Par Pacific Holdings just recorded one of the punchiest profit quarters in its history, yet the stock has slumped almost 16% in a single session to about US$69. The market is reacting to concerns around a refinery cycle, while the numbers tell a different story. Q2 basic earnings per share landed at US$9.53 on revenue of US$2.97b, supported by a strong refining margin performance.

For now, price action is reflecting fear. The earnings report highlights a very different kind of question: how to value this level of earnings power.

Is Par Pacific Holdings a rare 4.1x P/E bargain, or is the share price slump just the first warning sign before earnings and revenue forecasts bite? Compare the current share price against our valuation analysis…