Par Pacific (NYSE:PARR) Stock Falls 6.2% – Here’s Why

Shares of Par Pacific Holdings, Inc. (NYSE:PARR) were down 6.2% on Thursday. The stock traded as low as $83.12 and last traded at $83.1450. 575,253 shares were traded during trading, a decline of 50% from the average daily volume of 1,151,344 shares. The stock had previously closed at $88.67.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Benchmark reissued a “buy” rating on shares of Par Pacific in a research note on Wednesday, July 8th. Mizuho set a $91.00 price target on Par Pacific and gave the stock a “neutral” rating in a research note on Thursday, October 8th. Weiss Ratings upgraded Par Pacific from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. The Goldman Sachs Group downgraded Par Pacific from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $90.00 to $94.00 in a report on Thursday. Finally, Zacks Research raised shares of Par Pacific from a “hold” rating to a “strong-buy” rating in a report on Friday, September 4th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $85.43.

Par Pacific Trading Down 5.4%

The firm has a market capitalization of $4.20 billion, a PE ratio of 4.88 and a beta of 0.75. The company has a fifty day moving average of $80.52 and a 200-day moving average of $69.43. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.84 and a quick ratio of 0.76.

Par Pacific (NYSE:PARR) last released its quarterly earnings results on Tuesday, August 4th. The company reported $10.10 earnings per share for the quarter, beating the consensus estimate of $8.22 by $1.88. The company had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $2.40 billion. Par Pacific had a net margin of 9.94% and a return on equity of 56.19%. The business’s quarterly revenue was up 56.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.54 earnings per share. On average, sell-side analysts anticipate that Par Pacific Holdings, Inc. will post 26.30 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Timothy Clossey sold 10,970 shares of Par Pacific stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $84.00, for a total value of $921,480.00. Following the sale, the director directly owned 51,526 shares of the company’s stock, valued at approximately $4,328,184. The trade was a 17.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Danielle Mattiussi sold 3,278 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $67.29, for a total value of $220,576.62. Following the completion of the transaction, the insider directly owned 27,878 shares in the company, valued at approximately $1,875,910.62. This trade represents a 10.52% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 54,248 shares of company stock worth $4,394,057. 3.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Par Pacific

Several large investors have recently made changes to their positions in the stock. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Par Pacific during the second quarter worth $3,017,000. The Manufacturers Life Insurance Company lifted its holdings in Par Pacific by 170.6% in the 1st quarter. The Manufacturers Life Insurance Company now owns 62,505 shares of the company’s stock valued at $3,916,000 after purchasing an additional 39,404 shares in the last quarter. Pacer Advisors Inc. acquired a new stake in shares of Par Pacific during the 1st quarter worth about $16,277,000. Engineers Gate Manager LP boosted its position in Par Pacific by 93.1% during the second quarter. Engineers Gate Manager LP now owns 111,477 shares of the company’s stock worth $6,252,000 after acquiring an additional 53,737 shares during the last quarter. Finally, Encompass Capital Advisors LLC acquired a new position in Par Pacific in the 1st quarter valued at $28,839,000. 92.15% of the stock is currently owned by institutional investors and hedge funds.

About Par Pacific

Par Pacific Holdings, Inc is an energy company engaged in refining, marketing and distributing transportation fuels and other petroleum products. Through its refining operations, the company produces gasoline, diesel, jet fuel, asphalt and other refined products for commercial, industrial and retail customers.

Par Pacific operates refineries and related energy infrastructure in the western United States, with a significant presence in Hawaii and additional refining and logistics operations in the Pacific Northwest and Rocky Mountain regions.