Fulcrum Asset Management LLP Acquires 57,613 Shares of Par Pacific Holdings, Inc. $PARR

Key Points

• Fulcrum Asset Management increased its Par Pacific stake by 1,487.9%, buying 57,613 shares in the third quarter to hold 61,485 shares, valued at about $4.8 million. Institutional investors collectively own 92.15% of the stock.
• Par Pacific reported quarterly earnings of $10.70 per share, beating estimates of $6.65, while revenue rose 51.6% year over year to $3.05 billion.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $90.43. Meanwhile, the CEO and a director disclosed sales of 40,000 and 10,970 shares, respectively.

Fulcrum Asset Management LLP lifted its holdings in Par Pacific Holdings, Inc. (NYSE:PARR - Free Report) by 1,487.9% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 61,485 shares of the company's stock after purchasing an additional 57,613 shares during the period. Fulcrum Asset Management LLP owned about 0.12% of Par Pacific worth $4,815,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Encompass Capital Advisors LLC bought a new position in Par Pacific in the first quarter worth approximately $28,839,000. Bank of New York Mellon Corp bought a new stake in Par Pacific during the 2nd quarter valued at $19,353,000. Pacer Advisors Inc. bought a new stake in Par Pacific during the 1st quarter valued at $16,277,000. First Trust Advisors LP boosted its position in Par Pacific by 395.9% during the 1st quarter. First Trust Advisors LP now owns 133,073 shares of the company's stock valued at $8,336,000 after acquiring an additional 106,238 shares in the last quarter. Finally, Empowered Funds LLC increased its holdings in shares of Par Pacific by 24.4% in the 1st quarter. Empowered Funds LLC now owns 313,605 shares of the company's stock valued at $19,644,000 after acquiring an additional 61,464 shares during the period. 92.15% of the stock is currently owned by institutional investors.

Par Pacific Trading Up 0.9%

NYSE:PARR opened at $68.67 on Tuesday. Par Pacific Holdings, Inc. has a 52 week low of $34.37 and a 52 week high of $90.74. The firm has a 50 day moving average of $80.53 and a 200 day moving average of $64.89. The company has a quick ratio of 0.76, a current ratio of 1.84 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $3.44 billion, a price-to-earnings ratio of 3.60 and a beta of 0.82.

Par Pacific (NYSE:PARR - Get Free Report) last announced its earnings results on Tuesday, November 3rd. The company reported $10.70 earnings per share for the quarter, beating the consensus estimate of $6.65 by $4.05. Par Pacific had a net margin of 9.81% and a return on equity of 67.59%. The company had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same period last year, the firm earned $5.95 earnings per share. Par Pacific's revenue was up 51.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Par Pacific Holdings, Inc. will post 27.23 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO William Monteleone sold 40,000 shares of the firm's stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $81.30, for a total value of $3,252,000.00. Following the completion of the sale, the chief executive officer owned 457,167 shares of the company's stock, valued at $37,167,677.10. This trade represents a 8.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Timothy Clossey sold 10,970 shares of the business's stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $84.00, for a total value of $921,480.00. Following the transaction, the director owned 51,526 shares in the company, valued at approximately $4,328,184. This trade represents a 17.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 3.60% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on PARR shares. The Goldman Sachs Group lowered Par Pacific from a "buy" rating to a "neutral" rating and boosted their price target for the stock from $90.00 to $94.00 in a research report on Thursday, October 15th. TD Cowen dropped their price objective on Par Pacific from $100.00 to $95.00 and set a "buy" rating on the stock in a research report on Friday, August 7th. Mizuho downgraded Par Pacific from an "outperform" rating to a "neutral" rating and set a $91.00 price objective on the stock. in a research report on Thursday, October 8th. Zacks Research upgraded Par Pacific from a "hold" rating to a "strong-buy" rating in a research note on Friday, September 4th. Finally, Weiss Ratings downgraded shares of Par Pacific from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, November 2nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $90.43.

About Par Pacific

Par Pacific Holdings, Inc is an energy company focused on refining, logistics and retail operations. Its refining business produces transportation fuels and other petroleum products from crude oil and other feedstocks.

The company operates refineries in Hawaii, Washington and Wyoming. Its logistics operations support the movement and storage of crude oil and refined products, while its retail business sells fuel to customers, primarily in Hawaii.

Par Pacific was formed in 2012 and is headquartered in Houston, Texas.

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