Punch & Associates Investment Management Inc. Has $23.63 Million Stock Holdings in Par Pacific Holdings, Inc. $PARR

Key Points

• Punch & Associates Investment Management cut its Par Pacific Holdings stake by 35.1% in the first quarter, selling 204,147 shares and ending with 377,208 shares valued at about $23.63 million.
• Several other hedge funds also adjusted their positions, and institutional investors now own 92.15% of Par Pacific’s stock, indicating heavy institutional ownership.
• Analysts remain mostly bullish: Goldman Sachs raised its price target to $92, and the consensus rating is Moderate Buy with an average target price of $81.57.

Punch & Associates Investment Management Inc. trimmed its holdings in Par Pacific Holdings, Inc. (NYSE:PARR - Free Report) by 35.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 377,208 shares of the company's stock after selling 204,147 shares during the period. Par Pacific accounts for approximately 1.4% of Punch & Associates Investment Management Inc.'s holdings, making the stock its 21st largest position. Punch & Associates Investment Management Inc. owned about 0.75% of Par Pacific worth $23,628,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. Dimensional Fund Advisors LP lifted its stake in shares of Par Pacific by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,774,621 shares of the company's stock valued at $62,363,000 after purchasing an additional 7,280 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in Par Pacific by 0.3% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,771,793 shares of the company's stock worth $110,985,000 after buying an additional 6,162 shares during the last quarter. Geode Capital Management LLC increased its position in Par Pacific by 1.8% during the fourth quarter. Geode Capital Management LLC now owns 1,222,100 shares of the company's stock worth $42,954,000 after buying an additional 21,254 shares during the last quarter. Renaissance Technologies LLC raised its holdings in Par Pacific by 13.1% during the fourth quarter. Renaissance Technologies LLC now owns 1,008,964 shares of the company's stock valued at $35,455,000 after buying an additional 117,200 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in Par Pacific by 36.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 947,686 shares of the company's stock valued at $33,302,000 after buying an additional 255,173 shares in the last quarter. Institutional investors and hedge funds own 92.15% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on PARR shares. The Goldman Sachs Group boosted their price target on Par Pacific from $77.00 to $92.00 and gave the stock a "buy" rating in a research report on Thursday. Raymond James Financial increased their price objective on Par Pacific from $80.00 to $85.00 and gave the company an "outperform" rating in a report on Monday, July 13th. Mizuho raised their price objective on Par Pacific from $79.00 to $80.00 and gave the company an "outperform" rating in a research note on Thursday, July 9th. Benchmark restated a "buy" rating on shares of Par Pacific in a report on Wednesday, July 8th. Finally, Guggenheim raised Par Pacific to an "outperform" rating in a research report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $81.57.

Par Pacific Stock Down 0.3%

Shares of PARR opened at $77.35 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.60 and a current ratio of 1.62. The company has a 50-day simple moving average of $60.76 and a 200-day simple moving average of $54.32. Par Pacific Holdings, Inc. has a 52 week low of $26.83 and a 52 week high of $82.29. The firm has a market capitalization of $3.88 billion, a P/E ratio of 8.63 and a beta of 0.82.

Par Pacific (NYSE:PARR - Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported $0.78 earnings per share for the quarter, missing analysts' consensus estimates of $1.00 by ($0.22). Par Pacific had a return on equity of 34.38% and a net margin of 6.02%.The firm had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same period last year, the business earned ($0.94) earnings per share. The firm's quarterly revenue was up 4.5% compared to the same quarter last year. On average, equities research analysts expect that Par Pacific Holdings, Inc. will post 18.6 earnings per share for the current year.

About Par Pacific

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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