Wakefield Asset Management LLLP Reduces Stake in Par Pacific Holdings, Inc. $PARR

Wakefield Asset Management LLLP cut its holdings in shares of Par Pacific Holdings, Inc. (NYSE:PARR) by 26.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 27,559 shares of the company’s stock after selling 9,979 shares during the quarter. Wakefield Asset Management LLLP owned about 0.05% of Par Pacific worth $968,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Par Pacific during the 3rd quarter worth $1,149,000. Principal Financial Group Inc. grew its holdings in shares of Par Pacific by 38.5% during the 3rd quarter. Principal Financial Group Inc. now owns 354,439 shares of the company’s stock worth $12,554,000 after purchasing an additional 98,524 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Par Pacific by 23.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 565,772 shares of the company’s stock worth $20,040,000 after purchasing an additional 106,131 shares during the period. LMG Wealth Partners LLC purchased a new position in shares of Par Pacific during the 4th quarter worth $760,000. Finally, Barclays PLC grew its holdings in shares of Par Pacific by 24.9% during the 3rd quarter. Barclays PLC now owns 705,832 shares of the company’s stock worth $25,001,000 after purchasing an additional 140,514 shares during the period. 92.15% of the stock is currently owned by hedge funds and other institutional investors.

Par Pacific Price Performance

PARR opened at $58.33 on Friday. The stock’s 50-day moving average price is $60.45 and its 200 day moving average price is $47.40. Par Pacific Holdings, Inc. has a 12-month low of $19.28 and a 12-month high of $70.39. The company has a current ratio of 1.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.63. The firm has a market cap of $2.92 billion, a price-to-earnings ratio of 6.51 and a beta of 0.91.

Par Pacific (NYSE:PARR) last posted its earnings results on Tuesday, May 5th. The company reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.00 by ($0.22). Par Pacific had a return on equity of 34.38% and a net margin of 6.02%.The firm had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same period in the previous year, the company posted ($0.94) EPS. Par Pacific’s revenue was up 4.5% on a year-over-year basis. As a group, sell-side analysts expect that Par Pacific Holdings, Inc. will post 13.72 earnings per share for the current year.

Wall Street Analysts Forecast Growth

PARR has been the subject of a number of research analyst reports. TD Cowen increased their price target on Par Pacific from $39.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, February 27th. UBS Group increased their target price on Par Pacific from $40.00 to $60.00 and gave the stock a “neutral” rating in a research note on Thursday, April 9th. Weiss Ratings reissued a “hold (c+)” rating on shares of Par Pacific in a research note on Friday, March 27th. Raymond James Financial increased their target price on Par Pacific from $50.00 to $77.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 25th. Finally, Piper Sandler increased their target price on Par Pacific from $63.00 to $72.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 8th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Par Pacific presently has an average rating of “Moderate Buy” and an average target price of $67.00.

Insider Transactions at Par Pacific

In other Par Pacific news, CEO William Monteleone sold 108,948 shares of the stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $54.06, for a total value of $5,889,728.88. Following the sale, the chief executive officer owned 457,167 shares of the company’s stock, valued at $24,714,448.02. This trade represents a 19.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.60% of the stock is owned by corporate insiders.

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.