Rafferty Asset Management LLC Sells 14,925 Shares of Par Pacific Holdings, Inc. $PARR

Key Points

• Rafferty Asset Management LLC reduced its stake in Par Pacific Holdings by 14.6% in Q1, now holding 87,062 shares valued at approximately $1.24 million.
• Several institutional investors increased their stakes significantly, with GAMMA Investing LLC leading at an increase of 352.7%.
• Par Pacific reported $1.89 billion in revenue for the quarter, surpassing analyst estimates of $1.47 billion, despite a 6.2% year-over-year decline in revenue.

Rafferty Asset Management LLC lessened its holdings in shares of Par Pacific Holdings, Inc. (NYSE:PARR - Free Report) by 14.6% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 87,062 shares of the company's stock after selling 14,925 shares during the period. Rafferty Asset Management LLC owned 0.17% of Par Pacific worth $1,242,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Signaturefd LLC lifted its stake in shares of Par Pacific by 70.2% during the first quarter. Signaturefd LLC now owns 2,391 shares of the company's stock valued at $34,000 after acquiring an additional 986 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in shares of Par Pacific during the first quarter valued at $35,000. CWM LLC lifted its stake in shares of Par Pacific by 117.5% during the first quarter. CWM LLC now owns 7,158 shares of the company's stock valued at $102,000 after acquiring an additional 3,867 shares during the period. GAMMA Investing LLC lifted its stake in shares of Par Pacific by 352.7% during the first quarter. GAMMA Investing LLC now owns 7,556 shares of the company's stock valued at $108,000 after acquiring an additional 5,887 shares during the period. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Par Pacific by 54.0% during the first quarter. PNC Financial Services Group Inc. now owns 8,220 shares of the company's stock valued at $117,000 after acquiring an additional 2,884 shares during the period. Institutional investors and hedge funds own 92.15% of the company's stock.

Wall Street Analysts Forecast Growth

PARR has been the topic of several research reports. Raymond James Financial set a $38.00 price target on Par Pacific and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Mizuho set a $34.00 price target on Par Pacific and gave the company a "neutral" rating in a research note on Friday, July 11th. Piper Sandler upped their price target on Par Pacific from $26.00 to $38.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. TD Cowen cut their price target on Par Pacific from $35.00 to $33.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. Finally, Zacks Research raised Par Pacific to a "strong-buy" rating in a research note on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Par Pacific has a consensus rating of "Moderate Buy" and an average target price of $28.96.

Par Pacific Trading Down 1.0%

NYSE:PARR traded down $0.33 during mid-day trading on Friday, hitting $33.83. The company had a trading volume of 1,256,275 shares, compared to its average volume of 1,585,870. Par Pacific Holdings, Inc. has a fifty-two week low of $11.86 and a fifty-two week high of $35.94. The business's fifty day moving average is $31.47 and its two-hundred day moving average is $22.30. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.56 and a current ratio of 1.42. The firm has a market cap of $1.72 billion, a P/E ratio of -120.81 and a beta of 1.82.

Par Pacific (NYSE:PARR - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $1.54 EPS for the quarter, topping analysts' consensus estimates of $0.74 by $0.80. The company had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.47 billion. Par Pacific had a negative return on equity of 1.79% and a negative net margin of 0.25%.Par Pacific's revenue was down 6.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.49 earnings per share. As a group, research analysts expect that Par Pacific Holdings, Inc. will post 0.15 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP Terrill Pitkin sold 5,164 shares of the firm's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $27.97, for a total transaction of $144,437.08. Following the sale, the senior vice president owned 41,223 shares of the company's stock, valued at $1,153,007.31. This trade represents a 11.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Ivan Daniel Guerra sold 5,500 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $35.11, for a total value of $193,105.00. Following the sale, the chief accounting officer directly owned 17,491 shares in the company, valued at approximately $614,109.01. This represents a 23.92% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 23,954 shares of company stock worth $796,308. 4.40% of the stock is owned by company insiders.

Par Pacific Profile

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.