Artemis Investment Management LLP Takes $2.51 Million Position in Par Pacific Holdings, Inc. $PARR

Key Points

• Artemis Investment Management opened a new position in Par Pacific, buying 71,348 shares worth about $2.51 million, representing roughly 0.14% of the company.
• Analysts have been lifting ratings and price targets—Goldman Sachs and Piper Sandler both upgraded the stock (to a buy/overweight) and target prices rose up to $77 and $72 respectively—giving Par Pacific a consensus "Moderate Buy" rating with a $67 target.
• CEO William Monteleone sold 108,948 shares at an average $54.06 for about $5.89 million (a 19.24% cut to his stake); insiders own 3.60% of the stock while institutional investors hold about 92.15%.

Artemis Investment Management LLP bought a new position in shares of Par Pacific Holdings, Inc. (NYSE:PARR - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 71,348 shares of the company's stock, valued at approximately $2,507,000. Artemis Investment Management LLP owned approximately 0.14% of Par Pacific as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in PARR. Vanguard Group Inc. lifted its position in shares of Par Pacific by 30.9% during the 3rd quarter. Vanguard Group Inc. now owns 5,044,612 shares of the company's stock worth $178,680,000 after buying an additional 1,190,088 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Par Pacific by 6.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,767,341 shares of the company's stock valued at $62,601,000 after buying an additional 109,705 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in Par Pacific by 22.1% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,756,161 shares of the company's stock worth $62,203,000 after acquiring an additional 317,484 shares in the last quarter. American Century Companies Inc. lifted its position in Par Pacific by 42.8% in the third quarter. American Century Companies Inc. now owns 1,522,392 shares of the company's stock valued at $53,923,000 after acquiring an additional 456,473 shares during the last quarter. Finally, Invesco Ltd. lifted its position in Par Pacific by 2.0% in the third quarter. Invesco Ltd. now owns 861,238 shares of the company's stock valued at $30,505,000 after acquiring an additional 17,269 shares during the last quarter. Hedge funds and other institutional investors own 92.15% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. TD Cowen raised their price objective on Par Pacific from $39.00 to $48.00 and gave the stock a "buy" rating in a report on Friday, February 27th. Wall Street Zen raised Par Pacific from a "buy" rating to a "strong-buy" rating in a research report on Saturday, March 14th. Piper Sandler raised their price target on Par Pacific from $63.00 to $72.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 8th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Par Pacific in a research report on Friday, March 27th. Finally, The Goldman Sachs Group raised Par Pacific from a "neutral" rating to a "buy" rating and increased their price objective for the company from $53.00 to $77.00 in a report on Friday, April 10th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $67.00.

Insider Transactions at Par Pacific

In other Par Pacific news, CEO William Monteleone sold 108,948 shares of the business's 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 transaction, the chief executive officer directly owned 457,167 shares of the company's stock, valued at approximately $24,714,448.02. The trade was a 19.24% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 3.60% of the company's stock.

Par Pacific Price Performance

Shares of PARR opened at $65.47 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.49 and a current ratio of 1.61. Par Pacific Holdings, Inc. has a fifty-two week low of $14.00 and a fifty-two week high of $68.00. The firm has a 50-day simple moving average of $56.92 and a 200-day simple moving average of $45.75. The company has a market capitalization of $3.24 billion, a price-to-earnings ratio of 8.98 and a beta of 0.91.

Par Pacific (NYSE:PARR - Get Free Report) last issued its quarterly earnings results 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). Par Pacific had a net margin of 4.95% and a return on equity of 30.19%. The company had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter last year, the firm earned ($0.79) EPS. The business's revenue was down 1.0% on a year-over-year basis. On average, equities research analysts anticipate that Par Pacific Holdings, Inc. will post 14.19 earnings per share for the current year.

About Par Pacific

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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