Principal Financial Group Inc. Sells 35,900 Shares of Par Pacific Holdings, Inc. $PARR

Key Points

• Principal Financial Group reduced its Par Pacific stake by 8.8% in the first quarter, selling 35,900 shares and ending with 372,022 shares worth about $23.3 million.
• Par Pacific stock was trading near its 52-week high, opening at $77.72 versus a 12-month high of $79.26, with a market cap of $3.9 billion and a low P/E ratio of 8.67.
• The company recently missed EPS estimates with quarterly earnings of $0.78 per share versus $1.00 expected, even though revenue of $1.82 billion topped forecasts and analyst sentiment remains positive with a “Moderate Buy” rating.

Principal Financial Group Inc. trimmed its stake in shares of Par Pacific Holdings, Inc. (NYSE:PARR - Free Report) by 8.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 372,022 shares of the company's stock after selling 35,900 shares during the period. Principal Financial Group Inc. owned approximately 0.75% of Par Pacific worth $23,303,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Smartleaf Asset Management LLC raised its position in Par Pacific by 81.1% in the 2nd quarter. Smartleaf Asset Management LLC now owns 2,340 shares of the company's stock worth $62,000 after purchasing an additional 1,048 shares during the last quarter. Aster Capital Management DIFC Ltd boosted its position in Par Pacific by 34.9% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,847 shares of the company's stock valued at $65,000 after buying an additional 478 shares during the last quarter. Rockefeller Capital Management L.P. increased its stake in shares of Par Pacific by 385.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,962 shares of the company's stock valued at $69,000 after buying an additional 1,558 shares during the period. Federated Hermes Inc. increased its stake in shares of Par Pacific by 70.4% in the 4th quarter. Federated Hermes Inc. now owns 2,096 shares of the company's stock valued at $74,000 after buying an additional 866 shares during the period. Finally, Royal Bank of Canada raised its position in shares of Par Pacific by 86.3% during the fourth quarter. Royal Bank of Canada now owns 3,697 shares of the company's stock worth $130,000 after acquiring an additional 1,713 shares during the last quarter. 92.15% of the stock is owned by institutional investors.

Par Pacific Stock Performance

Shares of Par Pacific stock opened at $77.72 on Tuesday. The stock's fifty day simple moving average is $59.30 and its 200 day simple moving average is $53.23. The company has a current ratio of 1.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $3.90 billion, a PE ratio of 8.67 and a beta of 0.82. Par Pacific Holdings, Inc. has a 12 month low of $26.83 and a 12 month high of $79.26.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PARR. Evercore raised Par Pacific to an "outperform" rating in a research note on Wednesday, May 27th. Mizuho boosted their price objective on Par Pacific from $79.00 to $80.00 and gave the stock an "outperform" rating in a report on Thursday, July 9th. Zacks Research upgraded shares of Par Pacific from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 7th. Piper Sandler raised their target price on shares of Par Pacific from $63.00 to $72.00 and gave the company an "overweight" rating in a research note on Wednesday, April 8th. Finally, UBS Group lifted their price target on shares of Par Pacific from $60.00 to $65.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $72.00.

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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