.September 20, 2024 Friday
4:28 AM

Piper Sandler analysts downgraded Par Petroleum (NYSE:PARR) to Neutral from Overweight, with a lowered price target of $23 from $37. They noted the company’s underappreciated earnings potential, including its ability to generate non-refining EBITDA and maintain positive EPS in 2025 compared to peers. However, concerns over weakening Asian refining margins, upcoming maintenance at the Billings refinery in the first half of 2025, and limited liquidity were cited as risks to the company’s valuation over the next year.