<p>能源行业面临剧烈和突发的变化。然而，在 Par Pacific NYSE: PARR，这些变化已经持续了一段时间。</p>
<p>这家总部位于休斯顿的能源公司在过去 12 个月内，其股价上涨了 130%，仅今年就上涨了 60%。</p>
<p>一家新的夏威夷可再生燃料工厂刚刚投入运营，丰富了其精炼、储存和提取业务。公司的零售部门则面向消费者。而且，积极的回购策略显示出长期的信心和每股业绩。</p>
<p>分析师普遍看好该股票。然而，新股东在决定投资之前，应仔细了解他们将要购买的内容。</p>
<h2>多元化的能源业务</h2>
<p>Par Pacific 并不是一家单一业务公司。该公司在夏威夷、怀俄明州、华盛顿州和蒙大拿州拥有精炼设施，日产量约为 22 万桶。</p>
<p>其能源网络包括 1300 万桶的储存能力，以及各种海洋、铁路、码头和管道资产。其在 Laramie Energy 的 46% 股份使其接触到科罗拉多州西部的天然气生产。其他股份则涉及能源生产和管道公司。</p>
<p>在零售方面，Par Pacific 运营着超过 120 个网点，包括夏威夷的 Hele 品牌和太平洋西北地区的 “nomnom” 便利店连锁。</p>
<p>这些业务的综合影响可能难以解析。但最近的数字表明它们整合得很好，因为 Par Pacific 刚刚发布了超过一年以来最佳的季度收益。</p>
<h2>第一季度标志着转机</h2>
<p>在今年第一季度，归属于股东的净收入为 5450 万美元，或每股摊薄收益 1.10 美元。这与去年同期的 3040 万美元净亏损，或每股摊薄亏损 57 美分形成对比。然而，按调整后的标准，归属于股东的净收入为 3850 万美元，或每股摊薄收益 78 美分，明显低于分析师的预期。</p>
<p>不过，收入超过预期，达到 18.24 亿美元，其中近 97% 来自其精炼部门。营业收入从 1580 万美元的亏损转为 6530 万美元的盈利。</p>
<h2>精炼利润大幅改善</h2>
<p>重要的是，本季度的盈利并非主要源于近期油价的显著上涨。事实上，该公司表示，在截至 3 月 31 日的三个月内，季度平均油价为每桶 78.38 美元，而 2025 年同期为每桶 74.98 美元。</p>
<p>相反，转机主要来自精炼部门的更高利润率，该部门的营业收入增加了 8100 万美元。来自其在 Laramie Energy 的股权投资的额外 850 万美元的提升。</p>
<p>精炼利润率的改善是显著的，该公司表示，其综合指数在 2026 年第一季度相比去年提高了每桶 11.83 美元，或 160%。对于像精炼这样的周期性业务，每桶的利润率可以帮助平滑油价、需求和通胀的不确定性。</p>
<h2>向可再生燃料的推进</h2>
<p>Par Pacific 还在向石油以外的领域扩展。虽然该公司在夏威夷拥有一家运营中的精炼厂，但它还在当地持有一家合资企业的多数股份，该合资企业于 4 月启动了一家可再生燃料设施。三菱和日本能源巨头 ENEOS 是该项目的合作伙伴。</p>
<p>对于一家市值近 30 亿美元的中型能源公司而言，这一举措具有重要意义，因为它拓宽了更为多元化、关注能源转型的商业模式。公司一方面扎根于传统精炼，另一方面进入可再生燃料市场，不仅成为当今主导能源政策讨论的一个领域，还可能减少其对原油价格波动的暴露。</p>
<h2>管理债务和流动性</h2>
<p>公司最近的另一项举措也表明其流动性管理。尽管流动性在本季度略有改善，Par Pacific 还重新融资了 5 亿美元的债务，这一举措有效地推迟了到期日，并为管理层提供了额外的时间来执行其战略。</p>
<p>不过，整体杠杆率仍然相对较高，从年末的 8.029 亿美元增加到 9.476 亿美元。公司当前资产为 21.5 亿美元，在本季度运营现金流中消耗了 4070 万美元，衍生品损失总计超过 7000 万美元。</p>
<p>尽管这些损失并不自动意味着麻烦，但它们提醒人们，行业需要在商品敏感的运营中进行积极管理，面临真实的季度波动。</p>
<h2>对股票的信心</h2>
<p>就其本身而言，公司正在传达信心。在本季度，公司回购了 2800 万美元的自家股票。基本加权平均流通股从去年同期的 5380 万股降至 4840 万股。公司董事会在 2 月份批准了最多 2.5 亿美元的额外股票回购。</p>
<p>华尔街分析师对此表示认可。即使股票已经反映出剧烈的上涨，12 位跟踪该公司的分析师预计在未来 12 个月内将再上涨 25%。总体推荐为适度买入，12 个月的平均目标价为每股 70 美元，而当前价格在高 50 美元区间。九位分析师给予买入评级，三位建议持有。</p>
<h2>一项需要管理的波动投资</h2>
<p>潜在的利润是真实的，但投资能源并不适合每位投资者。下游能源行业有很多公司，如 HF Sinclair NYSE: DINO 或 CVR Energy NYSE: CVI，但这两家公司的股票表现都不如 Par Pacific。</p>
<p>股东需要愿意承受拥有一家中型精炼厂所带来的波动。Par Pacific 的第一季度收益令人信服，夏威夷的可再生燃料设施为其增添了明确的增长角度，而其回购活动则传达了信心。</p>
<h3>Par Pacific Holdings, Inc. (PARR) 2026 年 6 月 13 日价格走势图</h3>
<p>不过，该公司负债水平较高，现金生成可能不稳定，业务的起伏有时取决于不可预测的炼油利润。这不是一只可以买了就忘的股票。它或许更适合放在一个与公司本身一样积极管理的投资组合中。</p>
<h2>你现在应该投资 $1,000 在 Par Pacific 吗？</h2>
<p>在考虑 Par Pacific 之前，你需要听听这个。</p>
<p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已经识别出五只顶级分析师悄悄建议客户现在购买的股票，以便在更广泛的市场注意到之前……而 Par Pacific 并不在名单上。</p>
<p>虽然 Par Pacific 目前在分析师中获得了中等买入评级，但顶级分析师认为这五只股票更值得购买。</p>
<p>在这里查看这五只股票</p>

PARR

<p>Par Pacific (PARR) 的股票在过去一年中上涨了 130%，主要受到炼油利润改善、夏威夷新建可再生燃料工厂以及积极的股票回购推动。该公司报告了超过一年以来最佳的季度收益，净收入上升至 5450 万美元。尽管面临高杠杆和波动风险，分析师对该股票持积极看法，认为其多元化的能源商业模式和在可再生能源领域的战略扩张具有吸引力</p>

<p>The energy sector is subject to wild and sudden changes. At Par Pacific NYSE: PARR, however, those changes have been coming for a while.</p>
<div class="lb-trans"><p>能源行业面临剧烈和突发的变化。然而，在 Par Pacific NYSE: PARR，这些变化已经持续了一段时间。</p>
</div><p>The Houston-based energy company has seen its stock jump 130% over the past 12 months, including a 60% rise this year alone.</p>
<div class="lb-trans"><p>这家总部位于休斯顿的能源公司在过去 12 个月内，其股价上涨了 130%，仅今年就上涨了 60%。</p>
</div><p>A new Hawaii renewable fuels plant just came online that diversifies its refining, storage, and extraction business. The company’s retail sector taps into consumers. And an aggressive buyback strategy is showing long-term confidence and per-share results.</p>
<div class="lb-trans"><p>一家新的夏威夷可再生燃料工厂刚刚投入运营，丰富了其精炼、储存和提取业务。公司的零售部门则面向消费者。而且，积极的回购策略显示出长期的信心和每股业绩。</p>
</div><p>Analysts generally like the stock. New shareholders, though, should take care to understand just what they’d be buying if they decide to invest.</p>
<div class="lb-trans"><p>分析师普遍看好该股票。然而，新股东在决定投资之前，应仔细了解他们将要购买的内容。</p>
</div><h2>A Diversified Energy Business</h2>
<div class="lb-trans"><h2>多元化的能源业务</h2>
</div><p>Par Pacific is not a single-play company. The company owns refining facilities in Hawaii, Wyoming, Washinton, and Montana, with an output of roughly 220,000 barrels a day.</p>
<div class="lb-trans"><p>Par Pacific 并不是一家单一业务公司。该公司在夏威夷、怀俄明州、华盛顿州和蒙大拿州拥有精炼设施，日产量约为 22 万桶。</p>
</div><p>Its energy network includes 13 million barrels of storage, and an assortment of marine, rail, terminal, and pipeline assets. Its 46% stake in Laramie Energy gives it exposure to natural gas production in Western Colorado. Other stakes are in energy production and pipeline companies.</p>
<div class="lb-trans"><p>其能源网络包括 1300 万桶的储存能力，以及各种海洋、铁路、码头和管道资产。其在 Laramie Energy 的 46% 股份使其接触到科罗拉多州西部的天然气生产。其他股份则涉及能源生产和管道公司。</p>
</div><p>On the retail side, Par Pacific operates more than 120 outlets, including the Hele brand in Hawaii and the “nomnom” convenience store chain in the Pacific Northwest.</p>
<div class="lb-trans"><p>在零售方面，Par Pacific 运营着超过 120 个网点，包括夏威夷的 Hele 品牌和太平洋西北地区的 “nomnom” 便利店连锁。</p>
</div><p>The cumulative impact of these businesses can be a challenge to parse. But recent numbers suggest they are integrating well, as Par Pacific just posted its best quarterly earnings in more than a year.</p>
<div class="lb-trans"><p>这些业务的综合影响可能难以解析。但最近的数字表明它们整合得很好，因为 Par Pacific 刚刚发布了超过一年以来最佳的季度收益。</p>
</div><h2>First Quarter Marks a Turnaround</h2>
<div class="lb-trans"><h2>第一季度标志着转机</h2>
</div><p>For the first quarter this year, net income attributable to shareholders came in at $54.5 million, or $1.10 per diluted share. That’s in contrast to a net loss of $30.4 million, or 57 cents per diluted share, in the year-ago period. However, on an adjusted basis, net income attributable to stockholders was $38.5 million, or 78 cents per diluted share, firmly below what analysts expected.</p>
<div class="lb-trans"><p>在今年第一季度，归属于股东的净收入为 5450 万美元，或每股摊薄收益 1.10 美元。这与去年同期的 3040 万美元净亏损，或每股摊薄亏损 57 美分形成对比。然而，按调整后的标准，归属于股东的净收入为 3850 万美元，或每股摊薄收益 78 美分，明显低于分析师的预期。</p>
</div><p>Revenue, though, came in above expectations at $1.824 billion, of which nearly 97% came from its refining segment. Operating income swung from a $15.8 million loss to a $65.3 million gain.</p>
<div class="lb-trans"><p>不过，收入超过预期，达到 18.24 亿美元，其中近 97% 来自其精炼部门。营业收入从 1580 万美元的亏损转为 6530 万美元的盈利。</p>
</div><h2>Refining Margins Improve Dramatically</h2>
<div class="lb-trans"><h2>精炼利润大幅改善</h2>
</div><p>Importantly, the gain for the quarter was not primarily the result of the significant recent runup in oil prices. In fact, the quarterly average of oil was $78.38 per barrel during the three months ended March 31, compared with $74.98 per barrel during the same three months in 2025, the company said.</p>
<div class="lb-trans"><p>重要的是，本季度的盈利并非主要源于近期油价的显著上涨。事实上，该公司表示，在截至 3 月 31 日的三个月内，季度平均油价为每桶 78.38 美元，而 2025 年同期为每桶 74.98 美元。</p>
</div><p>Instead, the turnaround came mostly from higher margins in the refining segment, which posted an $81 million increase in operating income. An additional $8.5 million boost was from its equity stake in Laramie Energy.</p>
<div class="lb-trans"><p>相反，转机主要来自精炼部门的更高利润率，该部门的营业收入增加了 8100 万美元。来自其在 Laramie Energy 的股权投资的额外 850 万美元的提升。</p>
</div><p>The improvement in refining margins was substantial, as the company said its combined index improved $11.83 per barrel, or 160%, in the first quarter of 2026 compared with a year earlier. For a cyclical business like refining, profit margin per barrel can help smooth out the uncertainty about oil prices, demand, and inflation.</p>
<div class="lb-trans"><p>精炼利润率的改善是显著的，该公司表示，其综合指数在 2026 年第一季度相比去年提高了每桶 11.83 美元，或 160%。对于像精炼这样的周期性业务，每桶的利润率可以帮助平滑油价、需求和通胀的不确定性。</p>
</div><h2>A Push Into Renewable Fuels</h2>
<div class="lb-trans"><h2>向可再生燃料的推进</h2>
</div><p>Par Pacific is also expanding beyond petroleum. While the company has an operating refinery in Hawaii, it also holds a majority stake in a joint venture there that launched a renewable fuels facility in April. Mistubishi and the Japanese energy giant, ENEOS, are partners in the endeavor.</p>
<div class="lb-trans"><p>Par Pacific 还在向石油以外的领域扩展。虽然该公司在夏威夷拥有一家运营中的精炼厂，但它还在当地持有一家合资企业的多数股份，该合资企业于 4 月启动了一家可再生燃料设施。三菱和日本能源巨头 ENEOS 是该项目的合作伙伴。</p>
</div><p>For a mid-sized energy company with a nearly $3 billion market cap, the move is significant as it broadens into a more diversified, energy-transition-aware business model. With one foot in traditional refining and another in the renewable fuels market, the company not only becomes part of a segment that today dominates energy policy discussions, but it could potentially lessen its exposure to the volatility of crude oil prices.</p>
<div class="lb-trans"><p>对于一家市值近 30 亿美元的中型能源公司而言，这一举措具有重要意义，因为它拓宽了更为多元化、关注能源转型的商业模式。公司一方面扎根于传统精炼，另一方面进入可再生燃料市场，不仅成为当今主导能源政策讨论的一个领域，还可能减少其对原油价格波动的暴露。</p>
</div><h2>Managing Debt and Liquidity</h2>
<div class="lb-trans"><h2>管理债务和流动性</h2>
</div><p>Another recent move by the company also points to its liquidity management. While liquidity improved slightly during the quarter, Par Pacific also refinanced $500 million in debt, a move that effectively pushes out maturities and gives management additional time to execute its strategy.</p>
<div class="lb-trans"><p>公司最近的另一项举措也表明其流动性管理。尽管流动性在本季度略有改善，Par Pacific 还重新融资了 5 亿美元的债务，这一举措有效地推迟了到期日，并为管理层提供了额外的时间来执行其战略。</p>
</div><p>Overall leverage, though, remains relatively high, increasing to $947.6 million from $802.9 million at year-end. With current assets of $2.15 billion, the company burned $40.7 million in operating cash during the quarter, and derivative losses totaled more than $70 million.</p>
<div class="lb-trans"><p>不过，整体杠杆率仍然相对较高，从年末的 8.029 亿美元增加到 9.476 亿美元。公司当前资产为 21.5 亿美元，在本季度运营现金流中消耗了 4070 万美元，衍生品损失总计超过 7000 万美元。</p>
</div><p>Although the losses don't automatically signal trouble, they are reminders that the industry requires active management in a commodity-sensitive operation with real quarter-to-quarter volatility.</p>
<div class="lb-trans"><p>尽管这些损失并不自动意味着麻烦，但它们提醒人们，行业需要在商品敏感的运营中进行积极管理，面临真实的季度波动。</p>
</div><h2>Confidence in the Stock</h2>
<div class="lb-trans"><h2>对股票的信心</h2>
</div><p>For its part, the company is signaling confidence. During the quarter, the company bought back $28 million of its own stock. Basic weighted-average shares outstanding fell to 48.4 million, down from 53.8 million a year earlier. The company’s board in February authorized an additional repurchase of up to $250 million in stock.</p>
<div class="lb-trans"><p>就其本身而言，公司正在传达信心。在本季度，公司回购了 2800 万美元的自家股票。基本加权平均流通股从去年同期的 5380 万股降至 4840 万股。公司董事会在 2 月份批准了最多 2.5 亿美元的额外股票回购。</p>
</div><p>Wall Street analysts are sending their approval. Even with a dramatic runup already priced into the stock, 12 analysts following the company are projecting an additional 25% price increase over the next 12 months. With an overall Moderate Buy recommendation, the average 12-month target is $70 per share from the current prices in the high $50s. Nine analysts have a Buy recommendation, while three suggest Hold.</p>
<div class="lb-trans"><p>华尔街分析师对此表示认可。即使股票已经反映出剧烈的上涨，12 位跟踪该公司的分析师预计在未来 12 个月内将再上涨 25%。总体推荐为适度买入，12 个月的平均目标价为每股 70 美元，而当前价格在高 50 美元区间。九位分析师给予买入评级，三位建议持有。</p>
</div><h2>A Volatile Investment to Manage</h2>
<div class="lb-trans"><h2>一项需要管理的波动投资</h2>
</div><p>The potential profits are real, yet investing in energy is not for every investor. There are plenty of companies in the downstream energy sector, such as HF Sinclair NYSE: DINO or CVR Energy NYSE: CVI, though neither company’s shares have performed as well as Par Pacific.</p>
<div class="lb-trans"><p>潜在的利润是真实的，但投资能源并不适合每位投资者。下游能源行业有很多公司，如 HF Sinclair NYSE: DINO 或 CVR Energy NYSE: CVI，但这两家公司的股票表现都不如 Par Pacific。</p>
</div><p>Shareholders need to be willing to ride the volatility that comes with owning a mid-cap refiner. Par Pacific’s first-quarter earnings are convincing, the Hawaii renewable fuels facility adds a definite growth angle, and its buyback activity signals confidence.</p>
<div class="lb-trans"><p>股东需要愿意承受拥有一家中型精炼厂所带来的波动。Par Pacific 的第一季度收益令人信服，夏威夷的可再生燃料设施为其增添了明确的增长角度，而其回购活动则传达了信心。</p>
</div><h3>Par Pacific Holdings, Inc. (PARR) Price Chart for Saturday, June, 13, 2026</h3>
<div class="lb-trans"><h3>Par Pacific Holdings, Inc. (PARR) 2026 年 6 月 13 日价格走势图</h3>
</div><p>Still, the company carries meaningful leverage, its cash generation can be inconsistent, and the business rises and falls on sometimes unpredictable refining margins. This not a stock to buy and forget. It’s perhaps better placed in a portfolio that’s managed as actively as the company itself.</p>
<div class="lb-trans"><p>不过，该公司负债水平较高，现金生成可能不稳定，业务的起伏有时取决于不可预测的炼油利润。这不是一只可以买了就忘的股票。它或许更适合放在一个与公司本身一样积极管理的投资组合中。</p>
</div><h2>Should You Invest $1,000 in Par Pacific Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资 $1,000 在 Par Pacific 吗？</h2>
</div><p>Before you consider Par Pacific, you'll want to hear this.</p>
<div class="lb-trans"><p>在考虑 Par Pacific 之前，你需要听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Par Pacific wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已经识别出五只顶级分析师悄悄建议客户现在购买的股票，以便在更广泛的市场注意到之前……而 Par Pacific 并不在名单上。</p>
</div><p>While Par Pacific currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>虽然 Par Pacific 目前在分析师中获得了中等买入评级，但顶级分析师认为这五只股票更值得购买。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在这里查看这五只股票</p>
</div>

这只能源股票在一年内悄然上涨了 130%