Renaissance Technologies LLC Cuts Stock Position in Par Pacific Holdings, Inc. $PARR

Key Points

• Renaissance Technologies cut its Par Pacific position by 49.1% in the first quarter, selling 495,185 shares and retaining 513,779 shares worth approximately $32.2 million. Institutional investors collectively own 92.15% of PARR.
• Par Pacific shares opened at $79.34, near their 52-week high of $82.29, and have risen above their 50-day and 200-day moving averages. The company reported quarterly revenue of $1.82 billion, but earnings per share of $0.78 missed analysts’ $1.00 estimate.
• Analyst sentiment remains favorable, with a “Moderate Buy” consensus rating and an average price target of $81.57. Goldman Sachs raised its target to $92, while JPMorgan, Mizuho and other firms also increased or maintained positive ratings.

Renaissance Technologies LLC lessened its position in shares of Par Pacific Holdings, Inc. (NYSE:PARR - Free Report) by 49.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 513,779 shares of the company's stock after selling 495,185 shares during the quarter. Renaissance Technologies LLC owned about 1.02% of Par Pacific worth $32,183,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PARR. Dimensional Fund Advisors LP grew its holdings in 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 purchasing an additional 7,280 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Par Pacific by 0.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,771,793 shares of the company's stock valued at $110,985,000 after purchasing an additional 6,162 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Par Pacific by 1.8% during the 4th quarter. Geode Capital Management LLC now owns 1,222,100 shares of the company's stock valued at $42,954,000 after purchasing an additional 21,254 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of 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. Finally, Invesco Ltd. boosted its position in shares of Par Pacific by 2.0% in the 3rd quarter. Invesco Ltd. now owns 861,238 shares of the company's stock worth $30,505,000 after purchasing an additional 17,269 shares in the last quarter. Hedge funds and other institutional investors own 92.15% of the company's stock.

Par Pacific Stock Performance

Shares of PARR stock opened at $79.34 on Wednesday. The business has a fifty day moving average of $61.51 and a 200 day moving average of $55.04. Par Pacific Holdings, Inc. has a 1 year low of $26.83 and a 1 year high of $82.29. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.62 and a quick ratio of 0.60. The firm has a market capitalization of $3.98 billion, a price-to-earnings ratio of 8.85 and a beta of 0.82.

Par Pacific (NYSE:PARR - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.78 earnings per share for the quarter, missing the consensus estimate of $1.00 by ($0.22). The firm had revenue of $1.82 billion for the quarter, compared to analysts' expectations 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 for the quarter was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.94) EPS. As a group, research analysts expect that Par Pacific Holdings, Inc. will post 18.6 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on PARR. Wall Street Zen raised Par Pacific from a "buy" rating to a "strong-buy" rating in a research report on Sunday, May 17th. Mizuho raised their price target on 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. boosted their price target on Par Pacific from $48.00 to $77.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 8th. The Goldman Sachs Group upped their price objective on shares of Par Pacific from $77.00 to $92.00 and gave the company a "buy" rating in a report on Thursday, July 23rd. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Par Pacific in a research report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Par Pacific presently has an average rating of "Moderate Buy" and an average price target of $81.57.

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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