CenterBook Partners LP Makes New $929,000 Investment in Par Pacific Holdings, Inc. $PARR

CenterBook Partners LP bought a new position in shares of Par Pacific Holdings, Inc. (NYSE:PARR) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 26,435 shares of the company’s stock, valued at approximately $929,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its holdings in Par Pacific by 23.1% during the third quarter. JPMorgan Chase & Co. now owns 565,772 shares of the company’s stock worth $20,040,000 after buying an additional 106,131 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in Par Pacific by 38.5% during the third quarter. Principal Financial Group Inc. now owns 354,439 shares of the company’s stock worth $12,554,000 after buying an additional 98,524 shares during the last quarter. Wakefield Asset Management LLLP bought a new position in Par Pacific during the third quarter worth about $1,330,000. LMG Wealth Partners LLC bought a new position in Par Pacific during the fourth quarter worth about $760,000. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of Par Pacific by 105.8% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 65,235 shares of the company’s stock valued at $2,292,000 after purchasing an additional 33,537 shares in the last quarter. Institutional investors own 92.15% of the company’s stock.

Insider Transactions at Par Pacific

In related news, CEO William Monteleone sold 108,948 shares of Par Pacific stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $54.06, for a total value of $5,889,728.88. Following the sale, the chief executive officer owned 457,167 shares of the company’s stock, valued at approximately $24,714,448.02. This trade represents a 19.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.60% of the company’s stock.

Analysts Set New Price Targets

PARR has been the topic of several recent analyst reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Par Pacific in a report on Friday, March 27th. Raymond James Financial lifted their price objective on Par Pacific from $50.00 to $77.00 and gave the company an “outperform” rating in a report on Wednesday, March 25th. Guggenheim upgraded Par Pacific to an “outperform” rating in a report on Wednesday, May 27th. Mizuho upgraded Par Pacific from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $58.00 to $79.00 in a report on Wednesday, May 27th. Finally, TD Cowen lifted their price objective on Par Pacific from $39.00 to $48.00 and gave the company a “buy” rating in a report on Friday, February 27th. Nine analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Par Pacific currently has an average rating of “Moderate Buy” and an average target price of $70.00.

Par Pacific Stock Up 5.5%

Shares of Par Pacific stock opened at $57.66 on Thursday. The business’s 50 day simple moving average is $61.02 and its 200 day simple moving average is $49.43. Par Pacific Holdings, Inc. has a 52-week low of $22.30 and a 52-week high of $70.39. The firm has a market cap of $2.89 billion, a PE ratio of 6.44 and a beta of 0.83. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.60 and a current ratio of 1.62.

Par Pacific (NYSE:PARR) last announced its earnings results on Tuesday, May 5th. The company reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.22). Par Pacific had a net margin of 6.02% and a return on equity of 34.38%. The firm had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.78 billion. During the same period in the prior year, the business posted ($0.94) EPS. The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. On average, analysts predict that Par Pacific Holdings, Inc. will post 15.41 earnings per share for the current fiscal year.

Par Pacific Company Profile

Par Pacific Holdings, Inc (NYSE: PARR) is a diversified downstream energy company engaged in the refining, marketing and logistics of petroleum products. Through its subsidiaries, Par Pacific operates the Par Hawaii Refinery on the island of Oʻahu, which processes crude oil into transportation fuels such as gasoline, diesel and jet fuel, as well as asphalt, petroleum coke and sulfur. In the Rocky Mountain region, the company owns and operates the Salt Lake City Refinery in Utah and associated logistics infrastructure, including pipelines and storage terminals, to support both crude supply and product distribution.

In marketing its refined products, Par Pacific maintains a network of branded and unbranded wholesale accounts across Hawaii and the U.S.