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Par Pacific (PARR) to Report Q1 Earnings: What to Expect?

Zacks Equity Research
·4 min read

Par Pacific Holdings, Inc. PARR is set to report first-quarter 2023 results on May 3 after the closing bell.

In the last reported quarter, the company’s earnings were $2.20 per share, beating the Zacks Consensus Estimate of $1.92.

In the trailing four quarters, Par Pacific beat the Zacks Consensus Estimate for the bottom line thrice and missed the same once, delivering an earnings surprise of 16.1%, on average. This is depicted in the graph below:

Par Pacific Holdings, Inc. Price and EPS Surprise

Par Pacific Holdings, Inc. Price and EPS Surprise
Par Pacific Holdings, Inc. Price and EPS Surprise

Par Pacific Holdings, Inc. price-eps-surprise | Par Pacific Holdings, Inc. Quote

Let’s delve into the factors that are anticipated to have influenced the company’s performance in the March-end quarter.

Estimate Trend

The Zacks Consensus Estimate for PARR’s first-quarter earnings per share of $1.91 has witnessed one upward revision and two downward movements in the past 30 days. The consensus estimate suggests a significant increase from the year-ago quarter’s loss of 53 cents.

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The Zacks Consensus Estimate for first-quarter revenues of $1.5 billion indicates a 14% increase from the year-ago reported figure.

Factors to Consider

In the March-end quarter of 2023, the demand for refined petroleum products was significantly higher due to continued growth in fuel consumption. Par Pacific is likely to have benefited from the higher demand for its refined petroleum products in the to-be-reported quarter as the company produces ultra-low-sulfur diesel, gasoline, jet fuel, marine fuel, low-sulfur fuel oil and other associated refined products.

Par Pacific is expected to have reaped the rewards of a better macro environment in its downstream business. As such, the Zacks Consensus Estimate for feedstock throughput volumes from the refining segment is pegged at 137.3 million barrels per day (Mbpd), indicating an increase from the year-ago reported level of 118.2 Mbpd. This is likely to have positioned the company for huge profits in the to-be-reported quarter.

Although crude prices were high in the first quarter, the same retreated from their peaks in the year-ago quarter. Hence, sustained lower crude prices are likely to have a relatively negative effect on Par Pacific Holdings’ refining margins. This is expected to have affected PARR’s performance in the to-be-reported quarter.

Earnings Whispers

Our proven model does not conclusively predict an earnings beat for Par Pacific this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. However, that is not the case here, as you can see.

Earnings ESP: Par Pacific has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate and the Zacks Consensus Estimate both are currently pegged at earnings of $1.91 per share. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Zacks Rank: Par Pacific currently carries a Zacks Rank #3.

Stocks That Warrant a Look

Here are some companies from the Energy space that you may want to consider as our model shows that these have the right combination of elements to post an earnings beat in the upcoming quarterly reports:

Magellan Midstream Partners LP MMP has an Earnings ESP of +0.70% and is currently a Zacks #3 Ranked player. You can see the complete list of today’s Zacks #1 Rank stocks here.

Magellan Midstream is scheduled to release first-quarter results on May 4. The Zacks Consensus Estimate for its earnings is pegged at $1.21 per share, suggesting an increase from the prior-year reported figure.

PBF Energy Inc. PBF has an Earnings ESP of +3.50% and a Zacks Rank #3 at present.

PBF Energy is scheduled to release first-quarter earnings on May 5. The Zacks Consensus Estimate for PBF’s earnings is pegged at $2.46 per share, calling for a significant increase from the prior-year reported figure.

ConocoPhillips COP has an Earnings ESP of +0.13% and a Zacks Rank #3 at present.

ConocoPhillips is scheduled to release first-quarter earnings on May 4. The Zacks Consensus Estimate for COP’s earnings is pegged at $2.02 per share, implying a decline from the prior-year reported figure.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

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ConocoPhillips (COP) : Free Stock Analysis Report

Magellan Midstream Partners, L.P. (MMP) : Free Stock Analysis Report

PBF Energy Inc. (PBF) : Free Stock Analysis Report

Par Pacific Holdings, Inc. (PARR) : Free Stock Analysis Report

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Zacks Investment Research