Globeflex Capital L P Reduces Position in Par Pacific Holdings, Inc. $PARR

Key Points

• Globeflex Capital L P cut its Par Pacific stake by 21.3% in the first quarter, selling 13,497 shares and leaving it with 50,010 shares worth about $3.13 million.
• Par Pacific stock has been strong, recently trading near its 52-week high at $79.49, while institutional investors still own about 92.15% of the company.
• Recent earnings were mixed: Par Pacific beat revenue expectations with $1.82 billion in sales, but EPS came in below estimates at $0.78 versus $1.00 expected; analysts remain broadly positive with a consensus “Moderate Buy” rating and an average target price of $79.43.

Globeflex Capital L P decreased its position in shares of Par Pacific Holdings, Inc. (NYSE:PARR - Free Report) by 21.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 50,010 shares of the company's stock after selling 13,497 shares during the period. Globeflex Capital L P owned 0.10% of Par Pacific worth $3,133,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of PARR. Dimensional Fund Advisors LP increased its holdings 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 valued at $62,363,000 after acquiring an additional 7,280 shares during the period. Arrowstreet Capital Limited Partnership grew its position in Par Pacific by 0.5% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,765,631 shares of the company's stock worth $62,044,000 after purchasing an additional 9,470 shares during the last quarter. Geode Capital Management LLC increased its stake in Par Pacific by 1.8% in the fourth quarter. Geode Capital Management LLC now owns 1,222,100 shares of the company's stock valued at $42,954,000 after purchasing an additional 21,254 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Par Pacific by 13.1% in the fourth 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. boosted its stake in shares of Par Pacific by 36.8% during the fourth 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 Trading Down 1.1%

Shares of PARR stock opened at $79.49 on Thursday. The business's fifty day moving average price is $60.02 and its 200 day moving average price is $53.86. The firm has a market capitalization of $3.99 billion, a PE ratio of 8.87 and a beta of 0.82. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.62 and a quick ratio of 0.60. Par Pacific Holdings, Inc. has a 1-year low of $26.83 and a 1-year high of $82.29.

Par Pacific (NYSE:PARR - Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported $0.78 EPS for the quarter, missing the consensus estimate of $1.00 by ($0.22). Par Pacific had a return on equity of 34.38% and a net margin of 6.02%.The company had revenue of $1.82 billion for the quarter, compared to analysts' expectations of $1.78 billion. During the same quarter in the previous year, the firm posted ($0.94) earnings per share. Par Pacific's revenue for the quarter was up 4.5% on a year-over-year basis. As a group, sell-side analysts forecast that Par Pacific Holdings, Inc. will post 17.85 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on PARR shares. TD Cowen boosted their price target on Par Pacific from $78.00 to $100.00 and gave the company a "buy" rating in a research report on Tuesday. JPMorgan Chase & Co. raised their target price on shares of Par Pacific from $48.00 to $77.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 8th. Mizuho lifted their target price on shares of Par Pacific from $79.00 to $80.00 and gave the company an "outperform" rating in a report on Thursday, July 9th. The Goldman Sachs Group upgraded shares of Par Pacific from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $53.00 to $77.00 in a research note on Friday, April 10th. Finally, 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 report on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $79.43.

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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