Hsbc Holdings PLC Sells 129,045 Shares of Par Pacific Holdings, Inc. $PARR

Key Points

• Hsbc Holdings PLC reduced its stake in Par Pacific Holdings by 42.3%, selling 129,045 shares and owning a total of 176,281 shares valued at approximately $2.55 million as of the latest SEC filing.
• Despite Hsbc's sale, other institutional investors increased their positions, with First Trust Advisors LP raising its holdings by 57.2% in the fourth quarter.
• Par Pacific reported $1.54 earnings per share for the last quarter, exceeding analysts' expectations, and its revenue was $1.89 billion, although down 6.2% year-over-year.

Hsbc Holdings PLC cut its holdings in shares of Par Pacific Holdings, Inc. (NYSE:PARR - Free Report) by 42.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 176,281 shares of the company's stock after selling 129,045 shares during the quarter. Hsbc Holdings PLC owned approximately 0.34% of Par Pacific worth $2,551,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of PARR. Wells Fargo & Company MN raised its holdings in Par Pacific by 22.6% during the fourth quarter. Wells Fargo & Company MN now owns 33,855 shares of the company's stock valued at $555,000 after acquiring an additional 6,238 shares during the period. Mariner LLC raised its holdings in Par Pacific by 7.7% during the fourth quarter. Mariner LLC now owns 15,136 shares of the company's stock valued at $248,000 after acquiring an additional 1,086 shares during the period. Guggenheim Capital LLC bought a new stake in Par Pacific during the fourth quarter valued at about $239,000. First Trust Advisors LP raised its holdings in Par Pacific by 57.2% during the fourth quarter. First Trust Advisors LP now owns 239,036 shares of the company's stock valued at $3,918,000 after acquiring an additional 87,002 shares during the period. Finally, MetLife Investment Management LLC raised its holdings in Par Pacific by 4.8% during the fourth quarter. MetLife Investment Management LLC now owns 34,587 shares of the company's stock valued at $567,000 after acquiring an additional 1,573 shares during the period. 92.15% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on PARR. The Goldman Sachs Group downgraded shares of Par Pacific from a "buy" rating to a "neutral" rating and set a $19.00 price objective for the company. in a report on Wednesday, May 28th. Raymond James Financial set a $38.00 price objective on shares of Par Pacific and gave the company an "outperform" rating in a report on Tuesday, July 15th. Wall Street Zen downgraded shares of Par Pacific from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 17th. TD Cowen dropped their price objective on shares of Par Pacific from $35.00 to $33.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Finally, Piper Sandler increased their price objective on shares of Par Pacific from $26.00 to $38.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $28.96.

Insider Buying and Selling

In related news, SVP Terrill Pitkin sold 5,164 shares of the company's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $27.97, for a total transaction of $144,437.08. Following the transaction, the senior vice president directly owned 41,223 shares in the company, valued at approximately $1,153,007.31. This represents a 11.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 4.40% of the company's stock.

Par Pacific Stock Performance

Par Pacific stock opened at $32.19 on Wednesday. The company's 50-day moving average price is $30.27 and its 200-day moving average price is $21.29. Par Pacific Holdings, Inc. has a twelve month low of $11.86 and a twelve month high of $35.32. 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 company has a market cap of $1.64 billion, a PE ratio of -114.96 and a beta of 1.83.

Par Pacific (NYSE:PARR - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $1.54 earnings per share 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 firm had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.47 billion. During the same period in the previous year, the firm posted $0.49 EPS. The business's quarterly revenue was down 6.2% on a year-over-year basis. On average, equities research analysts forecast that Par Pacific Holdings, Inc. will post 0.15 EPS for the current fiscal year.

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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