Par Pacific Holdings, Inc. $PARR Stock Position Decreased by Towle & Co.

Key Points

• Towle & Co. cut its Par Pacific Holdings stake by 57.6% in the first quarter, though it still held 116,263 shares worth about $7.28 million as of its latest filing.
• Several analysts remain upbeat on PARR, with recent rating increases and higher price targets from firms including Goldman Sachs, Mizuho, JPMorgan, Zacks Research, and Evercore. The stock currently carries a consensus Moderate Buy rating and an average target price of $81.57.
• Par Pacific shares were trading near $77.73, close to their 52-week high of $82.29, after the company reported Q1 earnings of $0.78 per share versus expectations of $1.00. Revenue topped estimates at $1.82 billion and rose 4.5% year over year.

Towle & Co. lessened its stake in shares of Par Pacific Holdings, Inc. (NYSE:PARR - Free Report) by 57.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 116,263 shares of the company's stock after selling 157,871 shares during the period. Par Pacific makes up about 2.8% of Towle & Co.'s investment portfolio, making the stock its 10th largest holding. Towle & Co. owned 0.23% of Par Pacific worth $7,283,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its stake in shares of Par Pacific by 0.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,774,621 shares of the company's stock worth $62,363,000 after acquiring an additional 7,280 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of Par Pacific by 0.5% in 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 raised its position in shares of Par Pacific by 1.8% in the 4th quarter. Geode Capital Management LLC now owns 1,222,100 shares of the company's stock worth $42,954,000 after purchasing an additional 21,254 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Par Pacific by 13.1% in the 4th quarter. Renaissance Technologies LLC now owns 1,008,964 shares of the company's stock worth $35,455,000 after purchasing an additional 117,200 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Par Pacific by 36.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 947,686 shares of the company's stock worth $33,302,000 after purchasing an additional 255,173 shares in the last quarter. Hedge funds and other institutional investors own 92.15% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on the stock. The Goldman Sachs Group increased their price objective on shares of Par Pacific from $77.00 to $92.00 and gave the company a "buy" rating in a research report on Thursday. Mizuho lifted their target price on shares of Par Pacific from $79.00 to $80.00 and gave the stock an "outperform" rating in a report on Thursday, July 9th. JPMorgan Chase & Co. upped 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. Zacks Research upgraded shares of Par Pacific from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 7th. Finally, Evercore raised shares of Par Pacific to an "outperform" rating in a research report on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Par Pacific has an average rating of "Moderate Buy" and an average target price of $81.57.

Par Pacific Stock Performance

PARR stock opened at $77.73 on Friday. 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. The company has a market cap of $3.90 billion, a P/E ratio of 8.68 and a beta of 0.82. The stock's fifty day moving average price is $60.38 and its 200-day moving average price is $54.15.

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

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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