Par Pacific Holdings, Inc. $PARR Stock Holdings Cut by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems reduced its Par Pacific stake by 33.8% in the third quarter, selling 18,200 shares and retaining 35,600 shares valued at approximately $2.9 million. Institutional investors collectively own 92.15% of the company.
• Analyst sentiment remains positive but mixed: Par Pacific has a consensus rating of “Moderate Buy” and an average price target of $90.43, compared with a recent share price of $71.91.
• Par Pacific reported strong quarterly results, with EPS of $10.10 beating estimates of $8.22 and revenue rising 56.8% year over year to $2.97 billion. However, company insiders sold 54,248 shares worth about $4.4 million over the past three months.

VIRGINIA RETIREMENT SYSTEMS ET Al lessened its position in Par Pacific Holdings, Inc. (NYSE:PARR - Free Report) by 33.8% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 35,600 shares of the company's stock after selling 18,200 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.07% of Par Pacific worth $2,906,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership grew its holdings 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 worth $110,985,000 after acquiring an additional 6,162 shares during the last quarter. Encompass Capital Advisors LLC bought a new position in shares of Par Pacific in the first quarter worth about $28,839,000. Empowered Funds LLC lifted its position in shares of Par Pacific by 24.4% during the first quarter. Empowered Funds LLC now owns 313,605 shares of the company's stock worth $19,644,000 after purchasing an additional 61,464 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Par Pacific during the second quarter valued at approximately $19,353,000. Finally, Pacer Advisors Inc. bought a new stake in shares of Par Pacific during the first quarter valued at approximately $16,277,000. Institutional investors and hedge funds own 92.15% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PARR. Piper Sandler began coverage on shares of Par Pacific in a research report on Tuesday, October 27th. They set a "neutral" rating and a $94.00 price target for the company. Mizuho lowered shares of Par Pacific from an "outperform" rating to a "neutral" rating and set a $91.00 price objective on the stock. in a report on Thursday, October 8th. Zacks Research raised shares of Par Pacific from a "hold" rating to a "strong-buy" rating in a research note on Friday, September 4th. Raymond James Financial reaffirmed an "outperform" rating and set a $117.00 target price on shares of Par Pacific in a report on Monday, October 19th. Finally, Weiss Ratings raised shares of Par Pacific from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $90.43.

Insider Buying and Selling at Par Pacific

In other Par Pacific news, CEO William Monteleone sold 40,000 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $81.30, for a total transaction of $3,252,000.00. Following the transaction, the chief executive officer directly owned 457,167 shares in the company, valued at approximately $37,167,677.10. This represents a 8.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Timothy Clossey sold 10,970 shares of the stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $84.00, for a total transaction of $921,480.00. Following the transaction, the director directly owned 51,526 shares in the company, valued at approximately $4,328,184. This represents a 17.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 54,248 shares of company stock valued at $4,394,057. 3.60% of the stock is currently owned by company insiders.

Par Pacific Price Performance

PARR stock opened at $71.91 on Tuesday. The company has a fifty day moving average price of $81.21 and a 200-day moving average price of $64.10. The company has a market capitalization of $3.60 billion, a P/E ratio of 4.20 and a beta of 0.75. Par Pacific Holdings, Inc. has a 52-week low of $34.37 and a 52-week high of $90.74. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.76 and a current ratio of 1.84.

Par Pacific (NYSE:PARR - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $10.10 earnings per share for the quarter, topping the consensus estimate of $8.22 by $1.88. The firm had revenue of $2.97 billion during the quarter, compared to analyst estimates of $2.40 billion. Par Pacific had a return on equity of 56.19% and a net margin of 9.94%. The business's quarterly revenue was up 56.8% on a year-over-year basis. During the same period last year, the company posted $1.54 EPS. As a group, equities analysts expect that Par Pacific Holdings, Inc. will post 26.42 EPS for the current year.

Par Pacific Company Profile

Par Pacific Holdings, Inc is an energy company engaged in refining, marketing and distributing transportation fuels and other petroleum products. Its refineries process crude oil into products such as gasoline, diesel, jet fuel, marine fuels and asphalt, serving customers in western U.S. markets.

The company operates refining and related energy businesses in Hawaii, Wyoming and Washington. Its operations also include logistics assets such as storage facilities, pipelines, terminals and other infrastructure used to move and distribute crude oil and refined products.

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