Piper Sandler analysts downgraded Par Petroleum (NYSE:PARR) to Neutral from Overweight, lowering their price target on the stock to $23 from $37.

The analysts acknowledged Par Petroleum's underappreciated earnings potential, particularly its ability to generate non-refining EBITDA and maintain positive EPS in 2025 compared to its small-cap peers.

However, they cited growing concerns over weakening Asian refining margins, upcoming maintenance at the Billings refinery in the first half of 2025, and limited liquidity, all of which present heightened risks to the company’s valuation over the next year.