Bank of New York Mellon Corp Acquires New Stake in Par Pacific Holdings, Inc. $PARR

Key Points

• Bank of New York Mellon acquired 345,091 shares of Par Pacific Holdings during the second quarter, worth approximately $19.4 million and representing a 0.69% stake. Institutional investors collectively own 92.15% of the company.
• Par Pacific significantly exceeded quarterly expectations, reporting $10.10 EPS versus an $8.22 estimate and $2.97 billion in revenue, up 56.8% year over year.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an $81.57 price target, although one insider sold 3,278 shares and some rating firms downgraded the stock to “Hold.”

Bank of New York Mellon Corp acquired a new stake in Par Pacific Holdings, Inc. (NYSE:PARR - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 345,091 shares of the company's stock, valued at approximately $19,353,000. Bank of New York Mellon Corp owned 0.69% of Par Pacific as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PARR. Dimensional Fund Advisors LP boosted its position in shares of Par Pacific by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,774,621 shares of the company's stock worth $62,363,000 after buying an additional 7,280 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Par Pacific by 0.3% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,771,793 shares of the company's stock worth $110,985,000 after acquiring an additional 6,162 shares during the last quarter. Geode Capital Management LLC boosted its position in Par Pacific by 1.8% during the fourth quarter. Geode Capital Management LLC now owns 1,222,100 shares of the company's stock worth $42,954,000 after acquiring an additional 21,254 shares during the last quarter. Renaissance Technologies LLC grew its stake in Par Pacific by 13.1% in the 4th quarter. Renaissance Technologies LLC now owns 1,008,964 shares of the company's stock worth $35,455,000 after acquiring an additional 117,200 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in Par Pacific by 36.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 947,686 shares of the company's stock valued at $33,302,000 after acquiring an additional 255,173 shares during the last quarter. Institutional investors and hedge funds own 92.15% of the company's stock.

Insider Buying and Selling

In other Par Pacific news, insider Danielle Mattiussi sold 3,278 shares of the business's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $67.29, for a total transaction of $220,576.62. Following the sale, the insider directly owned 27,878 shares in the company, valued at approximately $1,875,910.62. The trade was a 10.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 3.60% of the company's stock.

Par Pacific Stock Up 1.5%

Par Pacific stock opened at $80.03 on Tuesday. The company has a 50-day simple moving average of $72.12 and a 200-day simple moving average of $61.76. The firm has a market capitalization of $4.01 billion, a P/E ratio of 4.67 and a beta of 0.78. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.76 and a current ratio of 1.84. Par Pacific Holdings, Inc. has a one year low of $32.24 and a one year high of $87.03.

Par Pacific (NYSE:PARR - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $10.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.22 by $1.88. Par Pacific had a return on equity of 56.19% and a net margin of 9.94%.The business had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $2.40 billion. During the same period in the previous year, the firm posted $1.54 earnings per share. The business's revenue was up 56.8% on a year-over-year basis. As a group, equities analysts expect that Par Pacific Holdings, Inc. will post 21.33 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have commented on the company. Zacks Research lowered Par Pacific from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 6th. Evercore raised shares of Par Pacific to an "outperform" rating in a research report on Wednesday, May 27th. Weiss Ratings lowered shares of Par Pacific from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday, August 21st. Raymond James Financial increased their price target on shares of Par Pacific from $80.00 to $85.00 and gave the stock an "outperform" rating in a research report on Monday, July 13th. Finally, Mizuho boosted their price objective on Par Pacific from $80.00 to $85.00 and gave the company an "outperform" rating in a report on Tuesday, August 11th. Ten investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Par Pacific currently has a consensus rating of "Moderate Buy" and a consensus price target of $81.57.

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.

Want to see what other hedge funds are holding PARR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Par Pacific Holdings, Inc. (NYSE:PARR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.