Empowered Funds LLC raised its stake in shares of Par Pacific Holdings, Inc. (NYSE:PARR – Free Report) by 24.4% in the first quarter, Holdings Channel reports. The fund owned 313,605 shares of the company’s stock after acquiring an additional 61,464 shares during the period. Empowered Funds LLC’s holdings in Par Pacific were worth $19,644,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in PARR. Encompass Capital Advisors LLC acquired a new stake in shares of Par Pacific during the 1st quarter worth about $28,839,000. The Manufacturers Life Insurance Company boosted its position in Par Pacific by 170.6% in the first quarter. The Manufacturers Life Insurance Company now owns 62,505 shares of the company’s stock valued at $3,916,000 after buying an additional 39,404 shares in the last quarter. Quantinno Capital Management LP boosted its position in Par Pacific by 9.3% in the first quarter. Quantinno Capital Management LP now owns 39,070 shares of the company’s stock valued at $2,447,000 after buying an additional 3,313 shares in the last quarter. OMERS ADMINISTRATION Corp grew its stake in Par Pacific by 88.2% during the first quarter. OMERS ADMINISTRATION Corp now owns 32,863 shares of the company’s stock worth $2,059,000 after buying an additional 15,400 shares during the last quarter. Finally, Waverly Advisors LLC bought a new stake in Par Pacific during the first quarter worth about $205,000. Institutional investors and hedge funds own 92.15% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts have recently issued reports on PARR shares. JPMorgan Chase & Co. lifted their target price on shares of Par Pacific from $48.00 to $77.00 and gave the company an “overweight” rating in a research note on Wednesday, April 8th. Piper Sandler increased their price target on Par Pacific from $63.00 to $72.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 8th. Benchmark reaffirmed a “buy” rating on shares of Par Pacific in a report on Wednesday, July 8th. Wall Street Zen raised Par Pacific from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 17th. Finally, Mizuho lifted their price objective on Par Pacific from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $81.57.
Par Pacific Price Performance
Shares of PARR stock opened at $79.34 on Wednesday. Par Pacific Holdings, Inc. has a 1 year low of $26.83 and a 1 year high of $82.29. The firm’s 50 day moving average is $61.51 and its 200-day moving average is $55.04. The firm has a market capitalization of $3.98 billion, a price-to-earnings ratio of 8.85 and a beta of 0.82. The company has a current ratio of 1.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.63.
Par Pacific (NYSE:PARR – Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.78 EPS for the quarter, missing the consensus estimate of $1.00 by ($0.22). The company had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.78 billion. Par Pacific had a net margin of 6.02% and a return on equity of 34.38%. Par Pacific’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period last year, the company earned ($0.94) earnings per share. Sell-side analysts forecast that Par Pacific Holdings, Inc. will post 18.6 EPS for the current fiscal year.
Par Pacific Company Profile
Par Pacific Holdings, Inc (NYSE: PARR) is a diversified downstream energy company engaged in the refining, marketing and logistics of petroleum products. Through its subsidiaries, Par Pacific operates the Par Hawaii Refinery on the island of Oʻahu, which processes crude oil into transportation fuels such as gasoline, diesel and jet fuel, as well as asphalt, petroleum coke and sulfur. In the Rocky Mountain region, the company owns and operates the Salt Lake City Refinery in Utah and associated logistics infrastructure, including pipelines and storage terminals, to support both crude supply and product distribution.
In marketing its refined products, Par Pacific maintains a network of branded and unbranded wholesale accounts across Hawaii and the U.S.
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