SCP Investment LP Purchases Shares of 28,800 Par Pacific Holdings, Inc. (NYSE:PARR)

Key Points

• SCP Investment LP has acquired a new stake in Par Pacific Holdings, purchasing 28,800 shares valued at approximately $411,000, representing 0.05% ownership.
• Several institutional investors significantly increased their holdings in Par Pacific during the fourth quarter, with Solas Capital Management boosting its stake by 417.7% to own 795,000 shares valued at $13.03 million.
• Par Pacific reported a loss of $0.94 EPS in its latest quarterly earnings, falling short of the consensus estimate of ($0.40) and showing an 11.9% decline in revenue year-over-year despite significant revenue of $1.75 billion.

SCP Investment LP acquired a new stake in Par Pacific Holdings, Inc. (NYSE:PARR - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 28,800 shares of the company's stock, valued at approximately $411,000. SCP Investment LP owned about 0.05% of Par Pacific at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in PARR. Millennium Management LLC boosted its holdings in Par Pacific by 43.4% during the fourth quarter. Millennium Management LLC now owns 1,936,798 shares of the company's stock worth $31,744,000 after purchasing an additional 586,003 shares during the last quarter. Nuveen Asset Management LLC boosted its holdings in shares of Par Pacific by 9.8% in the 4th quarter. Nuveen Asset Management LLC now owns 1,029,798 shares of the company's stock valued at $16,878,000 after buying an additional 91,814 shares during the last quarter. Bridgeway Capital Management LLC grew its stake in shares of Par Pacific by 1.9% in the fourth quarter. Bridgeway Capital Management LLC now owns 797,218 shares of the company's stock valued at $13,066,000 after buying an additional 15,240 shares in the last quarter. Solas Capital Management LLC lifted its stake in Par Pacific by 417.7% in the fourth quarter. Solas Capital Management LLC now owns 795,000 shares of the company's stock valued at $13,030,000 after acquiring an additional 641,423 shares during the last quarter. Finally, Barclays PLC increased its stake in shares of Par Pacific by 53.0% during the 4th quarter. Barclays PLC now owns 718,688 shares of the company's stock worth $11,779,000 after purchasing an additional 249,048 shares during the last quarter. Institutional investors and hedge funds own 92.15% of the company's stock.

Par Pacific Stock Performance

NYSE:PARR traded down $0.12 during trading hours on Thursday, reaching $26.97. The stock had a trading volume of 390,788 shares, compared to its average volume of 1,378,221. The stock has a market cap of $1.39 billion, a P/E ratio of -96.63 and a beta of 1.83. The stock has a 50 day simple moving average of $28.42 and a 200 day simple moving average of $20.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.54 and a current ratio of 1.56. Par Pacific Holdings, Inc. has a 12-month low of $11.86 and a 12-month high of $35.32.

Par Pacific (NYSE:PARR - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $1.54 EPS for the quarter, beating analysts' consensus estimates of $0.74 by $0.80. The company had revenue of $1.89 billion for the quarter, compared to analysts' expectations of $1.47 billion. Par Pacific had a negative net margin of 0.25% and a negative return on equity of 1.77%. Par Pacific's revenue was down 6.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.49 EPS. On average, research analysts forecast that Par Pacific Holdings, Inc. will post 0.15 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

PARR has been the topic of several research reports. Mizuho set a $34.00 price objective on shares of Par Pacific and gave the company a "neutral" rating in a report on Friday, July 11th. Piper Sandler increased their price objective on Par Pacific from $26.00 to $38.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. TD Cowen dropped their price objective on shares of Par Pacific from $35.00 to $33.00 and set a "buy" rating for the company in a research note on Thursday. 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. Finally, The Goldman Sachs Group cut Par Pacific from a "buy" rating to a "neutral" rating and set a $19.00 price target on the stock. in a research report on Wednesday, May 28th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $28.96.

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.