Allworth Financial LP Sells 22,455 Shares of Par Pacific Holdings, Inc. $PARR

Key Points

• Allworth Financial LP cut its stake in Par Pacific by 44.3%, selling 22,455 shares and leaving it with 28,244 shares (about 0.06% ownership, valued at roughly $1.0M).
• CEO William Monteleone sold 108,948 shares on March 16 at an average $54.06 for about $5.89M, reducing his position by 19.24% to 457,167 shares (insiders own 4.40%).
• Par Pacific (market cap $2.79B) reported EPS of $1.17 (missed by $0.04) and revenue of $1.81B (beat expectations); analysts have a consensus "Hold" rating with an average price target of $51.00.

Allworth Financial LP lowered its position in shares of Par Pacific Holdings, Inc. (NYSE:PARR - Free Report) by 44.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 28,244 shares of the company's stock after selling 22,455 shares during the quarter. Allworth Financial LP owned 0.06% of Par Pacific worth $1,000,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PARR. Cambria Investment Management L.P. lifted its stake in shares of Par Pacific by 25.0% during the 3rd quarter. Cambria Investment Management L.P. now owns 21,309 shares of the company's stock valued at $755,000 after buying an additional 4,257 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its position in shares of Par Pacific by 1,391.7% in the third quarter. Jacobs Levy Equity Management Inc. now owns 267,944 shares of the company's stock valued at $9,491,000 after acquiring an additional 249,982 shares in the last quarter. Caxton Associates LLP lifted its position in shares of Par Pacific by 57.6% in the third quarter. Caxton Associates LLP now owns 203,743 shares of the company's stock valued at $7,217,000 after acquiring an additional 74,497 shares in the last quarter. Dark Forest Capital Management LP bought a new position in shares of Par Pacific in the third quarter worth about $591,000. Finally, PharVision Advisers LLC bought a new position in shares of Par Pacific in the third quarter worth about $470,000. 92.15% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Par Pacific

In other Par Pacific news, CEO William Monteleone sold 108,948 shares of Par Pacific stock in a transaction on Monday, March 16th. The shares were sold at an average price of $54.06, for a total value of $5,889,728.88. Following the completion of the transaction, the chief executive officer directly 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 sale was disclosed in a filing with the SEC, which is available at this link. 4.40% of the stock is currently owned by insiders.

Par Pacific Stock Performance

NYSE PARR opened at $57.03 on Tuesday. The stock has a market capitalization of $2.79 billion, a PE ratio of 7.82 and a beta of 1.17. The business has a 50 day simple moving average of $43.53 and a two-hundred day simple moving average of $40.32. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.61 and a quick ratio of 0.49. Par Pacific Holdings, Inc. has a 1-year low of $12.04 and a 1-year high of $61.70.

Par Pacific (NYSE:PARR - Get Free Report) last issued its quarterly earnings data on Tuesday, February 24th. The company reported $1.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($0.04). The firm had revenue of $1.81 billion for the quarter, compared to analysts' expectations of $1.68 billion. Par Pacific had a return on equity of 30.19% and a net margin of 4.95%.The firm's revenue was down 1.0% on a year-over-year basis. During the same period last year, the company earned ($0.79) earnings per share. On average, research analysts predict that Par Pacific Holdings, Inc. will post 0.15 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently issued reports on PARR. Piper Sandler set a $57.00 target price on Par Pacific in a research note on Monday, January 12th. TD Cowen upped their price target on Par Pacific from $39.00 to $48.00 and gave the stock a "buy" rating in a research note on Friday, February 27th. Raymond James Financial reaffirmed an "outperform" rating and set a $50.00 price objective on shares of Par Pacific in a report on Wednesday, February 25th. Wall Street Zen upgraded shares of Par Pacific from a "buy" rating to a "strong-buy" rating in a research report on Saturday, March 14th. Finally, Mizuho boosted their target price on shares of Par Pacific from $49.00 to $58.00 and gave the stock a "neutral" rating in a report on Tuesday, March 17th. Four equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $51.00.

Par Pacific 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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