Russell Investments Group Ltd. Increases Stake in Par Pacific Holdings, Inc. $PARR

Key Points

• Russell Investments Group Ltd. significantly increased its stake in Par Pacific Holdings, raising its ownership by 195.0% to a total of 77,361 shares valued at approximately $1.1 million.
• Various institutional investors, including Signaturefd LLC and GAMMA Investing LLC, have also made substantial increases to their positions in Par Pacific, contributing to a total institutional ownership of 92.15%.
• Par Pacific reported earnings of $1.54 per share, surpassing analysts' estimates of $0.74, although its revenue for the quarter was down 6.2% compared to the previous year.

Russell Investments Group Ltd. raised its position in Par Pacific Holdings, Inc. (NYSE:PARR - Free Report) by 195.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 77,361 shares of the company's stock after acquiring an additional 51,133 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.14% of Par Pacific worth $1,103,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Public Sector Pension Investment Board increased its position in shares of Par Pacific by 11.3% during the first quarter. Public Sector Pension Investment Board now owns 376,482 shares of the company's stock valued at $5,369,000 after buying an additional 38,083 shares during the period. Nuveen LLC purchased a new position in shares of Par Pacific during the first quarter valued at about $12,750,000. Invesco Ltd. increased its position in shares of Par Pacific by 6.2% during the first quarter. Invesco Ltd. now owns 1,157,058 shares of the company's stock valued at $16,500,000 after buying an additional 67,481 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Par Pacific by 32.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,205,756 shares of the company's stock valued at $17,194,000 after buying an additional 296,536 shares during the period. Finally, SCP Investment LP purchased a new position in shares of Par Pacific during the first quarter valued at about $411,000. Hedge funds and other institutional investors own 92.15% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PARR. TD Cowen reduced their price target on shares of Par Pacific from $35.00 to $33.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Cowen reiterated a "buy" rating on shares of Par Pacific in a research report on Thursday, August 7th. Wall Street Zen cut shares of Par Pacific from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 17th. Zacks Research raised shares of Par Pacific to a "strong-buy" rating in a research note on Monday, August 11th. Finally, Mizuho set a $34.00 price objective on shares of Par Pacific and gave the stock a "neutral" rating in a research note on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Par Pacific currently has an average rating of "Moderate Buy" and an average target price of $28.96.

Insiders Place Their Bets

In related news, SVP Terrill Pitkin sold 5,164 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $27.97, for a total transaction of $144,437.08. Following the transaction, the senior vice president owned 41,223 shares in the company, valued at $1,153,007.31. This represents a 11.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.40% of the stock is currently owned by company insiders.

Par Pacific Stock Down 0.8%

Shares of NYSE PARR traded down $0.29 during midday trading on Wednesday, hitting $35.10. The stock had a trading volume of 1,217,599 shares, compared to its average volume of 1,651,332. The business's 50 day moving average is $31.17 and its 200-day moving average is $22.01. The company has a market cap of $1.78 billion, a P/E ratio of -125.34 and a beta of 1.82. Par Pacific Holdings, Inc. has a 52 week low of $11.86 and a 52 week high of $35.94. The company has a quick ratio of 0.56, a current ratio of 1.42 and a debt-to-equity ratio of 0.97.

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

Par Pacific Company 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.