Vestcor Inc Grows Stock Holdings in Par Pacific Holdings, Inc. (NYSE:PARR)

Key Points

• Vestcor Inc increased its stake in Par Pacific Holdings, Inc. by 69.5% in Q1, owning 36,100 shares valued at $515,000 as reported in its latest SEC filing.
• Multiple hedge funds, including Millennium Management LLC and Solas Capital Management LLC, also significantly boosted their positions in Par Pacific during the fourth quarter.
• Par Pacific's stock rating has shifted, with analysts giving it a "sell" rating and price targets ranging from $14.75 to $38.00, indicating varied investor sentiment.

Vestcor Inc lifted its holdings in Par Pacific Holdings, Inc. (NYSE:PARR - Free Report) by 69.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,100 shares of the company's stock after acquiring an additional 14,800 shares during the period. Vestcor Inc owned approximately 0.07% of Par Pacific worth $515,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in PARR. Millennium Management LLC lifted its position in shares of 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 in the last quarter. Nuveen Asset Management LLC increased its stake in Par Pacific by 9.8% during the 4th quarter. Nuveen Asset Management LLC now owns 1,029,798 shares of the company's stock worth $16,878,000 after buying an additional 91,814 shares during the period. Bridgeway Capital Management LLC lifted its holdings in Par Pacific by 1.9% in the 4th quarter. Bridgeway Capital Management LLC now owns 797,218 shares of the company's stock worth $13,066,000 after buying an additional 15,240 shares in the last quarter. Solas Capital Management LLC boosted its position in Par Pacific by 417.7% in the 4th quarter. Solas Capital Management LLC now owns 795,000 shares of the company's stock valued at $13,030,000 after buying an additional 641,423 shares during the last quarter. Finally, Barclays PLC boosted its position in Par Pacific by 53.0% in the 4th quarter. Barclays PLC now owns 718,688 shares of the company's stock valued at $11,779,000 after buying an additional 249,048 shares during the last quarter. Hedge funds and other institutional investors own 92.15% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on PARR shares. Wall Street Zen lowered Par Pacific from a "hold" rating to a "sell" rating in a research report on Friday, June 6th. UBS Group dropped their price objective on Par Pacific from $20.00 to $14.75 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Mizuho set a $34.00 target price on Par Pacific and gave the company a "neutral" rating in a research note on Friday, July 11th. Piper Sandler lifted their price target on shares of Par Pacific from $26.00 to $38.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Finally, Raymond James Financial set a $38.00 price target on shares of Par Pacific and gave the company an "outperform" rating in a report on Tuesday, July 15th. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $26.68.

Par Pacific Stock Performance

PARR stock opened at $29.93 on Monday. The stock's 50 day simple moving average is $27.99 and its 200 day simple moving average is $19.87. Par Pacific Holdings, Inc. has a 12-month low of $11.86 and a 12-month high of $35.32. The firm has a market cap of $1.54 billion, a P/E ratio of -26.49 and a beta of 1.83. The company has a current ratio of 1.56, a quick ratio of 0.54 and a debt-to-equity ratio of 1.04.

Par Pacific (NYSE:PARR - Get Free Report) last released its earnings results on Monday, May 5th. The company reported ($0.94) earnings per share for the quarter, missing the consensus estimate of ($0.40) by ($0.54). Par Pacific had a negative net margin of 0.77% and a negative return on equity of 5.87%. The business had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the previous year, the firm earned $0.69 EPS. The firm's revenue for the quarter was down 11.9% on a year-over-year basis. As a group, equities research 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.

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