Nuveen LLC Acquires New Position in Par Pacific Holdings, Inc. $PARR

Key Points

• Nuveen LLC acquired 894,136 shares of Par Pacific Holdings, valued at approximately $12.75 million, in Q1, bringing its ownership to about 1.65% of the company.
• Par Pacific reported a quarterly earnings of $1.54 EPS, significantly exceeding analysts' expectations of $0.74, despite a year-over-year revenue decline of 6.2%.
• The stock has seen recent analyst activity, with ratings ranging from "Strong Buy" to "Neutral," and an average target price set at $28.96.

Nuveen LLC purchased a new position in Par Pacific Holdings, Inc. (NYSE:PARR - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 894,136 shares of the company's stock, valued at approximately $12,750,000. Nuveen LLC owned about 1.65% of Par Pacific as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the business. Millennium Management LLC increased its position in Par Pacific by 43.4% in the fourth quarter. Millennium Management LLC now owns 1,936,798 shares of the company's stock worth $31,744,000 after purchasing an additional 586,003 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Par Pacific by 32.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,205,756 shares of the company's stock valued at $17,194,000 after acquiring an additional 296,536 shares during the last quarter. Invesco Ltd. increased its position in Par Pacific by 6.2% during the first quarter. Invesco Ltd. now owns 1,157,058 shares of the company's stock valued at $16,500,000 after acquiring an additional 67,481 shares during the last quarter. Nuveen Asset Management LLC increased its position in Par Pacific by 9.8% during the fourth quarter. Nuveen Asset Management LLC now owns 1,029,798 shares of the company's stock valued at $16,878,000 after acquiring an additional 91,814 shares during the last quarter. Finally, Bridgeway Capital Management LLC increased its position in Par Pacific by 1.9% during the fourth quarter. Bridgeway Capital Management LLC now owns 797,218 shares of the company's stock valued at $13,066,000 after acquiring an additional 15,240 shares during the last quarter. Institutional investors own 92.15% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PARR. TD Cowen cut their price objective on shares of Par Pacific from $35.00 to $33.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Piper Sandler boosted their price objective 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. Cowen reiterated a "buy" rating on shares of Par Pacific in a research report on Thursday, August 7th. Wall Street Zen cut shares of Par Pacific from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 17th. Finally, Raymond James Financial set a $38.00 price objective on shares of Par Pacific and gave the company an "outperform" rating in a research report on Tuesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Par Pacific currently has a consensus rating of "Moderate Buy" and a consensus target price of $28.96.

Insider Transactions at Par Pacific

In other Par Pacific news, SVP Terrill Pitkin sold 5,164 shares of the 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 $1,153,007.31. This represents a 11.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 4.40% of the stock is currently owned by insiders.

Par Pacific Stock Up 5.7%

Par Pacific stock traded up $1.83 during midday trading on Wednesday, hitting $34.08. 1,721,154 shares of the company's stock were exchanged, compared to its average volume of 1,648,579. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.56 and a current ratio of 1.42. Par Pacific Holdings, Inc. has a 12 month low of $11.86 and a 12 month high of $35.32. The firm has a 50-day moving average of $30.40 and a two-hundred day moving average of $21.37. The company has a market cap of $1.73 billion, a PE ratio of -121.71 and a beta of 1.83.

Par Pacific (NYSE:PARR - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts' expectations of $1.47 billion. During the same period in the prior year, the business earned $0.49 EPS. The firm's quarterly revenue was down 6.2% on a year-over-year basis. As a group, analysts expect that Par Pacific Holdings, Inc. will post 0.15 earnings per share for the current fiscal year.

About Par Pacific

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.