State of Alaska Department of Revenue lessened its stake in shares of Par Pacific Holdings, Inc. (NYSE:PARR – Free Report) by 46.5% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 9,744 shares of the company’s stock after selling 8,463 shares during the period. State of Alaska Department of Revenue’s holdings in Par Pacific were worth $794,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also recently added to or reduced their stakes in the business. Encompass Capital Advisors LLC acquired a new position in shares of Par Pacific in the 1st quarter valued at $28,839,000. Bank of New York Mellon Corp purchased a new position in shares of Par Pacific in the second quarter valued at approximately $19,353,000. Pacer Advisors Inc. purchased a new position in Par Pacific in the 1st quarter valued at approximately $16,277,000. First Trust Advisors LP boosted its holdings in Par Pacific by 395.9% in the first quarter. First Trust Advisors LP now owns 133,073 shares of the company’s stock valued at $8,336,000 after purchasing an additional 106,238 shares during the period. Finally, Empowered Funds LLC grew its position in shares of Par Pacific by 24.4% during the first quarter. Empowered Funds LLC now owns 313,605 shares of the company’s stock worth $19,644,000 after buying an additional 61,464 shares in the last quarter. 92.15% of the stock is currently owned by institutional investors and hedge funds.
Par Pacific Trading Down 5.6%
NYSE PARR opened at $79.98 on Friday. Par Pacific Holdings, Inc. has a 12 month low of $34.37 and a 12 month high of $90.74. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.84 and a quick ratio of 0.76. The company has a 50-day moving average of $81.68 and a 200-day moving average of $70.25. The company has a market cap of $4.01 billion, a P/E ratio of 4.67 and a beta of 0.75.
Par Pacific (NYSE:PARR – Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $10.10 earnings per share for the quarter, topping analysts’ consensus estimates of $8.22 by $1.88. The company had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.40 billion. Par Pacific had a net margin of 9.94% and a return on equity of 56.19%. Par Pacific’s revenue was up 56.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.54 earnings per share. As a group, equities analysts predict that Par Pacific Holdings, Inc. will post 27.18 earnings per share for the current year.
Insider Buying and Selling at Par Pacific
In other news, CEO William Monteleone sold 40,000 shares of the stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $81.30, for a total value of $3,252,000.00. Following the completion of the sale, the chief executive officer owned 457,167 shares in the company, valued at approximately $37,167,677.10. This trade represents a 8.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Timothy Clossey sold 10,970 shares of the stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $84.00, for a total transaction of $921,480.00. Following the completion of the sale, the director directly owned 51,526 shares of the company’s stock, valued at $4,328,184. This trade represents a 17.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 54,248 shares of company stock valued at $4,394,057 over the last ninety days. Corporate insiders own 3.60% of the company’s stock.
Analysts Set New Price Targets
PARR has been the topic of a number of recent analyst reports. Mizuho set a $91.00 price objective on Par Pacific and gave the company a “neutral” rating in a report on Thursday, October 8th. Raymond James Financial reissued an “outperform” rating and set a $117.00 price target on shares of Par Pacific in a report on Monday. Zacks Research raised shares of Par Pacific from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 4th. TD Cowen reduced their price objective on Par Pacific from $100.00 to $95.00 and set a “buy” rating for the company in a report on Friday, August 7th. Finally, Benchmark reissued a “buy” rating on shares of Par Pacific in a research note on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $87.29.
Par Pacific Company Profile
Par Pacific Holdings, Inc is an energy company engaged in refining, marketing and distributing transportation fuels and other petroleum products. Its refineries process crude oil into products such as gasoline, diesel, jet fuel, marine fuels and asphalt, serving customers in western U.S. markets.
The company operates refining and related energy businesses in Hawaii, Wyoming and Washington. Its operations also include logistics assets such as storage facilities, pipelines, terminals and other infrastructure used to move and distribute crude oil and refined products.
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