Allianz Asset Management GmbH Lowers Holdings in Par Pacific Holdings, Inc. (NYSE:PARR)

Key Points

• Allianz Asset Management GmbH has reduced its position in Par Pacific Holdings by 86.0%, now owning only 28,141 shares after selling 173,114 shares in the first quarter.
• While Allianz has decreased its holdings, other hedge funds like Millennium Management LLC have increased their stakes significantly, with Millennium raising its position by 43.4% in the fourth quarter.
• Par Pacific shares have been rated as "neutral" by UBS and Goldman Sachs, with a consensus target price of $26.68 and a noted 4.6% decline in stock price recently, having opened at $29.93.

Allianz Asset Management GmbH reduced its stake in shares of Par Pacific Holdings, Inc. (NYSE:PARR - Free Report) by 86.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,141 shares of the company's stock after selling 173,114 shares during the period. Allianz Asset Management GmbH owned 0.05% of Par Pacific worth $401,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. SummerHaven Investment Management LLC increased its holdings in Par Pacific by 2.7% in the first quarter. SummerHaven Investment Management LLC now owns 33,018 shares of the company's stock valued at $471,000 after buying an additional 860 shares in the last quarter. Linden Thomas Advisory Services LLC increased its holdings in Par Pacific by 2.3% in the first quarter. Linden Thomas Advisory Services LLC now owns 43,531 shares of the company's stock valued at $621,000 after buying an additional 960 shares in the last quarter. Signaturefd LLC increased its stake in shares of Par Pacific by 70.2% during the 1st quarter. Signaturefd LLC now owns 2,391 shares of the company's stock worth $34,000 after purchasing an additional 986 shares in the last quarter. Mariner LLC increased its stake in shares of Par Pacific by 7.7% during the 4th quarter. Mariner LLC now owns 15,136 shares of the company's stock worth $248,000 after purchasing an additional 1,086 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in shares of Par Pacific by 0.8% during the 4th quarter. Legal & General Group Plc now owns 150,322 shares of the company's stock worth $2,464,000 after purchasing an additional 1,156 shares in the last quarter. Hedge funds and other institutional investors own 92.15% of the company's stock.

Par Pacific Trading Down 11.2%

Shares of NYSE:PARR traded down $3.42 during trading on Wednesday, hitting $27.06. 1,368,936 shares of the company's stock were exchanged, compared to its average volume of 1,378,187. The firm has a market cap of $1.40 billion, a P/E ratio of -23.88 and a beta of 1.83. The firm has a 50-day moving average price of $28.31 and a two-hundred day moving average price of $20.03. The company has a current ratio of 1.56, a quick ratio of 0.54 and a debt-to-equity ratio of 1.04. Par Pacific Holdings, Inc. has a 1-year low of $11.86 and a 1-year high of $35.32.

Par Pacific (NYSE:PARR - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $1.54 EPS for the quarter, beating analysts' consensus estimates of $0.74 by $0.80. Par Pacific had a negative return on equity of 5.87% and a negative net margin of 0.77%. The company had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.47 billion. During the same period in the previous year, the company posted $0.49 earnings per share. The company's quarterly revenue was down 6.2% compared to the same quarter last year. Equities analysts predict that Par Pacific Holdings, Inc. will post 0.15 earnings per share for the current year.

Analysts Set New Price Targets

PARR has been the topic of a number of research analyst reports. Mizuho set a $34.00 price target on shares of Par Pacific and gave the company a "neutral" rating in a report on Friday, July 11th. Wall Street Zen downgraded shares of Par Pacific from a "hold" rating to a "sell" rating in a research report on Friday, June 6th. The Goldman Sachs Group cut shares of Par Pacific from a "buy" rating to a "neutral" rating and set a $19.00 target price for the company. in a research report on Wednesday, May 28th. Raymond James Financial set a $38.00 target price on shares of Par Pacific and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Finally, Piper Sandler upped their target price on shares of Par Pacific from $26.00 to $38.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $26.68.

Par Pacific Profile

Par Pacific Holdings, Inc owns and operates energy and infrastructure businesses. The company operates through Refining, Retail, and Logistics segments. The Refining segment owns and operates refineries that produce gasoline, distillate, asphalt, and other products primarily for consumption in Kapolei, Hawaii, Newcastle, Wyoming, Tacoma, Washington, and Billings, Montana.