognized a non-cash deferred tax expense of $122.3 million and $133.0 million, respectively, driven by an increase in our 2026 taxable income. For the three and six months ended June 30, 2025, we recognized a non-cash deferred tax expense of $15.5 million and $8.6 million, respectively, related to deferred state and federal tax liabilities.(2)For the six months ended June 30, 2025, we incurred $0.3 million of stock-based compensation expenses associated with equity awards modifications.(3)For the three and six months ended June 30, 2026 and 2025, there was no change in value of contingent consideration, change in value of common stock warrants, impairment expense, impairments associated with our investment in Laramie Energy, cash distributions from Laramie Energy, or our share of Laramie Energy’s asset impairment losses in excess of our basis difference. Please read the Non-GAAP Performance Measures discussion above for information regarding changes to the components of Adjusted Net Income (Loss) attributable to Par Pacific stockholders and Adjusted EBITDA made during the reporting periods.(4)Represents the amount necessary to reconcile Adjusted Net Income (Loss) attributable to Par Pacific stockholders to consolidated adjusted net income (loss) used in calculating Adjusted EBITDA. The amount equals net income (loss) attributable to noncontrolling interest minus the noncontrolling interest impact of non-GAAP adjustments.                     The following table sets forth the computation of basic and diluted Adjusted Net Income (Loss) attributable to Par Pacific stockholders per share (in thousands, except per share amounts):

  Three Months Ended
June 30, Six Months Ended
June 30,   2026  2025  2026  2025Adjusted Net Income attributable to Par Pacific stockholders $499,191 $78,291 $537,733 $27,970         Numerator for diluted income per common share $499,191 $78,291 $537,733 $27,970         Basic weighted-average common shares outstanding  48,509  50,373  48,460  52,052Add dilutive effects of common stock equivalents (1)  935  463  1,084  338             Diluted weighted-average common shares outstanding  49,444  50,836  49,544  52,390         Basic Adjusted Net Income attributable to Par Pacific stockholders per common share $10.29 $1.55 $11.10 $0.54Diluted Adjusted Net Income attributable to Par Pacific stockholders per common share $10.10 $1.54 $10.85 $0.53                           Adjusted EBITDA by Segment

Adjusted EBITDA by segment is defined as Operating income (loss) excluding:

• D&A;• inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);• Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard);• unrealized (gain) loss on derivatives;• acquisition and integration costs;• redevelopment and other costs related to Par West;• severance costs and other non-operating expense (income);• other operating loss (gain), net (which includes the impacts of the noncash remeasurement of our environmental liabilities);• impairment expense;• Par's portion of interest, taxes, and D&A expense from refining and logistics investments; and• Par's portion of accounting policy differences from refining and logistics investments.    Adjusted EBITDA by segment also includes Gain on curtailment of pension obligation and Other income (loss), net, which are presented below operating income (loss) on our condensed consolidated statements of operations.

The following table presents a reconciliation of Adjusted EBITDA by segment to the most directly comparable GAAP financial measure, operating income (loss) by segment, on a historical basis, for selected segments, for the periods indicated (in thousands):

Three Months Ended June 30, 2026 Refining Logistics Retail Corporate
and OtherOperating income (loss) by segment $629,916  $22,519 $14,553 $(32,435)Depreciation, depletion and amortization  26,652   6,142  2,759  901 Inventory valuation adjustment  (35,704)  —  —  — Environmental obligation mark-to-market adjustments  (41,243)  —  —  — Unrealized gain on commodity derivatives  (28,290)  —  —  — Acquisition and integration costs  —   —  —  — Par West redevelopment and other costs  —   —  —  3,676 Severance costs and other non-operating expense  —   13  —  — Par's portion of accounting policy differences from refining and logistics investments  (183)  —  —  — Other operating loss, net  144   —  —  152 Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments  684   1,170  —  — Other loss, net  —   —  —  (171)Adjusted EBITDA (1) $551,976  $29,844 $17,312 $(27,877) Three Months Ended June 30, 2025 Refining Logistics Retail Corporate
and OtherOperating income (loss) by segment $81,320  $23,741  $20,793 $(29,094)Depreciation, depletion and amortization  24,919   6,530   2,510  753 Inventory valuation adjustment  28,530   —   —  — Environmental obligation mark-to-market adjustments  1,360   —   —  — Unrealized gain on derivatives  (28,815)  —   —  — Acquisition and integration costs  —   —   —  — Par West redevelopment and other costs  —   —   —  4,690 Severance costs and other non-operating expense  201   193   44  114 Par's portion of accounting policy differences from refining and logistics investments  (526)  —   —  — Other operating loss (gain), net  191   (1,417)  —  — Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments  1,204   751   —  — Other loss, net  —   —   —  (163)Adjusted EBITDA (1) $108,384  $29,798  $23,347 $(23,700) Six months ended June 30, 2026 Refining Logistics Retail Corporate
and OtherOperating income (loss) by segment $686,232  $47,039 $27,558 $(60,954)Depreciation, depletion and amortization  52,073   11,942  5,194  1,705 Inventory valuation adjustment  (96,930)  —  —  — Environmental obligation mark-to-market adjustments  (70,751)  —  —  — Unrealized loss on derivatives  48,621   —  —  — Acquisition and integration costs  —   —  —  64 Par West redevelopment and other costs  —   —  —  6,661 Severance costs and other non-operating expense  —   13  53  — Par's portion of accounting policy differences from refining and logistics investments  (595)  —  —  — Other operating loss, net  870   125  —  152 Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments  1,611   2,252  —  — Other loss, net  —   —  —  (185)Adjusted EBITDA (1) $621,131  $61,371 $32,805 $(52,557) Six months ended June 30, 2025 Refining Logistics Retail Corporate
and OtherOperating income (loss) by segment $56,599  $45,630  $36,754 $(57,999)Depreciation, depletion and amortization  51,316   13,349   5,172  1,461 Inventory valuation adjustment  16,843   —   —  — Environmental obligation mark-to-market adjustments  6,314   —   —  — Unrealized gain on derivatives  (38,257)  —   —  — Acquisition and integration costs  —   —   —  — Par West redevelopment and other costs  —   —   —  8,672 Severance costs and other non-operating expense  201   193   44  840 Par's portion of accounting policy differences from refining and logistics investments  (1,471)  —   —  — Other operating loss (gain), net  191   (1,417)  1  — Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments  2,356   1,717   —  — Other loss, net  —   —   —  (534)Adjusted EBITDA (1) $94,092  $59,472  $41,971 $(47,560)           (1) For the three and six months ended June 30, 2026 and 2025, there was no change in value of contingent consideration, change in value of common stock warrants, impairment expense, impairments associated with our investment in Laramie Energy, or our share of Laramie Energy’s asset impairment losses in excess of our basis difference.                     Laramie Energy Adjusted EBITDAX

Adjusted EBITDAX is defined as net income (loss) excluding commodity derivative (income) loss, gain (loss) on settled derivative instruments, interest expense (income) and loan fees, gain on extinguishment of debt, non-cash preferred dividend, depreciation, depletion, amortization, and accretion, bonus accrual, equity-based compensation expense, phantom units, expired acreage (non-cash), and other non-operating expenses. We believe Adjusted EBITDAX is a useful supplemental financial measure to evaluate the economic and operational performance of exploration and production companies such as Laramie Energy.

The following table presents a reconciliation of Laramie Energy’s Adjusted EBITDAX to the most directly comparable GAAP financial measure, net income (loss) for the periods indicated (in thousands):

  Three Months Ended
June 30, Six Months Ended
June 30,   2026   2025   2026   2025 Net income (loss) $(6,677) $527  $10,222  $(539)Commodity derivative (income) loss  (6,593)  (3,356)  (21,320)  6,501 Gain (loss) on settled derivative instruments  13,777   4,243   16,467   (1,455)Interest expense and loan fees  4,695   4,712   9,333   9,323 Gain on contingency  —   (294)  —   (294)Depreciation, depletion, amortization, and accretion  11,142   8,171   20,355   15,970 Phantom units  1,333   (1,756)  2,070   (3,270)Expired acreage (non-cash)  207   132   655   228 Other non-operating expenses  26   —   26   — Total Adjusted EBITDAX (1) $17,910  $12,379  $37,808  $26,464            (1)For the three and six months ended June 30, 2026 and 2025, there was no gain on extinguishment of debt, non-cash preferred dividend, bonus accrual, or equity-based compensation expense.

The Vanguard Energy ETF (VDE +1.93%) offers a broad, market-cap-weighted approach to the energy sector, while the State Street SPDR S&P Oil & Gas Exploration & Production ETF (XOP +3.41%) provides equal-weighted exposure to upstream producers.

Energy investors often choose between broad sector coverage and targeted industry plays. Both funds focus on the oil and gas space, but their construction methods lead to different risk profiles and return drivers. This comparison examines how these two heavyweights stack up on cost, performance, and portfolio makeup.

Snapshot (cost & size)MetricXOPVDEIssuerSPDRVanguardShare price (as of July 27, 2026)$169.08$164.52Expense ratio0.35%0.09%1-year return (as of July 27, 2026)35.1%38.5%Dividend yield2.1%2.7%AUM$3.4 billion$11.1 billionThe 1-year return represents total return over the trailing 12 months. Dividend yield is the trailing-12-month distribution yield.

The Vanguard fund is the more affordable option with a 0.09% expense ratio, while the SPDR ETF charges 0.35%. Additionally, the Vanguard fund offers a higher payout, providing a 2.7% yield compared to 2.1% for its peer.

Performance & risk comparisonMetricXOPVDEMax drawdown (5 year)(35.0%)(26.6%)Growth of $1,000 over 5 years (total return)$2,271$2,809What's insideVanguard’s ETF targets the broad U.S. energy sector, encompassing 111 holdings across various market capitalizations. Its largest positions include ExxonMobil (XOM +2.42%) at 21.5%, Chevron (CVX +2.28%) at 13.5%, and ConocoPhillips (COP +3.47%) at 5.51%. The fund allocation is primarily in energy at 77%, with 22% in cash and other positions. This ETF was launched in 2004. It has paid $4.03 per share over the trailing 12 months.

The SPDR ETF provides more targeted exposure, holding 51 companies specifically within the oil and gas exploration and production segment. Its largest holdings include PBF Energy (PBF +3.85%) at 3.49%, Par Pacific (PARR +5.03%) at 3.24%, and Delek US (DK +3.38%) at 3.09%. Because it follows a modified equal-weighted index, it avoids the heavy concentration in mega-cap stocks seen in its peer. The SPDR fund was launched in 2006. It has paid $3.25 per share over the trailing 12 months.

For more guidance on ETF investing, check out the full guide at this link.

What this means for investorsAt a glance, there are many aspects of the Vanguard fund I find more attractive when stacked up against its peer. For one, VDE has a lower expense ratio, and that will affect your portfolio's returns over the long term. Vanguard's ETF also pays a higher dividend. Furthermore, VDE has better recent returns, outperforming the SPDR fund over the past one- and five-year time frames.

The SPDR ETF has a much more concentrated portfolio, with about half as many stocks as VDE, as well as a narrower focus on oil and gas exploration and production companies. I like my ETFs to be more diversified (VDE's portfolio holds 111 stocks), but some investors may prefer the greater exposure to this specific area of the energy patch.

One final difference worth pointing out is the two ETFs' position weightings. No stock accounts for more than 4% of XOP's portfolio, which I think does help mitigate some of the concentration risk. On the other hand, VDE has nearly twice as many holdings as XOP, but its top three make up more than 40% of the fund's value. ExxonMobil alone has a 20%-plus weighting. So while I think Vanguard’s fund is a better investment choice overall, investors should be aware that this ETF’s returns will be driven in large part by just a handful of stocks.

Posted by Defense World Staff on Jul 29th, 2026

Dimensional Fund Advisors LP lowered its position in Par Pacific Holdings, Inc. (NYSE:PARR – Free Report) by 0.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,764,823 shares of the company’s stock after selling 9,798 shares during the period. Dimensional Fund Advisors LP owned about 3.57% of Par Pacific worth $110,555,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Bessemer Group Inc. increased its position in Par Pacific by 53.3% in the first quarter. Bessemer Group Inc. now owns 123,303 shares of the company’s stock worth $7,724,000 after buying an additional 42,869 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Par Pacific by 11.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 29,321 shares of the company’s stock valued at $1,808,000 after buying an additional 3,022 shares in the last quarter. Independent Financial Group LLC bought a new stake in Par Pacific in the 1st quarter valued at $266,000. Innealta Capital LLC bought a new stake in shares of Par Pacific in the first quarter worth about $206,000. Finally, Fifth Third Bancorp increased its stake in Par Pacific by 3,800.3% in the 1st quarter. Fifth Third Bancorp now owns 11,467 shares of the company’s stock worth $718,000 after acquiring an additional 11,173 shares during the last quarter. 92.15% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes PARR has been the topic of a number of research reports. The Goldman Sachs Group boosted their target price on shares of Par Pacific from $77.00 to $92.00 and gave the stock a “buy” rating in a report on Thursday, July 23rd. Zacks Research upgraded Par Pacific from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 7th. JPMorgan Chase & Co. lifted their price target on shares of Par Pacific from $48.00 to $77.00 and gave the company an “overweight” rating in a research note on Wednesday, April 8th. UBS Group lifted their price objective on Par Pacific from $60.00 to $65.00 and gave the company a “neutral” rating in a report on Wednesday, July 8th. Finally, Piper Sandler upped their target price on Par Pacific from $63.00 to $72.00 and gave the stock an “overweight” rating in a report on Wednesday, April 8th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $81.57.

Check Out Our Latest Research Report on PARR

Par Pacific Stock Performance Shares of Par Pacific stock opened at $79.34 on Wednesday. The company has a 50 day moving average price of $61.51 and a 200 day moving average price of $55.04. The firm has a market capitalization of $3.98 billion, a P/E ratio of 8.85 and a beta of 0.82. Par Pacific Holdings, Inc. has a 52 week low of $26.83 and a 52 week high of $82.29. The company has a quick ratio of 0.60, a current ratio of 1.62 and a debt-to-equity ratio of 0.63.

Par Pacific (NYSE:PARR – Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.78 EPS for the quarter, missing the consensus estimate of $1.00 by ($0.22). Par Pacific had a return on equity of 34.38% and a net margin of 6.02%.The company had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same quarter in the previous year, the firm posted ($0.94) earnings per share. The company’s quarterly revenue was up 4.5% on a year-over-year basis. Sell-side analysts expect that Par Pacific Holdings, Inc. will post 18.6 EPS for the current year.

About Par Pacific (Free Report)

Par Pacific Holdings, Inc (NYSE: PARR) is a diversified downstream energy company engaged in the refining, marketing and logistics of petroleum products. Through its subsidiaries, Par Pacific operates the Par Hawaii Refinery on the island of Oʻahu, which processes crude oil into transportation fuels such as gasoline, diesel and jet fuel, as well as asphalt, petroleum coke and sulfur. In the Rocky Mountain region, the company owns and operates the Salt Lake City Refinery in Utah and associated logistics infrastructure, including pipelines and storage terminals, to support both crude supply and product distribution.

In marketing its refined products, Par Pacific maintains a network of branded and unbranded wholesale accounts across Hawaii and the U.S.

Further Reading Five stocks we like better than Par Pacific These 3 Stocks Have Soared in 2026—Can They Keep Climbing? Hasbro’s Earnings Beat Shows Why This Is No Longer Just a Toy Story Rambus: Another AI Phoenix Ready to Rise From the Ashes of Correction Chips & Clips: Memory Tariffs Rewire Tech Supply Chains Want to see what other hedge funds are holding PARR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Par Pacific Holdings, Inc. (NYSE:PARR – Free Report).

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Key Takeaways Five broker-favored stocks passed screens for estimate upgrades, valuation, liquidity and market size. Delek US gains from refinery momentum, logistics cash flows and optimization, with shares up over 110%. Estimates for ZIM's 2026 earnings rose more than 113%, supported by freight rates and niche-market strength. With the United States and Iran pausing military strikes, oil prices have started to drop from the highs touched following the recent attacks by Iran and the Houthi militant group and subsequent retaliation by the United States.

 Oil prices have dropped following reports of Iran indicating that it would refrain from further attacks as long as the United States also halted military operations, fueling expectations that the conflict could move toward a diplomatic resolution. With tensions in the region picking up one day and subsiding the next, the atmosphere remains uncertain.

So, what's the way forward in this volatile scenario, in the absence of a lasting U.S.-Iran agreement? One way is to trust broker advice and bet on broker-favorite stocks like Delek US Holdings (DK - Free Report) , Par Pacific (PARR - Free Report) , PBF Energy (PBF - Free Report) , ZIM Integrated Shipping Services (ZIM - Free Report) and Nabors Industries (NBR - Free Report) .

Since brokers meticulously follow the stocks in their coverage, they revise their earnings estimates after carefully examining the pros and cons of an event for the concerned company. Naturally, their estimate revisions serve as an important pointer regarding the price of a stock. Given this extensive know-how, brokers are deemed to be experts in the field of investing, equipped with thorough knowledge and a clear insight into the nitty-gritty of the investment world. Paying heed to such well-researched information is, therefore, advisable for investors to avoid the unfortunate scenario of one’s hard-earned money invested in stock markets going down the drain.

Screening Parameters    # (Up- Down Rating)/ Total (4 weeks) =Top #75 (This gives the list of top 75 companies that have witnessed net upgrades over the last 4 weeks).

% change in Q (1) est. (4 weeks) = Top #10 (This gives the top 10 stocks that have witnessed earnings estimate revisions over the past 4 weeks for the upcoming quarter).

Price-to-Sales = Bot%10 (The lower the ratio, the better. Companies meeting this criterion are in the bottom 10% of our universe of over 7,700 stocks concerning this ratio).

Current Price greater than 5 (as a stock trading below $5 is unlikely to create significant interest for most investors).

Average Daily Volume greater than 100,000 shares over the last 20 trading days (Volume has to be significant to ensure that these are easily traded).

Market value ($ mil) = Top #3000 (This gives us stocks that are the top 3000 in terms of market capitalization).

Com/ADR/Canadian= Com (This eliminates the ADR and Canadian stocks).

Here are five of the 10 stocks that made it through the screen:

Delek is gaining owing to its operational momentum, diversified earnings profile and stronger financial visibility. The company benefits from improving refinery operations, stable cash flows from its logistics business and ongoing optimization initiatives that are expected to enhance long-term profitability.

Delek, currently sporting a Zacks Rank #1 (Strong Buy), surpassed the Zacks Consensus Estimate for earnings in each of the last four quarters. The average beat is 69.9%. Shares of the company have surged in excess of 110% year to date.

You can see the complete list of today’s Zacks #1 Rank stocks here.

Par Pacific is an integrated energy company that produces conventional and renewable fuels across the western United States. Its operations combine refining, logistics and fuel retailing, supported by a broad transportation and storage network.

Par Pacific, currently sporting a Zacks Rank #1, surpassed the Zacks Consensus Estimate for earnings in two of the last four quarters and missed the mark twice, with an average beat of 69.9%.

PBF Energy is among the leading refiners in the United States. Strong refinery utilization in the United States to meet resilient demand is expected to continue to offset the negative impacts of elevated input costs, driven by high oil prices. This is aiding PBF’s bottom line.

PBF, currently sporting a Zacks Rank #1, surpassed the Zacks Consensus Estimate for earnings in three of the last four quarters and missed the mark once, the average beat being 113.3%.

ZIM Integrated benefits from the recovery in freight rates, focus on niche markets and a shareholder-friendly approach. The company's investments in digitalization and innovative technologies enhance operational efficiency, positioning it to benefit from growing demand for sustainable shipping solutions.

ZIM, currently sporting a Zacks Rank #1, has seen the Zacks Consensus Estimate for 2026 earnings being revised more than 113% upward over the past 60 days. Shares of the shipping company have risen in excess of 17% year to date.

Nabors is expanding its global footprint with new rig deployments, innovative drilling technologies, debt reduction and long-term contracts that strengthen revenue stability. Rising rig utilization is expected to support stronger pricing and margins, while its presence in more than 20 countries provides diversification and growth opportunities. 

NBR, currently carrying a Zacks Rank #2 (Buy), has a decent earnings surprise history. NBR surpassed the Zacks Consensus Estimate for earnings in two of the last four quarters and missed the mark twice, the average beat being 13.6%. 

The Oils-Energy group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Par Petroleum (PARR - Free Report) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? By taking a look at the stock's year-to-date performance in comparison to its Oils-Energy peers, we might be able to answer that question.

Par Petroleum is one of 252 individual stocks in the Oils-Energy sector. Collectively, these companies sit at #10 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.

The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. Par Petroleum is currently sporting a Zacks Rank of #1 (Strong Buy).

Over the past 90 days, the Zacks Consensus Estimate for PARR's full-year earnings has moved 27.5% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.

Our latest available data shows that PARR has returned about 128.8% since the start of the calendar year. Meanwhile, the Oils-Energy sector has returned an average of 26.7% on a year-to-date basis. This means that Par Petroleum is performing better than its sector in terms of year-to-date returns.

One other Oils-Energy stock that has outperformed the sector so far this year is Venture Global (VG - Free Report) . The stock is up 106.2% year-to-date.

The consensus estimate for Venture Global's current year EPS has increased 10.8% over the past three months. The stock currently has a Zacks Rank #2 (Buy).

Looking more specifically, Par Petroleum belongs to the Oil and Gas - Refining and Marketing industry, a group that includes 16 individual stocks and currently sits at #40 in the Zacks Industry Rank. Stocks in this group have gained about 57.1% so far this year, so PARR is performing better this group in terms of year-to-date returns.

In contrast, Venture Global falls under the Oil and Gas - Exploration and Production - United States industry. Currently, this industry has 34 stocks and is ranked #210. Since the beginning of the year, the industry has moved +25.2%.

Par Petroleum and Venture Global could continue their solid performance, so investors interested in Oils-Energy stocks should continue to pay close attention to these stocks.

July 13, 2026 16:15 ET  | Source: Par Pacific Holdings, Inc.

HOUSTON, July 13, 2026 (GLOBE NEWSWIRE) -- Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific”) today announced that it will release its second quarter 2026 results after the New York Stock Exchange closes on Tuesday, August 4, 2026. This release will be followed by a conference call for investors on Wednesday, August 5, 2026, at 9:00 a.m. Central Time (10:00 a.m. Eastern). The full text of the release will be available on Par Pacific’s website at http://www.parpacific.com.

Par Pacific Second Quarter 2026 Earnings Conference Call
Wednesday, August 5, 2026
9:00 a.m. Central time (10:00 a.m. Eastern)
Dial-in number: 1-800-715-9871 (toll free) or 1-646-307-1963 (toll)

Individuals who would like to participate should dial the applicable dial-in number at least 10 minutes before the scheduled conference call time.

To access the live audio webcast and related presentation materials, please visit the Investors section of Par Pacific's website at http://www.parpacific.com.

A replay will be available shortly after the call and can be accessed by dialing 1-800-770-2030 (toll-free) or 1-609-800-9909 (toll). The passcode for the replay is 5483514. The replay will be available until August 19, 2026.

About Par Pacific

Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, is a growing energy company providing both renewable and conventional fuels to the western United States. Par Pacific owns and operates 219,000 bpd of combined refining capacity across four locations in Hawaii, the Pacific Northwest and the Rockies, and an extensive energy infrastructure network, including 13 million barrels of storage, and marine, rail, rack, and pipeline assets. In addition, Par Pacific operates the Hele retail brand in Hawaii and the “nomnom” convenience store chain in the Pacific Northwest. Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado. More information is available at www.parpacific.com.

Investor Contact:
Ashimi Patel
VP, Investor Relations & Sustainability
(832) 916-3355
[email protected]

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

While many investors like to look for momentum in stocks, this can be very tough to define. There is a lot of debate surrounding which metrics are the best to focus on and which are poor quality indicators of future performance. The Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

Below, we take a look at Par Petroleum (PARR - Free Report) , which currently has a Momentum Style Score of A. We also discuss some of the main drivers of the Momentum Style Score, like price change and earnings estimate revisions.

It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Par Petroleum currently has a Zacks Rank of #1 (Strong Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.

You can see the current list of Zacks #1 Rank Stocks here >>>

Set to Beat the Market? In order to see if PARR is a promising momentum pick, let's examine some Momentum Style elements to see if this independent oil and gas company holds up.

Looking at a stock's short-term price activity is a great way to gauge if it has momentum, since this can reflect both the current interest in a stock and if buyers or sellers have the upper hand at the moment. It's also helpful to compare a security to its industry; this can show investors the best companies in a particular area.

For PARR, shares are up 12.46% over the past week while the Zacks Oil and Gas - Refining and Marketing industry is up 6.35% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 17.84% compares favorably with the industry's 4.97% performance as well.

While any stock can see a spike in price, it takes a real winner to consistently outperform the market. Over the past quarter, shares of Par Petroleum have risen 14.74%, and are up 87.62% in the last year. In comparison, the S&P 500 has only moved 11.35% and 21.86%, respectively.

Investors should also take note of PARR's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. Right now PARR is averaging 877,325 shares for the last 20 days..

Earnings OutlookThe Zacks Momentum Style Score also takes into account trends in estimate revisions, in addition to price changes. Please note that estimate revision trends remain at the core of Zacks Rank as well. A nice path here can help show promise, and we have recently been seeing that with PARR.

Over the past two months, 4 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost PARR's consensus estimate, increasing from $13.72 to $16.92 in the past 60 days. Looking at the next fiscal year, 3 estimates have moved upwards while there have been no downward revisions in the same time period.

Bottom LineTaking into account all of these elements, it should come as no surprise that PARR is a #1 (Strong Buy) stock with a Momentum Score of A. If you've been searching for a fresh pick that's set to rise in the near-term, make sure to keep Par Petroleum on your short list.

A Look at Par Pacific Holdings Inc (PARR) After 4.4% Decline -- GF Value $36.37 vs Price $65.54

On July 09, 2026, Par Pacific Holdings Inc PARR shares fell 4.4% today, currently priced at $65.54. This decline comes amid a strong year for the stock, which has seen an impressive year-to-date increase of 86.5%, and a remarkable one-year gain of 100.2%. The shares have fluctuated between a 52-week high of $70.39 and a low of $26.83.

GF Value™ verdict: Current price is $65.54, compared to GF Value™ of $36.37, indicating the stock is 80.2% overvalued.GF Score™ of 54/100 indicates an average performance relative to other stocks.Most notable signal: No insider transactions have occurred in the last three months. Is PARR Overvalued or Undervalued? With Par Pacific Holdings Inc's current stock price at $65.54, it is significantly above the GF Value™ of $36.37, suggesting that the stock is 80.2% overvalued. This valuation indicates a substantial margin of safety for potential investors, who may find greater value in purchasing the stock at lower levels. The GF Valuation label identifies PARR as significantly overvalued, raising concerns about the sustainability of its current price level.

Being overvalued poses risks as market corrections can lead to price declines, especially if the company's fundamentals do not justify the high valuation. The current price may not align with the intrinsic value projected by GF Value™, which is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Investors may want to exercise caution as the stock price appears disconnected from its intrinsic value.

How Does PARR's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 7.3x 3.9x Forward P/E 4.7x N/A Par Pacific Holdings Inc's current P/E (TTM) of 7.3x is significantly above its 5-year median P/E of 3.9x, indicating that the stock is trading at a higher valuation compared to its historical levels. The forward P/E of 4.7x suggests a more favorable outlook, but the analysis aligns with the GF Value™ verdict, which sees the stock as overvalued based on its historical performance.

What Does PARR's GF Score™ Tell Us? Metric Rating GF Score™ 54 Financial Strength 6/10 Profitability 7/10 Growth 2/10 Valuation 1/10 Momentum 3/10 The GF Score™ of 54/100 indicates an average performance across the key metrics used to assess stocks. The strongest area is profitability, with a score of 7/10, suggesting that the company has maintained a good level of earnings relative to its peers. However, the weakest area is valuation, scoring just 1/10, which reinforces the notion that PARR is currently overvalued based on its intrinsic value. Growth also remains a concern with a low score of 2/10, suggesting limited potential for expansion in the near term.

What Are Insiders Doing with PARR Stock? There have been no insider transactions involving Par Pacific Holdings Inc in the last three months. This lack of activity may suggest that insiders are currently not confident in the stock's potential for growth, or they may be awaiting a more favorable price to make transactions. The absence of buying or selling activity can also indicate a wait-and-see approach from insiders regarding the company's future performance.

What This Means for Investors Based on the assessment of GF Value™, Par Pacific Holdings Inc is currently overvalued. With the significant discrepancy between the current stock price and the estimated intrinsic value, potential investors may want to be cautious about entering a position at this time. A careful evaluation of market conditions and company fundamentals is advisable before making investment decisions.

For the complete analysis, visit the Par Pacific Holdings Inc PARR stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is PARR's GF Score™?

PARR has a GF Score™ of 54/100, indicating an average performance relative to other stocks in the market.

Is PARR overvalued or undervalued?

PARR is currently overvalued, with a GF Value™ of $36.37 compared to the current price of $65.54, indicating an 80.2% overvaluation.

What is PARR's P/E ratio?

PARR's P/E (TTM) is 7.3x, which is significantly above its 5-year median P/E of 3.9x, suggesting that the stock is trading at a higher valuation than its historical averages.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Disclosures I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:

Diversified Energy Company PLC (DEC - Free Report) : This energy company, which is focused on natural gas and liquids production, transport, marketing and well retirement, has seen the Zacks Consensus Estimate for its current year earnings increasing 32.93% over the last 60 days.

Fortrea Holdings Inc. (FTRE - Free Report) : This company, which is a provider of clinical development and patient access solutions to the life sciences industry, has seen the Zacks Consensus Estimate for its current year earnings increasing 31.2% over the last 60 day.

Hamilton Insurance Group, Ltd. (HG - Free Report) : This company, which underwrites specialty insurance and reinsurance risks principally in Bermuda and internationally, has seen the Zacks Consensus Estimate for its current year earnings increasing 18.5% over the last 60 days.

Par Pacific (PARR - Free Report) : This growth-oriented energy company, which supplies conventional and renewable fuels across the western U.S., has seen the Zacks Consensus Estimate for its current year earnings increasing 14.9% over the last 60 days.

Kimball Electronics (KE - Free Report) : This company, which operates as a contract manufacturer of durable goods electronics, has seen the Zacks Consensus Estimate for its current year earnings increasing 6.6% over the last 60 days.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Par Petroleum (PARR - Free Report) closed the last trading session at $58.49, gaining 5.3% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $73.25 indicates a 25.2% upside potential.

The mean estimate comprises eight short-term price targets with a standard deviation of $8.07. While the lowest estimate of $60.00 indicates a 2.6% increase from the current price level, the most optimistic analyst expects the stock to surge 36.8% to reach $80.00. It's very important to note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.

While the consensus price target is highly sought after by investors, the ability and unbiasedness of analysts in setting price targets have long been questionable. And investors making investment decisions solely based on this tool would arguably do themselves a disservice.

But, for PARR, an impressive average price target is not the only indicator of a potential upside. Strong agreement among analysts about the company's ability to report better earnings than they predicted earlier strengthens this view. While a positive trend in earnings estimate revisions doesn't gauge how much a stock could gain, it has proven to be powerful in predicting an upside.

Price, Consensus and EPS Surprise

Here's What You Should Know About Analysts' Price TargetsAccording to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. In fact, empirical research shows that price targets set by several analysts, irrespective of the extent of agreement, rarely indicate where the price of a stock could actually be heading.

While Wall Street analysts have deep knowledge of a company's fundamentals and the sensitivity of its business to economic and industry issues, many of them tend to set overly optimistic price targets. Are you wondering why?

They usually do that to drum up interest in shares of companies that their firms either have existing business relationships with or are looking to be associated with. In other words, business incentives of firms covering a stock often result in inflated price targets set by analysts.

However, a tight clustering of price targets, which is represented by a low standard deviation, indicates that analysts have a high degree of agreement about the direction and magnitude of a stock's price movement. While that doesn't necessarily mean the stock will hit the average price target, it could be a good starting point for further research aimed at identifying the potential fundamental driving forces.

That said, while investors should not entirely ignore price targets, making an investment decision solely based on them could lead to disappointing ROI. So, price targets should always be treated with a high degree of skepticism.

Why PARR Could Witness a Solid UpsideThere has been increasing optimism among analysts lately about the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher. And that could be a legitimate reason to expect an upside in the stock. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

Over the last 30 days, the Zacks Consensus Estimate for the current year has increased 5.9%, as three estimates have moved higher compared to no negative revision.

Moreover, PARR currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on four factors related to earnings estimates. Given an impressive externally-audited track record, this is a more conclusive indication of the stock's potential upside in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Therefore, while the consensus price target may not be a reliable indicator of how much PARR could gain, the direction of price movement it implies does appear to be a good guide.

The energy sector is subject to wild and sudden changes. At Par Pacific NYSE: PARR, however, those changes have been coming for a while.

Par Pacific Today

$55.68 +0.30 (+0.53%)

As of 06/12/2026 03:59 PM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$23.75▼

$70.39P/E Ratio6.21

Price Target$70.00

The Houston-based energy company has seen its stock jump 130% over the past 12 months, including a 60% rise this year alone.

A new Hawaii renewable fuels plant just came online that diversifies its refining, storage, and extraction business. The company’s retail sector taps into consumers. And an aggressive buyback strategy is showing long-term confidence and per-share results.

Get Par Pacific alerts:

Analysts generally like the stock. New shareholders, though, should take care to understand just what they’d be buying if they decide to invest.

A Diversified Energy BusinessPar Pacific is not a single-play company. The company owns refining facilities in Hawaii, Wyoming, Washinton, and Montana, with an output of roughly 220,000 barrels a day.

Its energy network includes 13 million barrels of storage, and an assortment of marine, rail, terminal, and pipeline assets. Its 46% stake in Laramie Energy gives it exposure to natural gas production in Western Colorado. Other stakes are in energy production and pipeline companies.

On the retail side, Par Pacific operates more than 120 outlets, including the Hele brand in Hawaii and the “nomnom” convenience store chain in the Pacific Northwest.

The cumulative impact of these businesses can be a challenge to parse. But recent numbers suggest they are integrating well, as Par Pacific just posted its best quarterly earnings in more than a year.

First Quarter Marks a TurnaroundFor the first quarter this year, net income attributable to shareholders came in at $54.5 million, or $1.10 per diluted share. That’s in contrast to a net loss of $30.4 million, or 57 cents per diluted share, in the year-ago period. However, on an adjusted basis, net income attributable to stockholders was $38.5 million, or 78 cents per diluted share, firmly below what analysts expected.

Revenue, though, came in above expectations at $1.824 billion, of which nearly 97% came from its refining segment. Operating income swung from a $15.8 million loss to a $65.3 million gain.

Refining Margins Improve DramaticallyImportantly, the gain for the quarter was not primarily the result of the significant recent runup in oil prices. In fact, the quarterly average of oil was $78.38 per barrel during the three months ended March 31, compared with $74.98 per barrel during the same three months in 2025, the company said.

Instead, the turnaround came mostly from higher margins in the refining segment, which posted an $81 million increase in operating income. An additional $8.5 million boost was from its equity stake in Laramie Energy.

The improvement in refining margins was substantial, as the company said its combined index improved $11.83 per barrel, or 160%, in the first quarter of 2026 compared with a year earlier. For a cyclical business like refining, profit margin per barrel can help smooth out the uncertainty about oil prices, demand, and inflation.

A Push Into Renewable FuelsPar Pacific is also expanding beyond petroleum. While the company has an operating refinery in Hawaii, it also holds a majority stake in a joint venture there that launched a renewable fuels facility in April. Mistubishi and the Japanese energy giant, ENEOS, are partners in the endeavor.

For a mid-sized energy company with a nearly $3 billion market cap, the move is significant as it broadens into a more diversified, energy-transition-aware business model. With one foot in traditional refining and another in the renewable fuels market, the company not only becomes part of a segment that today dominates energy policy discussions, but it could potentially lessen its exposure to the volatility of crude oil prices.

Managing Debt and LiquidityAnother recent move by the company also points to its liquidity management. While liquidity improved slightly during the quarter, Par Pacific also refinanced $500 million in debt, a move that effectively pushes out maturities and gives management additional time to execute its strategy.

Overall leverage, though, remains relatively high, increasing to $947.6 million from $802.9 million at year-end. With current assets of $2.15 billion, the company burned $40.7 million in operating cash during the quarter, and derivative losses totaled more than $70 million.

Although the losses don't automatically signal trouble, they are reminders that the industry requires active management in a commodity-sensitive operation with real quarter-to-quarter volatility.

Confidence in the StockFor its part, the company is signaling confidence. During the quarter, the company bought back $28 million of its own stock. Basic weighted-average shares outstanding fell to 48.4 million, down from 53.8 million a year earlier. The company’s board in February authorized an additional repurchase of up to $250 million in stock.

Wall Street analysts are sending their approval. Even with a dramatic runup already priced into the stock, 12 analysts following the company are projecting an additional 25% price increase over the next 12 months. With an overall Moderate Buy recommendation, the average 12-month target is $70 per share from the current prices in the high $50s. Nine analysts have a Buy recommendation, while three suggest Hold.

A Volatile Investment to ManageThe potential profits are real, yet investing in energy is not for every investor. There are plenty of companies in the downstream energy sector, such as HF Sinclair NYSE: DINO or CVR Energy NYSE: CVI, though neither company’s shares have performed as well as Par Pacific.

Shareholders need to be willing to ride the volatility that comes with owning a mid-cap refiner. Par Pacific’s first-quarter earnings are convincing, the Hawaii renewable fuels facility adds a definite growth angle, and its buyback activity signals confidence.

Par Pacific Holdings, Inc. (PARR) Price Chart for Saturday, June, 13, 2026

Still, the company carries meaningful leverage, its cash generation can be inconsistent, and the business rises and falls on sometimes unpredictable refining margins. This not a stock to buy and forget. It’s perhaps better placed in a portfolio that’s managed as actively as the company itself.

Should You Invest $1,000 in Par Pacific Right Now?Before you consider Par Pacific, you'll want to hear this.

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While Par Pacific currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

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