American Century Companies Inc. Sells 127,412 Shares of Par Pacific Holdings, Inc. $PARR

Key Points

• American Century Companies Inc. sold 127,412 shares of Par Pacific Holdings, Inc., reducing its stake by 9.0% to a total of 1,282,987 shares valued at $18,295,000.
• Analysts have recently set varying price targets for Par Pacific, ranging from $19.00 to $38.00, with an average target of $28.96 and a consensus rating of "Moderate Buy."
• Par Pacific reported quarterly earnings of $1.54 per share, significantly beating the estimate of $0.74, despite a 6.2% decline in revenue year-over-year.

American Century Companies Inc. trimmed its holdings in Par Pacific Holdings, Inc. (NYSE:PARR - Free Report) by 9.0% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,282,987 shares of the company's stock after selling 127,412 shares during the quarter. American Century Companies Inc. owned 2.36% of Par Pacific worth $18,295,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Envestnet Portfolio Solutions Inc. bought a new stake in shares of Par Pacific in the 1st quarter worth approximately $194,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Par Pacific by 54.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 18,601 shares of the company's stock worth $265,000 after acquiring an additional 6,522 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Par Pacific by 352.7% in the first quarter. GAMMA Investing LLC now owns 7,556 shares of the company's stock worth $108,000 after buying an additional 5,887 shares during the period. First Citizens Bank & Trust Co. purchased a new position in shares of Par Pacific in the first quarter worth $219,000. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Par Pacific by 32.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,205,756 shares of the company's stock worth $17,194,000 after buying an additional 296,536 shares during the period. 92.15% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. The Goldman Sachs Group downgraded shares of Par Pacific from a "buy" rating to a "neutral" rating and set a $19.00 target price on the stock. in a research note 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 note on Tuesday, July 15th. TD Cowen reduced their price objective on shares of Par Pacific from $35.00 to $33.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Piper Sandler boosted their price objective on shares of Par Pacific from $26.00 to $38.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Finally, Zacks Research raised shares of Par Pacific to a "strong-buy" rating in a research report on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $28.96.

Insider Buying and Selling at Par Pacific

In related news, SVP Terrill Pitkin sold 5,164 shares of the company's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $27.97, for a total value of $144,437.08. Following the transaction, the senior vice president owned 41,223 shares in the company, valued at $1,153,007.31. The trade was a 11.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.40% of the stock is owned by corporate insiders.

Par Pacific Stock Up 2.5%

Shares of NYSE:PARR traded up $0.84 during midday trading on Friday, reaching $34.71. The company's stock had a trading volume of 1,698,994 shares, compared to its average volume of 1,679,535. The firm has a 50 day moving average of $30.67 and a 200-day moving average of $21.65. The firm has a market capitalization of $1.76 billion, a P/E ratio of -123.96 and a beta of 1.83. The company has a quick ratio of 0.56, a current ratio of 1.42 and a debt-to-equity ratio of 0.97. Par Pacific Holdings, Inc. has a 12-month low of $11.86 and a 12-month high of $35.32.

Par Pacific (NYSE:PARR - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $1.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.74 by $0.80. The firm had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.47 billion. Par Pacific had a negative net margin of 0.25% and a negative return on equity of 1.79%. The company's revenue was down 6.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.49 EPS. On average, research analysts anticipate that Par Pacific Holdings, Inc. will post 0.15 earnings per share for the current year.

Par Pacific Company 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.