Par Pacific price target lowered to $26 from $28 at Mizuho

Mizuho analyst Nitin Kumar lowered the firm’s price target on Par Pacific to $26 from $28 and keeps an Outperform rating on the shares. The firm expects a Q3 EBITDA and earnings misses from Par, similar to peers, with a modest cash outspend during the quarter, driven by sequentially weaker results in refining due to lower indicator margins across the board and lower aggregate margin capture. Despite the weaker refining margin environment, Par is expected to have run well, with Montana coming back from major turnaround work, the analyst tells investors in a research note.