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Par Pacific Holdings, Inc. (PARR) owns and operates market-leading energy and infrastructure businesses, including the largest refinery in Hawaii and a massive retail fuel network in the Pacific Northwest.
Investment Thesis
Par Pacific is a unique, infrastructure-rich play on the Pacific energy market. Their refinery in Hawaii operates as a virtual monopoly, providing the majority of the fuel for the state's transportation and utility needs. Because Hawaii is an island market, PARR is protected from competitive imports by the sheer cost of logistics. Furthermore, the company has successfully expanded into the U.S. mainland through strategic acquisitions of refining and retail assets. With a lean operating model and a focus on generating free cash flow to fund its energy transition initiatives, Par Pacific offers defensive market leadership with significant growth optionality.
Key Growth Drivers
Hawaiian Market Monopoly
Controlling the primary energy infrastructure for an isolated island economy provides PARR with consistent, high-margin revenue and immense pricing power.
Pacific Northwest Scale
Their integrated refining and retail operations in Washington and Montana provide a diversified, stable cash flow base that complements their Hawaiian assets.
Energy Transition Pivot
PARR is aggressively investing in renewable fuels and sustainable aviation fuel (SAF) production, ensuring its infrastructure remains relevant in a low-carbon future.
Valuation & Financial Modeling
PARR trades at a significant discount to larger U.S. refiners. We believe the market is mispricing its monopolistic island position and its successful expansion into the mainland. The stock offers a compelling blend of value and growth.
Risk Factors & Bear Case
Refining margins (crack spreads) are cyclical and sensitive to global oil prices. Additionally, any localized disruption in the Hawaiian tourism market would hit jet fuel demand, their most profitable product.
Conclusion
Par Pacific is an elite, niche energy infrastructure player. It offers irreplaceable assets and a clear path to long-term value compounding. Rated 'Buy'.
Upcoming Catalysts
No upcoming catalysts identified.
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Relative valuation derived from Energy sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 50GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
19.8%
Sector: 6.7%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, PAR PACIFIC HOLDINGS, INC. (PARR) receives a "Buy" rating with a composite score of 57.7/100, ranked #33 out of 4446 stocks. Key factor scores: Quality 50/100, Value 77/100, Momentum 77/100. This is quantitative analysis only — not investment advice.
PAR PACIFIC HOLDINGS, INC. (PARR) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does PAR PACIFIC HOLDINGS, INC. Do?
Par Pacific Holdings, Inc. owns and operates energy and infrastructure businesses. The company operates through three segments: Refining, Retail, and Logistics. The Refining segment owns and operates three refineries that produces ultra-low sulfur diesel, gasoline, jet fuel, marine fuel, distillate, asphalt, low sulfur fuel oil, and other associated refined products primarily for consumption in Hawaii, Pacific Northwest, Wyoming, and South Dakota. The Retail segment operates 119 fuel retail outlets, which sell merchandise, such as soft drinks, prepared foods, and other sundries in Hawaii under the Hele, 76, and nomnom brands; and gasoline, diesel, and retail merchandise in Washington and Idaho under the Cenex, nomnom, and Zip Trip brand names. The Logistics segment owns and operates terminals, pipelines, a single point mooring, and trucking operations to distribute refined products throughout the island of Oahu, Maui, Hawaii, Molokai, and Kauai. It also leases marine vessels; owns and operates a crude oil pipeline gathering system, a refined products pipeline, storage facilities, and loading racks in Wyoming; and a jet fuel storage facility and pipeline that serves Ellsworth Air Force Base in South Dakota. In addition, this segment owns and operates a marine terminal, a unit train-capable rail loading terminal, storage facilities, a truck rack, and a proprietary pipeline that serves Joint Base Lewis McChord. The company was formerly known as Par Petroleum Corporation and changed its name to Par Pacific Holdings, Inc. in October 2015. Par Pacific Holdings, Inc. was incorporated in 1984 and is headquartered in Houston, Texas. PAR PACIFIC HOLDINGS, INC. (PARR) is classified as a mid-cap stock in the Energy sector, specifically within the Petroleum And Natural Gas industry. The company is led by CEO William C. Pate and employs approximately 1,400 people, headquartered in Houston, Texas. With a market capitalization of $3.0B, PARR is one of the notable companies in the Energy sector.
PAR PACIFIC HOLDINGS, INC. (PARR) Stock Rating — Buy (April 2026)
As of April 2026, PAR PACIFIC HOLDINGS, INC. receives a Buy rating with a composite score of 57.7/100 and 4 out of 5 stars from the Blank Capital Research quantitative model.PARR ranks #33 out of 4,446 stocks in our coverage universe. Within the Energy sector, PAR PACIFIC HOLDINGS, INC. ranks #3 of 128 stocks, placing it in the top 10% of its Energy peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
PARR Stock Price and 52-Week Range
PAR PACIFIC HOLDINGS, INC. (PARR) currently trades at $62.20. The stock lost $1.06 (1.7%) in the most recent trading session. The 52-week high for PARR is $56.07, which means the stock is currently trading 10.9% from its annual peak. The 52-week low is $12.04, putting the stock 416.6% above its annual trough. Recent trading volume was 979K shares, suggesting relatively thin trading activity.
Is PARR Overvalued or Undervalued? — Valuation Analysis
PAR PACIFIC HOLDINGS, INC. (PARR) carries a value factor score of 77/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 10.38x, compared to the Energy sector average of 18.97x — a discount of 45%. The price-to-book ratio stands at 2.05x, versus the sector average of 1.61x. The price-to-sales ratio is 0.40x, compared to 0.49x for the average Energy stock. On an enterprise value basis, PARR trades at 8.21x EV/EBITDA, versus 3.49x for the sector.
Based on these multiples, PAR PACIFIC HOLDINGS, INC. appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
PAR PACIFIC HOLDINGS, INC. Profitability — ROE, Margins, and Quality Score
PAR PACIFIC HOLDINGS, INC. (PARR) earns a quality factor score of 50/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 19.8%, compared to the Energy sector average of 6.7%, which is within a healthy range. Return on assets (ROA) comes in at 7.8% versus the sector average of 3.7%.
The operating margin is 5.9% (sector: 10.7%). Net profit margin stands at 3.7%, versus 6.4% for the average Energy stock. Revenue growth is running at -0.2% on a trailing basis, compared to -1.2% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
PARR Debt, Balance Sheet, and Financial Health
PAR PACIFIC HOLDINGS, INC. has a debt-to-equity ratio of 53.0%, compared to the Energy sector average of 55.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. The current ratio is 1.61x, suggesting adequate working capital coverage. Total debt on the balance sheet is $803M.
PARR has a beta of 0.53, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for PAR PACIFIC HOLDINGS, INC. is 57/100, reflecting average volatility within the normal range for its sector.
PAR PACIFIC HOLDINGS, INC. Revenue and Earnings History — Quarterly Trend
In TTM 2026, PAR PACIFIC HOLDINGS, INC. reported revenue of $7.80B and earnings per share (EPS) of $7.28. Net income for the quarter was $299M. Operating income came in at $476M.
In FY 2025, PAR PACIFIC HOLDINGS, INC. reported revenue of $7.46B and earnings per share (EPS) of $7.28. Net income for the quarter was $367M. Revenue grew -6.4% year-over-year compared to FY 2024. Operating income came in at $539M.
In Q3 2025, PAR PACIFIC HOLDINGS, INC. reported revenue of $2.01B and earnings per share (EPS) of $5.29. Net income for the quarter was $263M. Revenue grew -6.1% year-over-year compared to Q3 2024. Operating income came in at $359M.
In Q2 2025, PAR PACIFIC HOLDINGS, INC. reported revenue of $1.89B and earnings per share (EPS) of $1.18. Net income for the quarter was $59M. Revenue grew -6.1% year-over-year compared to Q2 2024. Operating income came in at $97M.
Over the past 8 quarters, PAR PACIFIC HOLDINGS, INC. has demonstrated a growth trajectory, with revenue expanding from $2.02B to $7.80B. Investors analyzing PARR stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
PARR Dividend Yield and Income Analysis
PAR PACIFIC HOLDINGS, INC. (PARR) does not currently pay a dividend. This is common among smaller companies in the Petroleum And Natural Gas industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Energy dividend stocks may want to explore other Energy stocks or use the stock screener to filter by dividend yield.
PARR Momentum and Technical Analysis Profile
PAR PACIFIC HOLDINGS, INC. (PARR) has a momentum factor score of 77/100, indicating strong price momentum with the stock outperforming the majority of the market over recent periods. Stocks with high momentum scores have historically tended to continue their outperformance in the near term. The investment factor score is 34/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 29/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
PARR vs Competitors — Energy Sector Ranking and Peer Comparison
Within the Energy sector, PAR PACIFIC HOLDINGS, INC. (PARR) ranks #3 out of 128 stocks based on the Blank Capital composite score. This places PARR in the top decile of all Energy stocks in our coverage universe. Key competitors and sector peers include TotalEnergies SE (TTE) with a score of 57.7/100, APA Corp (APA) with a score of 54.5/100, HALLIBURTON CO (HAL) with a score of 53.0/100, DEVON ENERGY CORP/DE (DVN) with a score of 53.4/100, and PRECISION DRILLING Corp (PDS) with a score of 53.7/100.
Comparing PARR against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full PARR vs S&P 500 (SPY) comparison to assess how PAR PACIFIC HOLDINGS, INC. stacks up against the broader market across all factor dimensions.
PARR Next Earnings Date
No upcoming earnings date has been announced for PAR PACIFIC HOLDINGS, INC. (PARR) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy PARR? — Investment Thesis Summary
The bull case for PAR PACIFIC HOLDINGS, INC. rests on several quantitative strengths. The value score of 77/100 suggests attractive pricing relative to fundamentals. Price momentum is positive at 77/100, suggesting the trend favors buyers.
In summary, PAR PACIFIC HOLDINGS, INC. (PARR) earns a Buy rating with a composite score of 57.7/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on PARR stock.
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Execution Benchmarks audit
Revenue Growth
YOY expansion rate
-0.2%
Sector: -1.2%
-81% VS SCTR
+27%
Price / Sales
0.4x
-18%
PAR PACIFIC HOLDINGS, INC. exhibits a 25% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
7.8%
Sector: 3.7%
Gross Margin
Pricing power and cost efficiency
—
Sector: 52.7%
Operating Margin
Core business profitability
5.9%
Sector: 10.7%
Net Margin
Bottom-line profitability
3.7%
Sector: 6.4%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.