Mizuho upgraded Par Pacific Holdings from Neutral to Outperform and raised its price target from $58 to $79, citing strong first-quarter 2026 results and a favorable distillate-driven margin backdrop. The company reported net income of $54.5 million, or $1.10 per diluted share, a sharp turnaround from a net loss of $30.4 million in the same quarter last year. Adjusted EBITDA surged to $91.5 million from $10.1 million, while refining throughput in Hawaii reached a record 89.8 thousand barrels per day. Par Pacific also began commercial operations at its Hawaii renewable fuels facility in April and repurchased $28 million of its common stock during the quarter.
Par Pacific Holdings IncMizuho upgraded to Outperform and raised price target after strong Q1 results and margin outlook