Key Points
- CEO William Monteleone sold 40,000 Par Pacific shares at an average price of $81.30, generating $3.252 million and reducing his position by 8.05% to 457,167 shares.
- Par Pacific reported a strong quarter, with EPS of $10.10 versus estimates of $8.22 and revenue of $2.97 billion, up 56.8% year over year.
- Analyst sentiment remains favorable, with an overall “Buy” rating and an average price target of $81.57, while institutional investors own 92.15% of the stock.
Par Pacific Holdings, Inc. (NYSE:PARR - Get Free Report) CEO William Monteleone sold 40,000 shares of the stock in a transaction on 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 sale, the chief executive officer owned 457,167 shares in the company, valued at approximately $37,167,677.10. This represents a 8.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
Par Pacific Price Performance
Par Pacific stock opened at $83.60 on Friday. The firm has a market capitalization of $4.19 billion, a P/E ratio of 4.88 and a beta of 0.77. Par Pacific Holdings, Inc. has a one year low of $32.24 and a one year high of $87.03. 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 business has a fifty day moving average price of $76.38 and a 200-day moving average price of $63.97.
Par Pacific (NYSE:PARR - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported $10.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $8.22 by $1.88. The company had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.40 billion. Par Pacific had a return on equity of 56.19% and a net margin of 9.94%.The firm's revenue for the quarter was up 56.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.54 EPS. As a group, equities research analysts forecast that Par Pacific Holdings, Inc. will post 21.33 EPS for the current year.
Hedge Funds Weigh In On Par Pacific
Several hedge funds and other institutional investors have recently added to or reduced their stakes in PARR. NewEdge Advisors LLC bought a new position in Par Pacific in the 1st quarter worth about $26,000. EverSource Wealth Advisors LLC raised its holdings in shares of Par Pacific by 32.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 713 shares of the company's stock valued at $45,000 after acquiring an additional 173 shares in the last quarter. C M Bidwell & Associates Ltd. bought a new stake in shares of Par Pacific during the 2nd quarter valued at about $66,000. Aster Capital Management DIFC Ltd boosted its position in shares of Par Pacific by 34.9% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,847 shares of the company's stock valued at $65,000 after acquiring an additional 478 shares during the last quarter. Finally, Rockefeller Capital Management L.P. grew its holdings in shares of Par Pacific by 385.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,962 shares of the company's stock worth $69,000 after purchasing an additional 1,558 shares in the last quarter. 92.15% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several equities research analysts have recently weighed in on the company. UBS Group reiterated a "neutral" rating on shares of Par Pacific in a research report on Wednesday, August 26th. Zacks Research upgraded shares of Par Pacific from a "hold" rating to a "strong-buy" rating in a research report on Friday, September 4th. Raymond James Financial boosted their price objective on shares of Par Pacific from $80.00 to $85.00 and gave the company an "outperform" rating in a research note on Monday, July 13th. Benchmark reaffirmed a "buy" rating on shares of Par Pacific in a report on Wednesday, July 8th. Finally, TD Cowen lowered their target price on shares of Par Pacific from $100.00 to $95.00 and set a "buy" rating on the stock in a research note on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $81.57.
Check Out Our Latest Research Report on Par Pacific
Par Pacific Company Profile
(
Get Free Report)
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.
Further Reading
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