Par Pacific Holdings, Inc. (PARR-Q)

PARR operates under the brand of Hele in Hawaii marketing retail gasoline and diesel as well in other markets such as Wyoming, Washington and Montana.  It trades at 8x earnings, 1.2x book and supports a 44% ROE.  Analysts have built in a bearish earnings outlook ahead of the next earnings report next week, which leaves room for share price rebound if earnings surprise to the upside.  The company has been prudently using some cash reserves to aggressively retire debt and buy back shares.  We recommend setting a stop-loss at $20, looking to achieve $35 -- upside potential of 35%.  Yield 0% 

PARR is responsible for over 180,000 bpd of refined product refining, supplying Hawaii with approximately 80,000 bpd, Montana with over 50,000 bpd, and Wyoming with over 15,000 bpd.  As the summer driving season approaches, refining margins will grow.  It trades at 7x earnings, 1.3x book value, and supports a 44% ROE.  We recommend setting a stop-loss at $21, looking to achieve $41.50 -- upside potential of 45%.  Yield 0%