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Although the revenue and EPS for Middleby (MIDD) give a sense of how its business performed in the quarter ended March 2026, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

The Middleby Corporation (MIDD) Q1 2026 Earnings Call Transcript

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ELGIN, Ill.--(BUSINESS WIRE)--The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice and food processing industries, today unveils its strategic roadmap as two independent, publicly traded companies at an Investor Day in New York City, positioning current Middleby shareholders to benefit from focused growth strategies and enhanced value creation following the expected July 6, 2026 spin-off1. Following the spin-off of Midera, Middleb.

Shares of Middleby (MIDD - Free Report) have gained 5.8% over the past four weeks to close the last trading session at $147.45, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $195.25 indicates a potential upside of 32.4%.

The average comprises eight short-term price targets ranging from a low of $185.00 to a high of $206.00, with a standard deviation of $8.46. While the lowest estimate indicates an increase of 25.5% from the current price level, the most optimistic estimate points to a 39.7% upside. More than the range, one should 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 MIDD, 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 MIDD 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 3.7%, as three estimates have moved higher while one has gone lower.

Moreover, MIDD 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 MIDD could gain, the direction of price movement it implies does appear to be a good guide.

The Middleby Corporation (MIDD) Analyst/Investor Day Transcript

Shares of Middleby (MIDD - Free Report) have gained 11.8% over the past four weeks to close the last trading session at $155.87, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $195.25 indicates a potential upside of 25.3%.

The mean estimate comprises eight short-term price targets with a standard deviation of $8.46. While the lowest estimate of $185.00 indicates an 18.7% increase from the current price level, the most optimistic analyst expects the stock to surge 32.2% to reach $206.00. 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 a much-coveted metric for investors, solely banking on this metric to make an investment decision may not be wise at all. That's because the ability and unbiasedness of analysts in setting price targets have long been questionable.

But, for MIDD, 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 May Not 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.

Here's Why There Could be Plenty of Upside Left in MIDDAnalysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason to expect an upside in the stock. That's because 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 3.6%, as four estimates have moved higher compared to no negative revision.

Moreover, MIDD 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 MIDD could gain, the direction of price movement it implies does appear to be a good guide.

The conflict with Iran continues to simmer, with no clear resolution in sight. While the broader market has largely looked through the day-to-day developments, rallying sharply in recent weeks, the implications for energy markets remain meaningful.

Oil and gas stocks continue to present a compelling opportunity. Industry executives in Houston note that each day of disruption in the Strait of Hormuz can translate into roughly a week of normalization time for global supply chains. With disruptions now extending for over 60 days, the timeline for a full reset could stretch well into mid-2027. In that environment, crude prices are likely to remain elevated, supporting strong margins across the sector.

At the same time, many energy names carry favorable Zacks Ranks and exhibit strong price momentum, reinforcing the near-term setup. For tactical traders and investors looking to diversify exposure, Par Pacific ((PARR - Free Report) ), Permian Resources ((PR - Free Report) ) and TotalEnergies ((TTE - Free Report) ) stand out as attractive opportunities within the oil and gas space.

Image Source: Zacks Investment Research

Parr Pacific: Stock on the Verge of a BreakoutPar Pacific is an integrated downstream energy company with operations spanning refining, logistics, and retail, primarily focused on niche and supply-constrained markets such as Hawaii and the Pacific Northwest. This geographic positioning gives the company exposure to structurally tighter fuel markets, often supporting stronger margins relative to more competitive regions.

Parr Pacific estimates are seeing a sharp inflection. The stock carries a Zacks Rank #1 (Strong Buy), driven by aggressive upward revisions in earnings estimates. Current quarter estimates have surged 184%, while full year expectations are up 147%, with analysts raising projections unanimously, an indication of rapidly improving profitability and favorable industry conditions.

Technically, the setup is equally compelling. After a strong year-to-date advance, shares have spent the past six weeks consolidating those gains, forming a constructive base. That consolidation now appears to be resolving higher, with the stock beginning to push through a key resistance level.

If confirmed, this breakout could mark the start of the next leg higher, supported by both improving fundamentals and strong momentum.

Image Source: TradingView

Permian Resources: Shares Push Record HighsPermian Resources is an exploration and production company focused on the core of the Permian Basin, one of the most prolific and low-cost oil producing regions in the United States. Its scale, high-quality acreage, and operational efficiency position it well to benefit from sustained strength in crude prices.

Fundamentals are moving decisively in the right direction. The stock carries a Zacks Rank #1 (Strong Buy), supported by strong upward revisions in earnings estimates. Current-year projections have jumped 83%, while next year’s estimates are up 47%, reflecting improving margins and favorable commodity pricing.

Technically, shares are already confirming that strength. The stock has broken out to new all-time highs and is seeing continued follow-through buying, a sign of strong institutional demand.

With both fundamentals and price action aligned, Permian Resources remains one of the stronger momentum plays in the energy space.

Image Source: TradingView

TotalEnergies: Stock Coiled Below a BreakoutTotalEnergies is a global integrated energy major with operations spanning upstream oil and gas, LNG, refining, and a growing portfolio of renewable and power assets. This diversified model provides exposure to elevated crude prices while also offering longer-term transition optionality.

The analyst outlook appears very strong. The stock carries a Zacks Rank #1 (Strong Buy), supported by steady upward revisions in earnings estimates. Current year projections have increased by 52%, while next year’s estimates are up 35%.

The price action shows shares are setting up constructively. The stock remains within a large bull flag pattern, consolidating just below a key breakout level following its prior advance. This type of setup typically reflects healthy digestion of gains, often preceding another leg higher.

A confirmed breakout from this range would likely signal renewed momentum, positioning TotalEnergies alongside other leaders in the energy space.

Image Source: TradingView

Should Investors Buy Shares in TTE, PARR and PR?The setup across the energy sector remains compelling. Elevated crude prices, supported by ongoing geopolitical uncertainty and constrained supply dynamics, continue to drive strong earnings power for oil and gas companies.

All three names highlighted here combine powerful fundamental tailwinds with favorable Zacks Ranks and constructive technical setups. Earnings estimates are moving higher, margins are expanding, and price momentum is confirming the improving outlook.

While energy can be a volatile sector, the current backdrop favors strength. For investors seeking tactical exposure or looking to their oil and gas holdings, TTE, PARR, and PR stand out as attractive opportunities with potential for further upside.

HOUSTON, May 05, 2026 (GLOBE NEWSWIRE) -- Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific” or the “Company”) today reported its financial results for the quarter ended March 31, 2026.

Net income attributable to Par Pacific stockholders of $54.5 million, or $1.10 per diluted shareAdjusted Net Income attributable to Par Pacific stockholders of $38.5 million, or $0.78 per diluted shareAdjusted EBITDA of $91.5 millionRepurchased $28.0 million of common stock at an average price of $37.96 per shareRecord quarterly Hawaii refining throughput of 89.8 MbpdHawaii renewable fuels facility began commercial operations in April The Company reported Net income (loss) attributable to Par Pacific stockholders of $54.5 million, or $1.10 per diluted share, for the quarter ended March 31, 2026, compared to $(30.4) million, or $(0.57) per diluted share, for the same quarter in 2025. First quarter 2026 Adjusted Net income (loss) attributable to Par Pacific stockholders was $38.5 million, compared to $(50.3) million in the first quarter of 2025. First quarter 2026 Adjusted EBITDA was $91.5 million, compared to $10.1 million in the first 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 continued focus on reliability and commercial performance through market cycles enabled strong first quarter results,” said Will Monteleone, President and Chief Executive Officer. “During April, the Hawaii renewable fuels facility successfully achieved commercial operations, a major milestone for the project. Our outlook is strong and we are well positioned to capitalize on the elevated margin environment across our system.”

Refining

The Refining segment reported operating income of $56.3 million in the first quarter of 2026, compared to an operating loss of $(24.7) million in the first quarter of 2025. Adjusted Gross Margin for the Refining segment was $185.1 million in the first quarter of 2026, compared to $104.3 million in the first quarter of 2025.

Refining segment Adjusted EBITDA was $69.2 million in the first quarter of 2026, compared to $(14.3) million in the first quarter of 2025. Refining segment throughput was 184 thousand barrels per day (Mbpd) for the first quarter of 2026, compared to 176 Mbpd for the first quarter of 2025.

Hawaii
The Hawaii Index averaged $31.11 per barrel in the first quarter of 2026, compared to $8.13 per barrel in the first quarter of 2025. Throughput in the first quarter of 2026 was 90 Mbpd, compared to 79 Mbpd for the same quarter in 2025. Production costs were $4.67 per throughput barrel in the first quarter of 2026, compared to $4.81 per throughput barrel in the same period of 2025.

The Hawaii refinery’s Adjusted Gross Margin was $13.10 per barrel during the first quarter of 2026, including a net price lag impact of approximately $(125.5) million, or $(15.52) per barrel, compared to $8.90 per barrel during the first quarter of 2025.

The net price lag impact reflects the Hawaii refinery’s contractual sales volumes that are structured on prior month and prior week average pricing. The first quarter 2026 net price lag impact was driven by rapidly rising refined product prices, resulting in adjusted gross margin lagging current period market conditions. We expect this net price lag impact to reverse during a declining refined product price environment.

Montana
The Montana Index averaged $4.84 per barrel in the first quarter of 2026, compared to $7.07 per barrel in the first quarter of 2025. The Montana refinery’s throughput in the first quarter of 2026 was 57 Mbpd, compared to 52 Mbpd for the same quarter in 2025. Production costs were $9.05 per throughput barrel in the first quarter of 2026, compared to $10.56 per throughput barrel in the same period of 2025.

The Montana refinery’s Adjusted Gross Margin was $6.93 per barrel during the first quarter of 2026, compared to $5.04 per barrel during the first quarter of 2025.

Washington
The Washington Index averaged $8.20 per barrel in the first quarter of 2026, compared to $4.15 per barrel in the first quarter of 2025. The Washington refinery’s throughput was 23 Mbpd in the first quarter of 2026, compared to 39 Mbpd in the first quarter of 2025. Production costs were $7.53 per throughput barrel in the first quarter of 2026, compared to $4.16 per throughput barrel in the same period of 2025.

The Washington refinery’s Adjusted Gross Margin was $8.17 per barrel during the first quarter of 2026, compared to $2.09 per barrel during the first quarter of 2025.

Wyoming

The Wyoming Index averaged $19.30 per barrel in the first quarter of 2026, compared to $20.31 per barrel in the first quarter of 2025. The Wyoming refinery’s throughput was 15 Mbpd in the first quarter of 2026, compared to 6 Mbpd in the first quarter of 2025. Production costs were $11.68 per throughput barrel in the first quarter of 2026, compared to $34.35 per throughput barrel in the same period of 2025.

The Wyoming refinery's Adjusted Gross Margin was $26.79 per barrel during the first quarter of 2026, including a FIFO impact of approximately $18.4 million, or $14.03 per barrel, compared to $19.83 per barrel during the first quarter of 2025.

Retail

The Retail segment reported operating income of $13.0 million in the first quarter of 2026, compared to $16.0 million in the first quarter of 2025. Adjusted Gross Margin for the Retail segment was $36.1 million in the first quarter of 2026, compared to $39.8 million in the same quarter of 2025.

Retail segment Adjusted EBITDA was $15.5 million in the first quarter of 2026, compared to $18.6 million in the first quarter of 2025. The Retail segment reported fuel sales volumes of 28.1 million gallons in the first quarter of 2026, compared to 29.4 million gallons in the same quarter of 2025. First quarter 2026 same store fuel volumes and inside sales revenue declined by (3.3)% and (1.0)%, respectively, compared to the first quarter of 2025.

Logistics

The Logistics segment reported operating income of $24.5 million in the first quarter of 2026, compared to $21.9 million in the first quarter of 2025. Adjusted Gross Margin for the Logistics segment was $37.4 million in the first quarter of 2026, compared to $34.0 million in the same quarter of 2025.

Logistics segment Adjusted EBITDA was $31.5 million in the first quarter of 2026, compared to $29.7 million in the first quarter of 2025.

Liquidity

Net cash used in operations totaled $(40.7) million for the three months ended March 31, 2026, including working capital outflows of $(184.8) million and deferred turnaround expenditures of $(17.9) million. Excluding these items, net cash provided by operations was $162.0 million for the three months ended March 31, 2026. Net cash used in operations was $(1.4) million for the three months ended March 31, 2025. Net cash used in investing activities totaled $(43.1) million for the three months ended March 31, 2026, consisting primarily of capital expenditures, compared to $(40.9) million for the three months ended March 31, 2025. Net cash provided by financing activities totaled $91.8 million for the three months ended March 31, 2026, compared to net cash used in financing activities of $(15.9) million for the three months ended March 31, 2025.

At March 31, 2026, Par Pacific’s cash balance totaled $172.2 million. Gross term debt was $637.9 million and net term debt was $465.8 million at March 31, 2026. Total liquidity was $937.7 million at March 31, 2026.

The Company repurchased $28.0 million of common stock at a weighted average price of $37.96 per share during the first quarter of 2026.

Laramie Energy

During the first quarter of 2026, Par Pacific recorded $9.2 million of equity earnings related to Laramie Energy, LLC (“Laramie”). Laramie’s total net income was $16.9 million in the first quarter of 2026, including unrealized gains on derivatives of $12.0 million, compared to a net loss of $(1.1) million in the first quarter of 2025. Laramie’s total Adjusted EBITDAX was $19.9 million in the first quarter of 2026, compared to $14.1 million in the first quarter of 2025.

Conference Call Information

A conference call is scheduled for Wednesday, May 6, 2026 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To access the call, please dial 1-833-974-2377 inside the U.S. or 1-412-317-5782 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 May 20, 2026, and may be accessed by calling 1-855-669-9658 inside the U.S. or 1-412-317-0088 outside the U.S. and using the conference ID 8270791.

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 March 31,  2026   2025 Revenues$1,823,750  $1,745,036 Operating expenses   Cost of revenues (excluding depreciation) 1,558,504   1,559,360 Operating expense (excluding depreciation) 142,518   144,154 Depreciation and amortization 34,460   36,586 General and administrative expense (excluding depreciation) 24,875   24,243 Equity earnings from refining and logistics investments (5,829)  (7,514)Acquisition and integration costs 64   — Par West redevelopment and other costs 2,985   3,982 Other operating loss, net 851   1 Total operating expenses 1,758,428   1,760,812 Operating income (loss) 65,322   (15,776)Other income (expense)   Interest expense and financing costs, net (15,934)  (21,848)Debt extinguishment and commitment costs (62)  (25)Other expense, net (14)  (371)Equity earnings from Laramie Energy, LLC 9,179   726 Total other expense, net (6,831)  (21,518)Income (loss) before income taxes 58,491   (37,294)Income tax benefit (expense) (12,340)  6,894 Net income (loss) 46,151   (30,400)Less:   Net loss attributable to noncontrolling interest (8,299)  — Net income (loss) attributable to Par Pacific stockholders$54,450  $(30,400) Weighted-average shares outstanding    Basic 48,401   53,756 Diluted 49,632   53,756      Income (loss) per share    Basic$1.12  $(0.57)Diluted$1.10  $(0.57) Balance Sheet Data
(Unaudited)
(in thousands)

 March 31, 2026
 December 31, 2025
Balance Sheet Data     Cash and cash equivalents$172,168  $164,113 Working capital (1) 658,894   510,772 ABL Credit Facility 321,000   175,000 Term debt (2) 637,949   639,830 Total debt, including current portion 947,618   802,870 Total stockholders’ equity 1,515,829   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 Term Loan Credit Agreement and other long-term debt. Operating Statistics

The following table summarizes key operational data:

 Three Months Ended March 31,  2026   2025 Total Refining Segment   Feedstocks Throughput (Mbpd) 184.3   176.0 Refined product sales volume (Mbpd) 188.8   184.6     Adjusted Gross Margin per bbl ($/throughput bbl) (1)$11.16  $6.59 Production costs per bbl ($/throughput bbl) 6.93   7.41 D&A per bbl ($/throughput bbl) 1.53   1.67     Hawaii Refinery   Feedstocks Throughput (Mbpd) 89.8   79.4 Yield (% of total throughput)   Gasoline and gasoline blendstocks 28.7%  25.8%Distillates 35.9%  34.4%Fuel oils 30.5%  32.4%Other products 2.0%  4.0%Total yield 97.1%  96.6%    Refined product sales volume (Mbpd) 90.4   88.6     Adjusted Gross Margin per bbl ($/throughput bbl) (1)$13.10  $8.90 Production costs per bbl ($/throughput bbl) 4.67   4.81 D&A per bbl ($/throughput bbl) 0.26   0.23     Montana Refinery   Feedstocks Throughput (Mbpd) 56.9   51.7 Yield (% of total throughput)   Gasoline and gasoline blendstocks 46.8%  45.3%Distillates 35.5%  32.5%Asphalt 9.3%  11.2%Other products 2.9%  3.2%Total yield 94.5%  92.2%    Refined product sales volume (Mbpd) 50.7   47.4     Adjusted Gross Margin per bbl ($/throughput bbl) (1)$6.93  $5.04 Production costs per bbl ($/throughput bbl) 9.05   10.56 D&A per bbl ($/throughput bbl) 2.57   2.34     Washington Refinery   Feedstocks Throughput (Mbpd) 23.0   38.6 Yield (% of total throughput)   Gasoline and gasoline blendstocks 24.1%  24.3%Distillates 33.0%  35.9%Asphalt 17.9%  15.4%Other products 21.5%  20.5%Total yield 96.5%  96.1%    Refined product sales volume (Mbpd) 30.4   36.5     Adjusted Gross Margin per bbl ($/throughput bbl) (1)$8.17  $2.09 Production costs per bbl ($/throughput bbl) 7.53   4.16 D&A per bbl ($/throughput bbl) 2.98   2.01     Wyoming Refinery   Feedstocks Throughput (Mbpd) 14.6   6.3 Yield (% of total throughput)   Gasoline and gasoline blendstocks 48.7%  50.5%Distillates 44.0%  45.7%Fuel oils 2.2%  2.3%Other products 2.1%  1.1%Total yield 97.0%  99.6%    Refined product sales volume (Mbpd) 17.3   12.1     Adjusted Gross Margin per bbl ($/throughput bbl) (1)$26.79  $19.83 Production costs per bbl ($/throughput bbl) 11.68   34.35 D&A per bbl ($/throughput bbl) 3.02   12.25     Market Indices (average $ per barrel)   Hawaii Index$31.11  $8.13 Montana Index 4.84   7.07 Washington Index 8.20   4.15 Wyoming Index 19.30   20.31 Combined Index 19.21   7.38     Market Cracks (average $ per barrel)   Singapore 3.1.2 Product Crack$36.01  $13.12 Montana 6.3.2.1 Product Crack 15.08   17.02 Washington 3.1.1.1 Product Crack 16.55   12.01 Wyoming 2.1.1 Product Crack 22.22   21.74     Crude Oil Prices (average $ per barrel)   Brent$78.38  $74.98 WTI 72.67   71.42 ANS (-) Brent 2.91   2.18 Bakken Guernsey (-) WTI 0.20   (1.81)Bakken Williston (-) WTI (1.54)  (3.08)WCS Hardisty (-) WTI (13.75)  (12.45)MSW (-) WTI (3.06)  (5.20)Syncrude (-) WTI 0.62   (1.96)Brent M1-M3 3.89   1.22     Retail Segment   Retail sales volumes (thousands of gallons) 28,064   29,431     (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 $0.50 per barrel and $0.08 per barrel for the three months ended March 31, 2026, and March 31, 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); andunrealized 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 March 31, 2026 Refining Logistics
 Retail
Operating Income $56,316  $24,520  $13,005 Operating expense (excluding depreciation)  115,920   5,892   20,706 Depreciation, depletion, and amortization  25,421   5,800   2,435 Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments  927   1,082   — Inventory valuation adjustment  (61,226)  —   — Environmental obligation mark-to-market adjustments  (29,508)  —   — Unrealized loss on derivatives  76,911   —   — Par's portion of accounting policy differences from refining and logistics investments  (412)  —   — Other operating loss, net  726   125   — Adjusted Gross Margin (1) $185,075  $37,419  $36,146  Three months ended March 31, 2025 Refining Logistics
 Retail
Operating Income (Loss) $(24,721) $21,889  $15,961 Operating expense (excluding depreciation)  118,620   4,365   21,169 Depreciation, depletion, and amortization  26,397   6,819   2,662 Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments  1,152   966   — Inventory valuation adjustment  (11,687)  —   — Environmental obligation mark-to-market adjustments  4,954   —   — Unrealized gain on derivatives  (9,442)  —   — Par's portion of accounting policy differences from refining and logistics investments  (945)  —   — Other operating loss, net  —   —   1 Adjusted Gross Margin (1) $104,328  $34,039  $39,793     (1)For the three months ended March 31, 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); andnoncontrolling 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; andincome 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 March 31,  2026   2025 Net Income (loss) attributable to Par Pacific stockholders$54,450  $(30,400)Inventory valuation adjustment (61,226)  (11,687)Environmental obligation mark-to-market adjustments (29,508)  4,954 Unrealized loss (gain) on derivatives 76,879   (9,357)Acquisition and integration costs 64   — Par West redevelopment and other costs 2,985   3,982 Debt extinguishment and commitment costs 62   25 Changes in valuation allowance and other deferred tax items (1) 10,628   (6,894)Severance costs and other non-operating expense (2) 53   726 Equity earnings from Laramie Energy, LLC, excluding cash distributions (9,179)  (726)Par's portion of accounting policy differences from refining and logistics investments (412)  (945)Other operating loss, net 851   1 Noncontrolling interest impact of non-GAAP adjustments (7,105)  — Adjusted Net Income (Loss) attributable to Par Pacific stockholders (3) 38,542   (50,321)Adjusted Net Loss attributable to noncontrolling interests (4) (1,194)  — Depreciation, depletion, and amortization 34,460   36,586 Interest expense and financing costs, net, excluding unrealized interest rate derivative loss (gain) 15,966   21,763 Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments 2,009   2,118 Income tax expense 1,712   — Adjusted EBITDA (3)$91,495  $10,146     (1)For the three months ended March 31, 2026 and 2025, we recognized a non-cash deferred tax expense of $10.6 million and a non-cash deferred benefit of $6.9 million, respectively, driven by an increase in our 2026 taxable income.(2)For the three months ended March 31, 2025, we incurred $0.3 million of stock-based compensation expenses associated with equity awards modifications.(3)For the three months ended March 31, 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 March 31,   2026   2025 Adjusted Net Income (Loss) attributable to Par Pacific stockholders$38,542  $(50,321)     Numerator for diluted income (loss) per common share$38,542  $(50,321)     Basic weighted-average common shares outstanding 48,401   53,756 Add dilutive effects of common stock equivalents (1) 1,231   — Diluted weighted-average common shares outstanding 49,632   53,756      Basic Adjusted Net Income (Loss) per common share$0.80  $(0.94)Diluted Adjusted Net Income (Loss) per common share$0.78  $(0.94)    (1)Entities with a net loss from continuing operations are prohibited from including potential common shares in the computation of diluted per share amounts. We have utilized the basic shares outstanding to calculate both basic and diluted Adjusted Net Loss per common share for the three months ended March 31, 2025. 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; andPar'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 March 31, 2026 Refining Logistics  Retail  Corporate and OtherOperating income (loss) by segment $56,316  $24,520  $13,005  $(28,519)Depreciation, depletion and amortization  25,421   5,800   2,435   804 Inventory valuation adjustment  (61,226)  —   —   — Environmental obligation mark-to-market adjustments  (29,508)  —   —   — Unrealized loss on commodity derivatives  76,911   —   —   — Acquisition and integration costs  —   —   —   64 Par West redevelopment and other costs  —   —   —   2,985 Severance costs and other non-operating expense  —   —   53   — Par's portion of accounting policy differences from refining and logistics investments  (412)  —   —   — Other operating loss, net  726   125   —   — Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments  927   1,082   —   — Other loss, net  —   —   —   (14)Adjusted EBITDA (1) $69,155  $31,527  $15,493  $(24,680) Three Months Ended March 31, 2025 Refining Logistics  Retail  Corporate and OtherOperating income (loss) by segment $(24,721) $21,889  $15,961  $(28,905)Depreciation, depletion and amortization  26,397   6,819   2,662   708 Inventory valuation adjustment  (11,687)  —   —   — Environmental obligation mark-to-market adjustments  4,954   —   —   — Unrealized gain on derivatives  (9,442)  —   —   — Acquisition and integration costs  —   —   —   — Par West redevelopment and other costs  —   —   —   3,982 Severance costs and other non-operating expense  —   —   —   726 Par's portion of accounting policy differences from refining and logistics investments  (945)  —   —   — Other operating loss, net  —   —   1   — Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments  1,152   966   —   — Other loss, net  —   —   —   (371)Adjusted EBITDA (1) $(14,292) $29,674  $18,624  $(23,860)    (1)For the three months ended March 31, 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. 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 March 31,  2026   2025 Net income (loss)$16,899  $(1,066)Commodity derivative (income) loss (14,727)  9,857 Gain (loss) on settled derivative instruments 2,690   (5,698)Interest expense and loan fees 4,638   4,611 Depreciation, depletion, amortization, and accretion 9,213   7,799 Phantom units 737   (1,514)Expired acreage (non-cash) 448   96 Total Adjusted EBITDAX (1)$19,898  $14,085     (1)For the three months ended March 31, 2026 and 2025, there was no gain on extinguishment of debt, non-cash preferred dividend, bonus accrual, equity-based compensation expense, or other non-operating expenses.

Par Pacific Holdings, Inc. (PARR) Q1 2026 Earnings Call Transcript

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

May 11, 2026 20:38 ET  | Source: Par Pacific Holdings, Inc.

HOUSTON, May 11, 2026 (GLOBE NEWSWIRE) -- Par Pacific Holdings, Inc. (NYSE and NYSE Texas: PARR) (“Par Pacific” or the “Company”) announced today that Par Petroleum, LLC, a wholly owned subsidiary of Par Pacific (“Par Petroleum”), priced a private placement (the “Offering”) pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), of $500 million in aggregate principal amount of 7.375% senior unsecured notes due 2034 (the “Notes”). The Notes mature on June 1, 2034, and will be issued at par. The Notes will be fully and unconditionally guaranteed on a senior unsecured basis by Par Pacific and each of Par Petroleum’s subsidiaries that guarantees the Company’s senior secured asset-based revolving credit facility (the “ABL Credit Facility”) at the closing of the Offering. The Offering is expected to close on May 14, 2026, subject to customary closing conditions.

The Company intends to use the net proceeds from the Offering, together with cash on hand or borrowings under the ABL Credit Facility, to repay all of the aggregate principal balance under and terminate Par Petroleum’s term loan due 2030.

The offer and sale of the Notes and the related guarantees have not been registered under the Securities Act, or any state securities laws, and unless so registered, these securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Company plans to offer and sell these securities only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act.

This news release shall not constitute an offer to sell, or the solicitation of an offer to buy, any of these securities or any other securities, nor shall there be any sale of these securities or any other securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.

About Par Pacific

Par Pacific Holdings, Inc. (NYSE and NYSE Texas: 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.

Forward-Looking Statements

This news release includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act 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 the expected timing of the closing of the Offering, the intended use of proceeds therefrom and other aspects of the Offering and the Notes. Forward-looking statements are subject to certain risks, trends and uncertainties, such as the risks and uncertainties detailed in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents that the Company files with the Securities and Exchange Commission. The Company 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 the date of this news release. Except as required by applicable law, the Company does 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.

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

On May 13, 2026, Par Pacific Holdings Inc (PARR) shares fell 4.1% to a current price of $60.52. The stock has experienced a 52-week range, with a high of $70.39

Key Takeaways Par Pacific's refining EBITDA increased to $69.2M as throughput and benchmark margins improved.PARR's Hawaii refinery faced a $125.5M price lag impact that reduced adjusted gross margin.Par Pacific expects stronger Q2 refining margins as April indices increased to $42 per barrel. Par Pacific Holdings, Inc. (PARR - Free Report) reported first-quarter 2026 results on May 5, 2026, after the closing bell. Following the announcement, the company’s share price declined 13% to $60.18 per share.

PARR reported adjusted earnings of 78 cents per share, missing the Zacks Consensus Estimate of $1.05 by 25.7%. The bottom line improved from an adjusted loss of 94 cents per share in the year-ago quarter.

Quarterly revenues were $1.8 billion, up 4.5% from the year-ago figure of $1.7 million. The top line missed the Zacks Consensus Estimate of $1.9 billion by 5.3%.

Management credited stronger market conditions and reliability across the system, while the lower-than-expected quarterly earnings were tied to margin realization dynamics rather than volumes.

PARR Segment Revenue Mix Remains Refining-HeavySegment revenues for the quarter were $1.8 billion in Refining, $76.8 million in Logistics and $133.1 million in Retail. In the year-ago quarter, the company recorded refining revenues of $1.7 billion, logistics revenues of $71.4 million and retail revenues of $136.4 million.

The year-over-year revenue increase reflected stronger product pricing and higher refining volumes. Retail revenues declined due to softer fuel and merchandise trends, while Logistics improved on higher utilization across key assets.

Par Pacific Results Mixed as Reported Profit Rose Y/YAdjusted EBITDA for the reported quarter was $91.5 million, a sharp increase from $10.1 million in the first quarter of 2025.

PARR reported net income attributable to stockholders of $54.5 million, or $1.10 per share, against a net loss of $30.4 million or 57 cents per share, in the prior-year quarter. On an adjusted basis, net income attributable to stockholders was $38.5 million against an adjusted net loss of $50.3 million a year ago.

PARR’s Refining Gains Tempered by Price LagThe Refining segment produced operating income of $56.3 million against an operating loss of $24.7 million a year earlier. Refining adjusted EBITDA was $69.2 million, supported by higher benchmark indices and improved execution across the footprint.

The Hawaii Index averaged $31.11 per barrel compared with $8.13 per barrel a year ago, while Hawaii feedstocks throughput increased to 89.8 thousand barrels per day (Mbpd) from 79.4 Mbpd. Hawaii refined product sales volume was 90.4 Mbpd, higher than the 88.6 Mbpd recorded in the first quarter of 2025. The Hawaii refinery’s adjusted gross margin was $13.10 per barrel compared with $8.90 per barrel a year ago. Hawaii’s first-quarter 2026 adjusted gross margin included a net price lag impact of approximately $125.5 million, which reduced the quarter’s adjusted gross margin.

The Montana Index averaged $4.84 per barrel, lower than the $7.07 per barrel a year ago. Montana feedstock throughput increased to 56.9 Mbpd from 51.7 Mbpd in the prior-year quarter. Montana refined product sales volume was 50.7 Mbpd, higher than the 47.4 Mbpd recorded in the first quarter of 2025. The Montana refinery’s adjusted gross margin was $6.93 per barrel compared with $5.04 per barrel a year ago.

The Washington Index averaged $8.20 per barrel, higher than the $4.15 per barrel a year ago. Washington feedstock throughput declined to 23 Mbpd from 38.6 Mbpd in the prior-year quarter. Washington refined product sales volume was 30.4 Mbpd, lower than the 36.5 Mbpd recorded in the first quarter of 2025. The Washington refinery’s adjusted gross margin increased to $8.17 per barrel from the year-ago quarter’s figure of $5.04 per barrel.

The Wyoming Index averaged $19.30 per barrel compared with $20.31 per barrel a year ago, while Wyoming feedstock throughput increased to 14.6 Mbpd from 6.3 Mbpd. Wyoming refined product sales volume was 17.3 Mbpd, higher than the 12.1 Mbpd recorded in the first quarter of 2025. The Wyoming refinery’s adjusted gross margin was $26.79 per barrel, higher than $19.83 per barrel a year ago.

Par Pacific Retail Softened on Lower Fuel EconomicsThe Retail segment generated operating income of $13.0 million, down from $16.0 million in the first quarter of 2025. Retail adjusted EBITDA was $15.5 million compared with $18.6 million a year ago, as fuel margins compressed amid rapidly rising wholesale prices during the quarter.

Sales volume also declined. Retail fuel sales volume totaled 28.1 million gallons compared with 29.4 million gallons in the year-ago quarter. Same-store fuel volumes declined 3.3% and inside sales revenue decreased 1.0%, reflecting shifting consumer refueling patterns and the impact of flooding-related closures in Hawaii.

PARR Logistics Showed StabilityLogistics continued to provide a steadier earnings contribution. Segment operating income increased to $24.5 million from $21.9 million a year ago, while Logistics adjusted EBITDA rose to $31.5 million from $29.7 million, driven by increased throughput activity across Wyoming, Hawaii and Montana.

Par Pacific’s Cash FlowNet cash used in operations was $40.7 million, including working capital outflows of $184.8 million and deferred turnaround expenditures of $17.9 million. Excluding those items, net cash provided by operations was $162.0 million.

Balance Sheet of PARRAs of March 31, 2026, the company reported $637.9 million in long-term debt, net of current maturities. Its cash, cash equivalents and restricted cash totaled $172.5 million and total liquidity was $937.7 million.

Par Pacific Outlook Highlights Stronger Margin BackdropManagement emphasized an improving market setup entering the second quarter. On the earnings call, the company noted that April consolidated refining indices averaged $42 per barrel, up $23 per barrel compared with the first quarter, pointing to stronger distillate-led margins.

Par Pacific expects second-quarter throughput to remain near first-quarter levels, with Hawaii projected to be in the range of 77-81 Mbpd due to a planned turnaround beginning in late June that is expected to last 30 to 45 days. The company expects Washington throughput to be in the range of 40-42 Mbpd.

Driven by scheduled April maintenance across the Rockies system, PARR projects Wyoming quarterly throughput to be between 14Mbpd and 16 Mbpd, and Montana throughput in the range of 45Mbpd to 49 Mbpd, resulting in a system-wide midpoint of 182 Mbpd. Due to operational optimizations and inventory building, Renewables sales volumes and earnings are expected to remain modest in the second quarter, with significant growth expected in the second half of 2026 following the Hawaii turnaround.

PARR’s Zacks Rank & Other Key PicksPARR currently sports a Zacks Rank #1 (Strong Buy).

Some other top-ranked stocks from the energy sector are Chevron Corporation (CVX - Free Report) , Valero Energy Corporation (VLO - Free Report) and Eni S.p.A. (E - Free Report) . CVX, VLO and E each sport a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Chevron reported first-quarter 2026 adjusted earnings per share (EPS) of $1.41, which beat the Zacks Consensus Estimate of 92 cents.

As of March 31, 2026, CVX reported $5.3 million in cash and cash equivalents. At the quarter's end, its total debt amounted to $45.4 billion.

Valero reported first-quarter 2026 adjusted EPS of $4.22, which beat the Zacks Consensus Estimate of $3.07.

As of March 31, 2026, VLO reported $5.7 billion in cash and cash equivalents. At the quarter's end, its total debt amounted to $9.2 billion.

Eni reported first-quarter 2026 adjusted earnings from continuing operations of 81 cents per American Depository Receipt, which missed the Zacks Consensus Estimate of $1.13.

As of March 31, 2026, E had a long-term debt of €21.7 billion, and cash and cash equivalents of €8.3 billion.

Par Pacific remains a buy, with the stock up ~30% and the business showing improved earnings power and resilience. PARR's Q4 2025 and Q1 2026 results confirm robust profitability, even amid market noise and Hawaii price lag headwinds. Buybacks have reduced share count by ~20%, materially enhancing per-share economics and reflecting disciplined capital allocation.

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 fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

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.

One company value investors might notice is Par Pacific (PARR - Free Report) . PARR is currently sporting a Zacks Rank #1 (Strong Buy), as well as an A grade for Value.

Another valuation metric that we should highlight is PARR's 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 company's current P/B looks solid when compared to its industry's average P/B of 2.59. Within the past 52 weeks, 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 use the P/S ratio. The P/S ratio is calculated as price divided by sales. 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 0.37. This compares to its industry's average P/S of 0.53.

These are just a handful of the figures considered in Par Pacific's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that PARR is an impressive value stock right now.

Key Takeaways Strong May jobs growth and rate concerns sparked a broad market retreat and tech de-risking.Stocks like DINO and GDOT screened for low leverage and earnings growth potential. Iran-Israel tensions renewed focus on defensive stocks amid energy and market uncertainty. Major U.S. stock indices suffered a sharp fall last weekend, on June 5, 2026, as a surprisingly resilient May jobs report sparked a sudden market-wide retreat. Investor concerns intensified after robust labor market data revealed that employers added an unexpected 172,000 jobs, raising the possibility that the Federal Reserve may maintain higher interest rates for an extended period to combat stubborn inflation.

While a strong jobs market reflects underlying economic resilience, the combination of high-rate anxieties and a severe, localized sell-off in high-flying AI chip stocks triggered a broad tech de-risking event. 

Compounding this market volatility, a fresh exchange of missile strikes between Iran and Israel over the weekend has suddenly threatened the stability of the April ceasefire. This escalating tension has once again clouded the geopolitical landscape and put a spotlight on maritime security surrounding the critical Strait of Hormuz. 

Against this backdrop of macroeconomic headwinds and sudden geopolitical friction, investors wary of high-beta volatility may consider pivoting toward low-leverage stalwarts. These fiscally conservative companies are better positioned to navigate interest rate fluctuations and geopolitical uncertainty. By providing a stable foundation in a shifting market, they can serve as a strategic hedge against a potential energy-driven economic slowdown.

We recommend low-leverage stocks, such as HF Sinclair (DINO - Free Report) , Siemens Energy (SMERY - Free Report) , American Healthcare REIT, Inc. (AHR - Free Report) , Par Pacific (PARR - Free Report) , and Green Dot (GDOT - Free Report) . 

Before selecting low-leverage stocks, it is important to understand what leverage is and how investing in low-leverage companies can benefit investors.

What’s the Significance of Low-Leverage Stocks?In finance, leverage refers to the use of borrowed capital to support business operations and drive expansion. Companies typically raise such funds through debt financing, although equity financing remains an alternative. However, firms often prefer debt due to its relatively lower cost and easier availability compared to issuing equity.

Debt financing comes with inherent risks and is beneficial only when it generates returns that exceed the cost of borrowing. To limit downside risk, investors should be cautious of companies that rely excessively on debt. Prudent investing involves selecting businesses with manageable leverage, as completely debt-free companies are rare.

The equity market can be volatile at times. As an investor, if you want to avoid significant losses, we suggest focusing on stocks with low leverage, which are generally deemed less risky.

To identify such stocks, several leverage ratios have historically been developed to measure the amount of debt a company carries. The debt-to-equity ratio is among the most widely used financial ratios.

Analyzing Debt/EquityDebt-to-Equity Ratio = Total Liabilities/Shareholders’ Equity

This metric is a liquidity ratio that indicates the amount of financial risk a company bears. A lower debt-to-equity ratio suggests improved solvency for a company.

With the first-quarter 2026 earnings season behind us, investors should focus on stocks that have demonstrated solid earnings growth in recent periods.

If a stock carries a high debt-to-equity ratio during an economic downturn, its seemingly strong earnings could quickly turn into a nightmare.

The Winning StrategyConsidering the aforementioned factors, it would be prudent to choose stocks with a low debt-to-equity ratio to ensure steady returns.
Yet, an investment strategy based solely on the debt-to-equity ratio might not fetch the desired outcome. To select stocks with the potential to provide steady returns, we have expanded our screening criteria to include additional factors.

Other Parameters:

Debt/Equity Less Than X-Industry Median: Stocks that are less leveraged than their industry peers.

Current Price Greater Than or Equal to 10: The stocks must be trading at $10 or higher.

Average 20-day Volume Greater Than or Equal to 50000: A substantial trading volume ensures that the stock is easily tradable.

Percentage Change in EPS F(0)/F(-1) Greater Than X-Industry Median: Earnings growth adds to optimism, leading to a stock’s price appreciation.

VGM Score of A or B: Our research shows that stocks with a VGM Score of A or B, when combined with a Zacks Rank #1 (Strong Buy) or 2 (Buy), offer the best upside potential.

Estimated One-Year EPS Growth F (1)/F(0) Greater Than 5: This shows earnings growth expectations.

Zacks Rank #1 or 2: Irrespective of market conditions, stocks with a Zacks Rank #1 or 2 have a proven history of success.

Excluding stocks that have a negative or a zero debt-to-equity ratio, we present our five picks out of the 12 that made it through the screen.

HF Sinclair: It is an energy company that produces and markets light products such as gasoline, diesel fuel, jet fuel, renewable diesel, and other specialty products. On May 22, 2026, the company announced the launch of its Sinclair Oil brand’s "DINO-Venture," a 3,000-mile, nine-city summer road trip across the American West featuring community events, promotional offers, and distributor partnerships. 

Running from May 22 through June 15, the tour highlights regional storytelling and seasonal activations before concluding with a Folds of Honor scholarship ceremony in Tulsa, OK. This campaign should act as a low-cost customer acquisition funnel to drive high-margin proprietary fuel sales and mobile app adoption for the company.

The Zacks Consensus Estimate for DINO’s 2026 sales indicates an improvement of 15.6% from the prior-year reported level. The Zacks Consensus Estimate for DINO’s 2026 earnings indicates an improvement of 73.3% from the prior-year reported level. It currently sports a Zacks Rank #1.

Siemens Energy: It focuses on the design, development, manufacture and supply of products, installation and technologically advanced services principally in the renewable energy sector. On June 2, 2026, the company announced that it has agreed to acquire Camlin Group, a Northern Ireland-based specialist in grid monitoring, analytics and asset digitalization technologies. The acquisition will expand Siemens Energy’s digital grid portfolio at a time of accelerated global investment in electricity networks. 

The Zacks Consensus Estimate for SMERY’s fiscal 2026 revenues indicates an improvement of 19% from the prior-year reported actuals. The Zacks Consensus Estimate for SMERY’s fiscal 2026 earnings indicates a solid surge of 197.7% from the prior-year reported actuals. SMERY currently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

American Healthcare REIT.: It is a self-managed real estate investment trust that acquires, owns and operates a diversified portfolio of clinical healthcare real estate properties, focusing primarily on medical office buildings, senior housing, skilled nursing facilities, hospitals and other healthcare-related facilities. 

On May 7, 2026, the company reported its first-quarter 2026 results. Its revenues soared 20.4% year over year to $650.8 million, while its earnings per share (EPS) of 13 cents improved from a loss of 4 cents incurred a year earlier.

The Zacks Consensus Estimate for AHR’s 2026 revenues indicates an improvement of 22.4% from the prior-year reported number. The stock boasts a long-term (three-to-five years) earnings growth rate of 14.50% and currently holds a Zacks Rank #2.

Par Pacific: It is a growth-oriented energy company supplying conventional and renewable fuels across the western U.S. On May 5, 2026, Par Pacific announced its first-quarter 2026 results. Its revenues grew 4.5% year over year to $1.82 billion, while its EPS improved to $1.10 from a loss of 57 cents in the first quarter of 2025.  

The Zacks Consensus Estimate for PARR’s 2026 revenues indicates an improvement of 16% from the prior-year reported actuals. The Zacks Consensus Estimate for PARR’s 2026 earnings suggests a surge of 103.8% from the prior-year reported actuals. It currently carries a Zacks Rank #2.

Green Dot: It is a pro-consumer bank holding company and personal banking provider. On May 11, 2026, Green Dot announced its first-quarter 2026 results. Its revenues soared a solid 17.4% year over year to $656.2 million, while EPS improved 98% to 93 cents.

The Zacks Consensus Estimate for GDOT’s 2026 revenues suggests an improvement of 8.3% from the year-ago reported level. The Zacks Consensus Estimate for GDOT’s 2026 earnings implies growth of 19.2% from the year-ago reported level. It currently sports a Zacks Rank #1.

TYSONS, Va.--(BUSINESS WIRE)--Shooter Detection Systems (SDS), an Alarm.com (NASDAQ: ALRM) company and leading provider of gunshot detection solutions, today announced that its SDS Perimeter Outdoor Gunshot Detection System is now available following the successful completion of its beta testing program. Purpose-built for exterior environments, SDS's new outdoor technology extends the company's proven gunshot detection capabilities beyond building interiors to provide earlier threat awareness a.

Investors interested in stocks from the Security and Safety Services sector have probably already heard of Alarm.com Holdings (ALRM) and Allegion (ALLE). But which of these two stocks presents investors with the better value opportunity right now?

Alarm.com (NASDAQ: ALRM - Get Free Report) and Cadre (NYSE: CDRE - Get Free Report) are both industrials companies, but which is the superior stock? We will contrast the two businesses based on the strength of their analyst recommendations, profitability, institutional ownership, risk, dividends, valuation and earnings. Analyst Recommendations This is a breakdown of current ratings and

TYSONS, Va.--(BUSINESS WIRE)--Alarm.com (Nasdaq: ALRM), the leading platform for intelligently connected properties, today announced significant updates to its video security suite, introducing new AI‑driven software capabilities alongside expanded camera hardware options. Together, AI Video Event Search, the ADC‑V731B Battery Spotlight Camera, and the ADC‑VDB775 Video Doorbell improve how residential and commercial customers search video, deploy cameras in more locations, and respond to activi.

TYSONS, Va.--(BUSINESS WIRE)--Alarm.com (Nasdaq: ALRM), the leading platform for intelligently connected properties, today announced new enhancements to its Universal Communicator, further improving the flexibility and efficiency of upgrading legacy security systems to the Alarm.com platform. Recent updates include Smart Connector functionality, Verizon LTE support, and updated firmware designed to streamline installations, providing a faster and more reliable path to modern security for reside.

TYSONS, VA.--(BUSINESS WIRE)--Alarm.com Holdings, Inc. (Nasdaq: ALRM), the leading platform for intelligently connected properties, today reported financial results for its first quarter ended March 31, 2026. Alarm.com also provided its financial outlook for SaaS and license revenue for the second quarter of 2026 and increased its guidance for the full year of 2026. First Quarter 2026 Financial Results as Compared to First Quarter 2025 SaaS and license revenue increased 10.8% to $181.5 million,.

Alarm.com Holdings, Inc. (ALRM) Q1 2026 Earnings Call Transcript

Alarm.com (Nasdaq: ALRM), the leading platform for intelligently connected properties, today announced that its Remote Video Monitoring (RVM) Services integrat