Bridgeway Capital Management LLC Sells 307,024 Shares of Par Pacific Holdings, Inc. $PARR

Key Points

• Bridgeway Capital Management LLC sold 307,024 shares of Par Pacific Holdings, reducing its holdings by 38.5% to 490,194 shares, which now represent about 0.95% of the company.
• Par Pacific's stock price decreased by 2.5%, and the company reported earnings per share of $1.54, significantly higher than analysts' estimates of $0.74 but with a negative net margin of 0.25%.
• Recent analyst ratings for Par Pacific include a price target reduction from $35.00 to $33.00 by TD Cowen, while others set targets ranging from $19.00 to $38.00, showcasing mixed sentiment among analysts.

Bridgeway Capital Management LLC reduced its holdings in shares of Par Pacific Holdings, Inc. (NYSE:PARR - Free Report) by 38.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 490,194 shares of the company's stock after selling 307,024 shares during the period. Bridgeway Capital Management LLC owned about 0.95% of Par Pacific worth $6,990,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in PARR. AQR Capital Management LLC lifted its stake in Par Pacific by 118.2% during the first quarter. AQR Capital Management LLC now owns 164,358 shares of the company's stock worth $2,344,000 after purchasing an additional 89,023 shares during the period. PDT Partners LLC acquired a new position in shares of Par Pacific in the 1st quarter worth approximately $2,347,000. Cubist Systematic Strategies LLC bought a new position in shares of Par Pacific during the 1st quarter worth approximately $1,866,000. Royal Bank of Canada boosted its stake in 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 buying an additional 4,525 shares in the last quarter. Finally, DRW Securities LLC boosted its stake in Par Pacific by 20.2% in the 1st quarter. DRW Securities LLC now owns 100,858 shares of the company's stock valued at $1,438,000 after buying an additional 16,969 shares in the last quarter. Institutional investors and hedge funds own 92.15% of the company's stock.

Par Pacific Stock Down 2.5%

Shares of NYSE:PARR opened at $34.23 on Friday. The company has a quick ratio of 0.56, a current ratio of 1.42 and a debt-to-equity ratio of 0.97. The firm has a market cap of $1.74 billion, a P/E ratio of -122.24 and a beta of 1.82. Par Pacific Holdings, Inc. has a 12 month low of $11.86 and a 12 month high of $35.94. The company's 50-day moving average price is $31.32 and its two-hundred day moving average price is $22.13.

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

Analysts Set New Price Targets

Several research analysts have issued reports on the company. TD Cowen dropped their price objective on Par Pacific from $35.00 to $33.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. The Goldman Sachs Group lowered shares of Par Pacific from a "buy" rating to a "neutral" rating and set a $19.00 target price on the stock. in a report on Wednesday, May 28th. Raymond James Financial set a $38.00 price target on shares of Par Pacific and gave the company an "outperform" rating in a report on Tuesday, July 15th. Piper Sandler boosted their price target 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, Cowen reaffirmed a "buy" rating on shares of Par Pacific in a report on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Par Pacific presently has a consensus rating of "Moderate Buy" and an average price target of $28.96.

Insider Transactions at Par Pacific

In other Par Pacific news, insider Jeffrey Ryan Hollis sold 5,228 shares of the company's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $34.55, for a total transaction of $180,627.40. Following the transaction, the insider owned 24,679 shares of the company's stock, valued at approximately $852,659.45. This represents a 17.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Terrill Pitkin sold 5,164 shares of the stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $27.97, for a total value of $144,437.08. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 23,954 shares of company stock worth $796,308 in the last quarter. 4.40% of the stock is owned by corporate insiders.

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.

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