Par Pacific Holdings delivered a Q2 2026 net income surge of 678% YoY, driven by the Hawaii SAF facility launch and Montana asset maturity. PARR's 22.47% operating margin and 15.6% net profit margin are unusually high for downstream oil, reflecting exceptional crack spreads and crude pricing. Technical analysis supports a bullish outlook, with a price target of $80—over 10% upside from current levels—despite a recent pullback below $71.