Bank of New York Mellon Corp Cuts Stock Position in Par Pacific Holdings, Inc. $PARR

Key Points

• Bank of New York Mellon reduced its Par Pacific stake by 5.6% in the first quarter, selling 20,393 shares and retaining 344,983 shares valued at approximately $21.6 million. Institutional investors collectively own 92.15% of PARR.
• Par Pacific shares rose 0.9% to $79.34, near their 52-week high of $82.29. The stock has a market capitalization of about $3.98 billion and a price-to-earnings ratio of 8.85.
• The company reported quarterly EPS of $0.78, below the $1.00 analyst consensus, while revenue of $1.82 billion exceeded estimates and increased 4.5% year over year. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $81.57.

Bank of New York Mellon Corp reduced its holdings in shares of Par Pacific Holdings, Inc. (NYSE:PARR - Free Report) by 5.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 344,983 shares of the company's stock after selling 20,393 shares during the period. Bank of New York Mellon Corp owned approximately 0.70% of Par Pacific worth $21,610,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently modified their holdings of the company. Royal Bank of Canada lifted its stake in shares of Par Pacific by 23.9% in the 1st quarter. Royal Bank of Canada now owns 23,453 shares of the company's stock valued at $334,000 after purchasing an additional 4,525 shares during the period. AQR Capital Management LLC raised its holdings in shares of Par Pacific by 118.2% during the 1st quarter. AQR Capital Management LLC now owns 164,358 shares of the company's stock worth $2,344,000 after acquiring an additional 89,023 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Par Pacific by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,304 shares of the company's stock valued at $461,000 after acquiring an additional 1,427 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Par Pacific by 4.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 146,241 shares of the company's stock valued at $2,085,000 after buying an additional 6,618 shares during the last quarter. Finally, Jane Street Group LLC lifted its stake in Par Pacific by 352.7% during the first quarter. Jane Street Group LLC now owns 270,835 shares of the company's stock worth $3,862,000 after purchasing an additional 211,002 shares in the last quarter. 92.15% of the stock is currently owned by hedge funds and other institutional investors.

Par Pacific Stock Up 0.9%

Par Pacific stock opened at $79.34 on Wednesday. Par Pacific Holdings, Inc. has a 52 week low of $26.83 and a 52 week high of $82.29. The company has a current ratio of 1.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.63. The company's 50-day moving average price is $61.51 and its two-hundred day moving average price is $55.04. The stock has a market cap of $3.98 billion, a price-to-earnings ratio of 8.85 and a beta of 0.82.

Par Pacific (NYSE:PARR - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.78 EPS for the quarter, missing analysts' consensus estimates of $1.00 by ($0.22). Par Pacific had a net margin of 6.02% and a return on equity of 34.38%. The company had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same quarter last year, the company posted ($0.94) EPS. Par Pacific's revenue was up 4.5% on a year-over-year basis. On average, analysts expect that Par Pacific Holdings, Inc. will post 18.6 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PARR. Weiss Ratings reiterated a "hold (c+)" rating on shares of Par Pacific in a research note on Wednesday, June 24th. Wall Street Zen raised Par Pacific from a "buy" rating to a "strong-buy" rating in a report on Sunday, May 17th. UBS Group boosted their price objective on shares of Par Pacific from $60.00 to $65.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 8th. Evercore upgraded shares of Par Pacific to an "outperform" rating in a report on Wednesday, May 27th. Finally, JPMorgan Chase & Co. lifted their target price on Par Pacific from $48.00 to $77.00 and gave the company an "overweight" rating in a report on Wednesday, April 8th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $81.57.

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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