Par Pacific rises on Q2 profit beat, share buyback plan

Par Pacific Holdings

08/08/2023 16:39

** U.S. refiner Par Pacific Holdings'  PARR.N  shares rise
6.2% to $34.65
    ** Stock hits all-time high 
    ** Co posts Q2 adj. EPS of $1.73 vs avg analysts' estimated
EPS of $1.21 - Refinitiv  
    ** PARR also raises its share buyback program to $250 mln
compared to its earlier $50 mln program 
    ** Co says adj. gross margin for its refining segment fell
in Q2 to $205.6 mln vs $287.3 mln in the year-ago quarter 
    ** Brokerage TD Cowen writes that earnings beat was driven
by better than forecast results at its Hawaii and Billings
refineries 
    ** PARR closed the acquisition of the Billings refinery from
Exxon Mobil  XOM.N  on June 1 
    ** Including the session's gains, stock is up ~50% YTD

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))