Empowered Funds LLC Has $19.64 Million Stake in Par Pacific Holdings, Inc. $PARR

Key Points

• Empowered Funds LLC increased its Par Pacific stake by 24.4% in the first quarter, bringing its holdings to 313,605 shares valued at approximately $19.64 million. Institutional investors and hedge funds collectively own 92.15% of PARR.
• Par Pacific shares opened at $79.34, near their 52-week high of $82.29, with a market capitalization of about $3.98 billion. The company reported quarterly revenue of $1.82 billion, up 4.5% year over year, but earnings of $0.78 per share fell short of the $1.00 consensus estimate.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $81.57; Goldman Sachs recently raised its target to $92 and maintained a “buy” rating.

Empowered Funds LLC raised its position in shares of Par Pacific Holdings, Inc. (NYSE:PARR - Free Report) by 24.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 313,605 shares of the company's stock after acquiring an additional 61,464 shares during the period. Empowered Funds LLC owned approximately 0.63% of Par Pacific worth $19,644,000 as of its most recent SEC filing.

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

Par Pacific Stock Up 0.9%

Shares of PARR stock opened at $79.34 on Wednesday. Par Pacific Holdings, Inc. has a one year low of $26.83 and a one year high of $82.29. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.62 and a quick ratio of 0.60. The stock has a fifty day moving average price of $61.51 and a 200 day moving average price of $55.04. The stock has a market cap of $3.98 billion, a P/E ratio of 8.85 and a beta of 0.82.

Par Pacific (NYSE:PARR - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.00 by ($0.22). Par Pacific had a net margin of 6.02% and a return on equity of 34.38%. The business had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.78 billion. During the same period last year, the firm earned ($0.94) EPS. The company's quarterly revenue was up 4.5% compared to the same quarter last year. Analysts predict that Par Pacific Holdings, Inc. will post 18.6 earnings per share for the current year.

Analyst Ratings Changes

PARR has been the subject of a number of research analyst reports. JPMorgan Chase & Co. upped their price target on Par Pacific from $48.00 to $77.00 and gave the stock an "overweight" rating in a report on Wednesday, April 8th. Wall Street Zen upgraded shares of Par Pacific from a "buy" rating to a "strong-buy" rating in a research note on Sunday, May 17th. The Goldman Sachs Group boosted their target price on shares of Par Pacific from $77.00 to $92.00 and gave the stock a "buy" rating in a research report on Thursday, July 23rd. Evercore upgraded shares of Par Pacific to an "outperform" rating in a research note on Wednesday, May 27th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of Par Pacific in a report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company's stock. According to 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.

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