Par Pacific Holdings, Inc. $PARR Stake Cut by Solas Capital Management LLC

Key Points

• Solas Capital Management LLC reduced its stake in Par Pacific Holdings by 12.8% in the first quarter, selling 101,423 shares and now holds approximately 1.34% of the company.
• Multiple hedge funds have increased their positions in Par Pacific, with Millennium Management LLC boosting its holdings by 43.4% during the last quarter.
• Par Pacific reported earnings of $1.54 per share, significantly exceeding expectations of $0.74, despite a 6.2% decline in revenue compared to the previous year.

Solas Capital Management LLC cut its holdings in Par Pacific Holdings, Inc. (NYSE:PARR - Free Report) by 12.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 693,577 shares of the company's stock after selling 101,423 shares during the period. Par Pacific comprises about 5.6% of Solas Capital Management LLC's holdings, making the stock its 7th largest position. Solas Capital Management LLC owned 1.34% of Par Pacific worth $9,890,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in PARR. Signaturefd LLC lifted its position in Par Pacific by 70.2% during the first quarter. Signaturefd LLC now owns 2,391 shares of the company's stock worth $34,000 after buying an additional 986 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in shares of Par Pacific during the 1st quarter valued at about $35,000. CWM LLC lifted its stake in 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 buying an additional 3,867 shares in the last quarter. State of Wyoming purchased a new stake in shares of Par Pacific in the first quarter worth approximately $104,000. Finally, GAMMA Investing LLC lifted its stake in Par Pacific by 352.7% in 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 last quarter. Hedge funds and other institutional investors own 92.15% of the company's stock.

Wall Street Analysts Forecast Growth

PARR has been the topic of several recent research reports. The Goldman Sachs Group lowered shares of Par Pacific from a "buy" rating to a "neutral" rating and set a $19.00 target price on the stock. in a research report on Wednesday, May 28th. Mizuho set a $34.00 price objective on shares of Par Pacific and gave the stock a "neutral" rating in a research report on Friday, July 11th. Wall Street Zen lowered shares of Par Pacific from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 17th. Piper Sandler lifted their price target on shares of Par Pacific from $26.00 to $38.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Finally, Cowen reaffirmed a "buy" rating on shares of Par Pacific in a research note on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $28.96.

Insider Buying and Selling

In other news, SVP Terrill Pitkin sold 5,164 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $27.97, for a total value of $144,437.08. Following the completion of the sale, the senior vice president directly owned 41,223 shares in the company, valued at $1,153,007.31. The trade was a 11.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 4.40% of the company's stock.

Par Pacific Stock Down 0.8%

Shares of Par Pacific stock traded down $0.29 during midday trading on Wednesday, hitting $35.10. The company had a trading volume of 1,217,599 shares, compared to its average volume of 1,651,332. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.56 and a current ratio of 1.42. Par Pacific Holdings, Inc. has a 52-week low of $11.86 and a 52-week high of $35.94. The company has a 50 day moving average of $31.00 and a 200 day moving average of $21.92.

Par Pacific (NYSE:PARR - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $1.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.74 by $0.80. Par Pacific had a negative return on equity of 1.79% and a negative net margin of 0.25%.The firm had revenue of $1.89 billion for the quarter, compared to analysts' expectations of $1.47 billion. During the same period in the previous year, the firm earned $0.49 EPS. The business's quarterly revenue was down 6.2% on a year-over-year basis. On average, research analysts forecast that Par Pacific Holdings, Inc. will post 0.15 EPS for the current year.

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.