Core Insights - The company is experiencing strong operational and financial performance, with record throughput and improved margins driven by favorable market conditions and strategic initiatives [3][6][11]. Operational Performance - Third quarter throughput reached a record high of 198,000 barrels per day, with adjusted EBITDA of $372 million and adjusted net income of $5.95 per share [3][9]. - The refining segment generated adjusted EBITDA of $338 million, significantly up from $108 million in the previous quarter, aided by small refinery exemptions contributing approximately $200 million [9][10]. - The company achieved a new record low in refining production costs at $6.13 per barrel, with specific performance metrics in Hawaii, Wyoming, and Montana showing strong throughput and low production costs [6][7]. Market Conditions - Product margins are improving due to tight supply and demand balances, with the combined index averaging $15.55 per barrel in October, up nearly $1 from the third quarter [2][11]. - The Singapore 3-1-2 average was $20.52 per barrel in October, reflecting a significant increase of over $4 per barrel compared to the previous quarter [11][21]. Strategic Initiatives - The company is expanding its development pipeline with new projects in the Pacific Northwest and Hawaii, focusing on logistics flexibility, efficiency, and enhanced production capabilities [1][4]. - A joint venture with Mitsubishi and Ennios in Hawaii was closed, generating $100 million in proceeds, which is expected to bolster the company's financial position [4][15]. Financial Position - The balance sheet is strengthening, with quarter-end liquidity increasing by 14% to $735 million, positioning the company well for growth and opportunistic share repurchases [5][15]. - Cash provided by operations was $219 million, with expectations for further cash inflow from the Hawaii Renewables joint venture and monetization of excess RINs [13][19]. Future Outlook - The company anticipates lower throughput and increased costs in the fourth quarter due to routine maintenance, with expected system-wide throughput between 184,000 and 193,000 barrels per day [7][8]. - The market outlook remains optimistic, with strong demand for distillates and a focus on maximizing distillate yield across refineries [21][28].

Core Insights - Par Petroleum (PARR) reported quarterly earnings of $5.95 per share, significantly exceeding the Zacks Consensus Estimate of $1.98 per share, and compared to a loss of $0.1 per share a year ago, representing an earnings surprise of +200.51% [1] - The company posted revenues of $2.01 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 5.40%, although this is a decrease from year-ago revenues of $2.14 billion [2] - Par Petroleum shares have increased by approximately 151.4% since the beginning of the year, outperforming the S&P 500's gain of 16.5% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.43 on revenues of $1.81 billion, and for the current fiscal year, it is $3.89 on revenues of $7.36 billion [7] - The estimate revisions trend for Par Petroleum was favorable ahead of the earnings release, resulting in a Zacks Rank 1 (Strong Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Oil and Gas - Refining and Marketing industry is currently ranked in the top 18% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [8] - Another company in the same industry, Delek US Holdings (DK), is expected to report quarterly earnings of $0.14 per share, reflecting a year-over-year change of +109.7%, with a consensus EPS estimate revised 36.9% higher over the last 30 days [9]

Financial Performance - Par Pacific reported net income of $262.6 million, or $5.16 per diluted share, for Q3 2025, compared to $7.5 million, or $0.13 per diluted share, in Q3 2024[3]. - Adjusted Net Income for Q3 2025 was $302.6 million, including a small refinery exemption (SRE) impact of $195.9 million, compared to an Adjusted Net Loss of $(5.5) million in Q3 2024[3][7]. - Adjusted EBITDA for Q3 2025 was $372.5 million, including an SRE impact of $202.6 million, compared to $51.4 million in Q3 2024[3][7]. - Revenues for Q3 2025 were $2,012,936, a decrease of 6.1% from $2,143,933 in Q3 2024[29]. - Operating income increased significantly to $358,516 in Q3 2025, compared to $36,431 in Q3 2024, reflecting a substantial improvement in operational efficiency[29]. - Net income for the nine months ended September 30, 2025, was $291,691, up from $22,373 in the same period of 2024, indicating a strong recovery[29]. - Adjusted EBITDA for the nine months ended September 30, 2025, reached $520,456, compared to $227,727 for the same period in 2024, reflecting strong operational performance[46]. - Basic Adjusted Net Income per common share for the three months ended September 30, 2025, was $6.10, compared to a loss of $0.10 in the same period of 2024[49]. Segment Performance - The Refining segment reported operating income of $340.8 million in Q3 2025, including an SRE impact of $199.5 million, compared to $19.0 million in Q3 2024[5]. - Adjusted Gross Margin per barrel for the refining segment was $24.76 in Q3 2025, significantly higher than $7.79 in Q3 2024, indicating enhanced profitability[30]. - Adjusted Gross Margin for Refining, Logistics, and Retail segments for the three months ended September 30, 2025, was $450,315, $42,995, and $43,492 respectively, compared to $142,193, $36,284, and $42,615 for the same period in 2024, indicating significant growth[43]. - Operating Income for the Refining segment for the nine months ended September 30, 2025, was $397,368, up from $82,811 in 2024, showcasing a robust increase[44]. - The operating income for the Logistics segment for the nine months ended September 30, 2025, was $75,817, up from $64,579 in the same period of 2024, indicating an increase of about 19%[53]. Liquidity and Debt - Total liquidity increased by approximately 14% during the quarter to $735.2 million at September 30, 2025[20]. - Total debt decreased to $967,093 as of September 30, 2025, from $1,112,967 at the end of 2024, showing improved financial health[29]. - Working capital increased to $519,548 as of September 30, 2025, compared to $488,940 at the end of 2024, indicating better liquidity[29]. Market Conditions - The Hawaii Index averaged $10.27 per barrel in Q3 2025, compared to $4.49 per barrel in Q3 2024[8]. - The Montana Index, also introduced in 2025, showed an average of $17.99 in Q3 2025, up from $15.32 in Q3 2024, reflecting better local market conditions[36]. - The Washington Index reported an average of $16.66 in Q3 2025, compared to $4.47 in Q3 2024, highlighting improved market dynamics[36]. - The Wyoming Index averaged $19.87 in Q3 2025, an increase from $17.56 in Q3 2024, indicating positive trends in the Wyoming market[36]. - Crude oil prices for Brent averaged $68.17 in Q3 2025, down from $78.71 in Q3 2024, while WTI averaged $64.97 compared to $75.27 in the same period[33]. Operational Efficiency - The Hawaii Refinery achieved a total yield of 96.8% in Q3 2025, compared to 96.6% in Q3 2024, demonstrating consistent operational performance[32]. - Feedstocks throughput for the total refining segment was 197.7 Mbpd in Q3 2025, slightly down from 198.4 Mbpd in Q3 2024[30]. - Adjusted Gross Margin excluding SRE impact for the Montana Refinery was $16.66 in Q3 2025, up from $12.42 in Q3 2024, reflecting improved operational efficiency[32]. - The company recognized a non-cash deferred tax expense of $72.7 million for the three months ended September 30, 2025, related to deferred state and federal tax liabilities[46]. Stock and Acquisitions - Par Pacific repurchased $16.4 million of common stock at a weighted average price of $31.57 per share during Q3 2025[20]. - Par Pacific closed the Hawaii Renewables joint venture in October 2025, receiving cash proceeds of $100 million[4][7]. - The company incurred $1,973 in acquisition and integration costs for the three months ended September 30, 2025, compared to a loss of $23 in the same period of 2024[46]. - The acquisition and integration costs for Corporate and Other for the nine months ended September 30, 2025, were $1,973, compared to $68 in the same period of 2024, showing a substantial increase in expenses[53].

Core Insights - Par Pacific Holdings, Inc. reported a significant increase in net income for Q3 2025, reaching $262.6 million or $5.16 per diluted share, compared to $7.5 million or $0.13 per diluted share in Q3 2024 [2][10] - The company's Adjusted Net Income for Q3 2025 was $302.6 million, including a small refinery exemption (SRE) impact of $195.9 million, contrasting with an Adjusted Net Loss of $(5.5) million in the same quarter of 2024 [2][21] - The company achieved an Adjusted EBITDA of $372.5 million in Q3 2025, significantly up from $51.4 million in Q3 2024, driven by strong refining operations and retail contributions [2][3] Financial Performance - The Refining segment reported operating income of $340.8 million in Q3 2025, including an SRE impact of $199.5 million, compared to $19.0 million in Q3 2024 [4][5] - Adjusted Gross Margin for the Refining segment was $450.3 million in Q3 2025, up from $142.2 million in Q3 2024 [4] - The Retail segment reported operating income of $19.1 million in Q3 2025, slightly up from $18.3 million in Q3 2024, with Adjusted Gross Margin increasing to $43.5 million [15][16] Operational Highlights - The Hawaii Index averaged $10.27 per barrel in Q3 2025, significantly higher than $4.49 per barrel in Q3 2024, with throughput of 82 thousand barrels per day [6][7] - The Montana Index averaged $17.99 per barrel in Q3 2025, compared to $15.32 per barrel in Q3 2024, with throughput of 58 thousand barrels per day [8][9] - The Washington Index averaged $16.66 per barrel in Q3 2025, up from $4.47 per barrel in Q3 2024, with throughput of 39 thousand barrels per day [11][12] Cash Flow and Liquidity - Net cash provided by operations totaled $219.4 million for Q3 2025, with a significant increase from $78.5 million in Q3 2024 [18] - Total liquidity increased by approximately 14% during the quarter to $735.2 million as of September 30, 2025 [19] - The company repurchased $16.4 million of common stock at a weighted average price of $31.57 per share during Q3 2025 [20] Strategic Developments - The company closed on the Hawaii Renewables joint venture for $100 million in proceeds and is on track to complete construction of the renewable fuels unit this year [3] - Par Pacific's common stock will be dual listed on NYSE Texas effective November 5, 2025, while continuing to trade under the ticker symbol "PARR" on both exchanges [23]

Core Viewpoint - Momentum investing focuses on "buying high and selling higher" rather than traditional strategies of "buying low and selling high" [1] Group 1: Momentum Investing Strategy - Momentum investors often face challenges in determining the right entry point for fast-moving stocks, which can lead to investments with limited upside or potential downside [2] - A safer approach may involve investing in bargain stocks that have recently shown price momentum, utilizing tools like the Zacks Momentum Style Score to identify promising candidates [3] Group 2: Par Petroleum (PARR) Analysis - Par Petroleum (PARR) has demonstrated significant price momentum, with a four-week price change of 14.9% and a 49% gain over the past 12 weeks, indicating strong investor interest [4][5] - PARR has a beta of 1.74, suggesting it moves 74% more than the market, which aligns with the characteristics of a momentum stock [5] - The stock has a Momentum Score of B, indicating a favorable time to invest based on momentum trends [6] - PARR has received a Zacks Rank 1 (Strong Buy) due to upward revisions in earnings estimates, which typically attract more investors and drive prices higher [7] - The stock is currently trading at a Price-to-Sales ratio of 0.27, suggesting it is undervalued, as investors pay only 27 cents for each dollar of sales [7] Group 3: Additional Investment Opportunities - Besides PARR, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, presenting additional investment opportunities [8] - The Zacks Premium Screens offer over 45 different strategies tailored to various investing styles, which can help identify potential winning stocks [9]

Core Insights - Major U.S. stock market indices reached record highs as investors anticipate the Federal Reserve's policy decision, with the S&P 500 climbing 0.23% to 6,890.89, briefly surpassing the 6,900 mark for the first time [1][10] - The Federal Reserve is expected to announce a quarter-point rate cut, with potential additional cuts in the future, despite a slight increase in September inflation [2] - Value investing is gaining traction in the current economic uncertainty, focusing on stocks priced below their intrinsic value [3][10] Market Overview - The Dow, S&P 500, and Nasdaq all achieved new highs, indicating strong investor sentiment [1] - Analysts believe the Fed will prioritize supporting a softening labor market over controlling inflation, although missing economic data due to the government shutdown may complicate policy signals [2] Investment Strategy - Value investing emphasizes purchasing undervalued stocks, which can provide opportunities for profit as markets often misprice stocks [3] - Companies with solid fundamentals and reasonable valuations are highlighted as potential investment opportunities [4] Earnings Yield Metric - Earnings yield is a key metric for value investors, calculated as (Annual Earnings per Share/Market Price) x 100, and serves as a comparison tool against bond returns [5][6] - A high earnings yield may indicate that a stock is undervalued, while a low yield could suggest overvaluation [5] Stock Screening Criteria - The primary screening criterion is an Earnings Yield greater than 10%, supplemented by estimated EPS growth and average daily volume [7][8] - Additional filters include a current price of at least $5 and a Zacks Rank of 1 (Strong Buy) or 2 (Buy) for stock selection [9] Selected Value Stocks - Aura Minerals Inc. (AUGO) is focused on gold and base metal projects, with projected earnings growth of 120.3% and 165.6% for 2025 and 2026, respectively [11] - Commercial Metals Company (CMC) anticipates sales and earnings growth of 5% and 73% for fiscal 2026 [12] - Par Pacific Holdings (PARR) projects significant earnings growth of 951% and 24% for 2025 and 2026 [13] - CorMedix Inc. (CRMD) expects earnings growth of 717% and 34% for 2025 and 2026 [14]

Core Viewpoint - Par Pacific Holdings (PARR) is expected to report third-quarter results on November 4, with earnings estimated at $2.21 per share and revenues of $1.9 billion, reflecting significant year-over-year growth in earnings but a decline in revenues [1][6]. Group 1: Previous Quarter Performance - In the second quarter, Par Pacific reported adjusted earnings per share of $1.54, exceeding the Zacks Consensus Estimate of 74 cents, with revenues also surpassing expectations by 17.2% at $1.9 billion [2]. - The company has beaten the Zacks Consensus Estimate for earnings in three of the last four quarters, indicating a generally positive performance trend [3]. Group 2: Earnings Estimates and Revisions - The Zacks Consensus Estimate for the third-quarter earnings has been revised upward by 33.9% in the past 30 days, indicating a remarkable 2,310% increase year-over-year [6]. - However, the revenue estimate suggests a 10.9% decrease compared to the same period last year [6]. Group 3: Business Segment Performance - The refining segment remains the strongest profit driver for Par Pacific, achieving a record throughput of 88,000 barrels per day at its Hawaii refinery, with a low production cost of $4.18 per barrel [7]. - The refining income is projected to surge to $133 million in the third quarter, a significant improvement from $20.1 million earned in the previous year [9]. - Conversely, the logistics unit may negatively impact overall results due to cost pressures and limited volume growth, with an expected adjusted EBITDA decline of 11.4% to $29.2 million [10]. Group 4: Earnings ESP and Zacks Rank - The Earnings ESP for Par Pacific is -10.16%, indicating uncertainty in beating estimates for the upcoming quarter [12]. - The company currently holds a Zacks Rank of 1 (Strong Buy), which typically suggests a favorable outlook [12].

Core Viewpoint - Wall Street anticipates a significant year-over-year increase in earnings for Par Petroleum (PARR) despite lower revenues, with the actual results being crucial for stock price movement [1][2]. Earnings Expectations - Par Petroleum is expected to report quarterly earnings of $2.21 per share, reflecting a year-over-year increase of +2310%, while revenues are projected to be $1.91 billion, down 10.9% from the previous year [3]. - The earnings report is scheduled for November 4, and better-than-expected results could lead to a stock price increase, whereas disappointing results may cause a decline [2]. Estimate Revisions - The consensus EPS estimate has been revised 115% higher in the last 30 days, indicating a reassessment by analysts [4]. - However, the Most Accurate Estimate for Par Petroleum is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -10.16%, suggesting a bearish outlook from analysts [12]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive or negative reading can predict deviations from consensus estimates, but its predictive power is stronger for positive readings [9][10]. - Par Petroleum's combination of a negative Earnings ESP and a Zacks Rank of 1 complicates the prediction of an earnings beat [12]. Historical Performance - In the last reported quarter, Par Petroleum exceeded expectations with earnings of $1.54 per share against an estimate of $0.74, resulting in a surprise of +108.11% [13]. - Over the past four quarters, the company has beaten consensus EPS estimates three times [14]. Industry Context - In the broader industry, PBF Energy is expected to report a loss of $0.69 per share, with a year-over-year change of +54%, and revenues projected at $7.52 billion, down 10.3% [18]. - PBF Energy's consensus EPS estimate has been revised 27.3% higher recently, but it also has a negative Earnings ESP of -5.91%, making predictions of an earnings beat challenging [19][20].

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: Par Petroleum (PARR) - Par Petroleum currently holds a Momentum Style Score of B and a Zacks Rank of 1 (Strong Buy), indicating strong potential for outperformance [2][3] - The stock has shown significant price increases, with a 33.15% rise over the past quarter and a remarkable 137.2% increase over the last year, compared to the S&P 500's 7.05% and 18.26% respectively [6] Price Performance - Over the past week, PARR shares increased by 6.07%, outperforming the Zacks Oil and Gas - Refining and Marketing industry, which rose by 1.98% [5] - The monthly price change for PARR is 7.4%, significantly higher than the industry's 1.29% performance [5] Trading Volume - PARR's average 20-day trading volume is 1,057,254 shares, which serves as a bullish indicator when combined with rising stock prices [7] Earnings Outlook - In the past two months, four earnings estimates for PARR have been revised upwards, with no downward revisions, leading to an increase in the consensus estimate from $1.83 to $3.89 [9] - For the next fiscal year, four estimates have also moved upwards without any downward revisions [9] Conclusion - Given the strong performance metrics and positive earnings outlook, PARR is positioned as a promising investment opportunity with a Momentum Score of B and a Zacks Rank of 1 (Strong Buy) [11]

Core Insights - Par Pacific has entered a joint venture with Mitsubishi Corp. and Eneos to produce renewable fuels at its Kapolei refinery, acquiring a 36.5% equity stake for $100 million [3][4] - The new facility is expected to produce approximately 61 million gallons per year of renewable diesel, sustainable aviation fuel, renewable naphtha, and low carbon liquefied petroleum gases, with completion anticipated by the end of 2025 [6] - Par Pacific's retail operations have seen significant growth, with a nearly $10 million increase in operating income for fiscal 2024 and over 20% year-over-year gains in the second quarter [4][5] Company Developments - The joint venture, named Alohi Renewable Energy, LLC, will allow Par Pacific to lead operations while retaining the majority interest [3] - The initiative aims to reduce greenhouse gas emissions and provide reliable fuels to consumers in Hawaii [4] - Par Pacific operates around 89 convenience store locations in Hawaii and approximately 30 more in Idaho and Washington, under various banners [4] Financial Performance - The retail division's success is attributed to strong fuel margins and reduced operating costs [5] - The company has positioned itself as a notable player in the convenience store industry, with its retail arm being recognized as a quieter success story [6]