Par Pacific (NYSE:PARR) Shares Gap Down Following Insider Selling

Par Pacific Holdings, Inc. (NYSE:PARR)’s stock price gapped down prior to trading on Monday after an insider sold shares in the company. The stock had previously closed at $16.46, but opened at $15.85. Par Pacific shares last traded at $15.90, with a volume of 106,094 shares changing hands.

Specifically, Director William Pate sold 67,700 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $16.22, for a total value of $1,098,094.00. Following the completion of the transaction, the director now directly owns 524,610 shares in the company, valued at $8,509,174.20. This represents a 11.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Analyst Ratings Changes

PARR has been the subject of a number of recent analyst reports. Mizuho lowered shares of Par Pacific from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $26.00 to $22.00 in a research report on Monday. JPMorgan Chase & Co. raised shares of Par Pacific from a “neutral” rating to an “overweight” rating and reduced their target price for the company from $36.00 to $30.00 in a research note on Wednesday, October 2nd. Tudor Pickering raised shares of Par Pacific to a “hold” rating in a research note on Monday, September 9th. Piper Sandler downgraded shares of Par Pacific from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $37.00 to $23.00 in a research note on Friday, September 20th. Finally, UBS Group reduced their price target on shares of Par Pacific from $40.00 to $29.00 and set a “neutral” rating on the stock in a research note on Monday, August 19th. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $27.33.

Par Pacific Stock Down 3.6 %

The business’s 50 day moving average is $16.99 and its 200 day moving average is $20.79. The company has a market capitalization of $887.93 million, a price-to-earnings ratio of 3.19 and a beta of 1.99. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.66 and a current ratio of 1.69.

Par Pacific (NYSE:PARR) last released its earnings results on Monday, November 4th. The company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.02. The company had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $1.88 billion. Par Pacific had a net margin of 3.74% and a return on equity of 10.06%. Par Pacific’s revenue for the quarter was down 16.9% on a year-over-year basis. During the same period last year, the business earned $3.15 EPS. Sell-side analysts anticipate that Par Pacific Holdings, Inc. will post 1.12 earnings per share for the current year.

Hedge Funds Weigh In On Par Pacific

Several large investors have recently made changes to their positions in PARR. Pacer Advisors Inc. acquired a new position in shares of Par Pacific in the 3rd quarter valued at $61,870,000. Millennium Management LLC grew its holdings in shares of Par Pacific by 48.4% during the second quarter. Millennium Management LLC now owns 1,952,754 shares of the company’s stock worth $49,307,000 after buying an additional 636,908 shares in the last quarter. State Street Corp grew its holdings in shares of Par Pacific by 10.5% during the third quarter. State Street Corp now owns 3,461,282 shares of the company’s stock worth $60,919,000 after buying an additional 328,325 shares in the last quarter. Harbor Capital Advisors Inc. grew its holdings in shares of Par Pacific by 160.2% during the third quarter. Harbor Capital Advisors Inc. now owns 513,254 shares of the company’s stock worth $9,033,000 after buying an additional 315,967 shares in the last quarter. Finally, Walleye Capital LLC grew its holdings in shares of Par Pacific by 1,014.3% during the third quarter. Walleye Capital LLC now owns 273,868 shares of the company’s stock worth $4,820,000 after buying an additional 249,290 shares in the last quarter. 92.15% of the stock is currently owned by institutional investors and hedge funds.

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.