Verition Fund Management LLC Takes Position in Par Pacific Holdings, Inc. (NYSE:PARR)

Verition Fund Management LLC acquired a new stake in Par Pacific Holdings, Inc. (NYSE:PARR) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 11,211 shares of the company’s stock, valued at approximately $197,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Pacer Advisors Inc. acquired a new position in Par Pacific during the 3rd quarter worth approximately $61,870,000. Dimensional Fund Advisors LP raised its stake in Par Pacific by 0.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,136,956 shares of the company’s stock worth $53,956,000 after buying an additional 17,509 shares during the period. Millennium Management LLC raised its stake in Par Pacific by 48.4% during the 2nd 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 during the period. American Century Companies Inc. raised its stake in Par Pacific by 13.9% during the 2nd quarter. American Century Companies Inc. now owns 1,435,794 shares of the company’s stock worth $36,254,000 after buying an additional 175,331 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Par Pacific by 1.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 741,626 shares of the company’s stock worth $13,053,000 after buying an additional 13,457 shares during the period. 92.15% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Par Pacific

In other news, Director William Pate sold 67,700 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was 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 of the company’s stock, valued at $8,509,174.20. This trade represents a 11.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 4.40% of the stock is owned by corporate insiders.

Par Pacific Stock Performance

PARR stock opened at $15.39 on Tuesday. The firm has a market cap of $861.07 million, a PE ratio of 2.98 and a beta of 1.99. The company has a quick ratio of 0.66, a current ratio of 1.69 and a debt-to-equity ratio of 0.84. The business has a 50 day moving average of $16.92 and a 200-day moving average of $20.71. Par Pacific Holdings, Inc. has a 12-month low of $14.84 and a 12-month high of $40.69.

Par Pacific (NYSE:PARR) last announced its quarterly earnings data on Monday, November 4th. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.02. Par Pacific had a return on equity of 10.06% and a net margin of 3.74%. The business had revenue of $2.14 billion during the quarter, compared to analyst estimates of $1.88 billion. During the same period in the prior year, the company earned $3.15 earnings per share. Par Pacific’s revenue was down 16.9% compared to the same quarter last year. As a group, sell-side analysts expect that Par Pacific Holdings, Inc. will post 1.12 earnings per share for the current year.

Analyst Ratings Changes

PARR has been the subject of several analyst reports. Piper Sandler downgraded Par Pacific from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $37.00 to $23.00 in a research note on Friday, September 20th. Mizuho downgraded Par Pacific from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $26.00 to $22.00 in a research note on Monday. Tudor, Pickering, Holt & Co. downgraded Par Pacific from a “buy” rating to a “hold” rating in a research note on Monday, September 9th. The Goldman Sachs Group lowered their price objective on Par Pacific from $32.00 to $28.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Finally, Tudor Pickering raised Par Pacific to a “hold” rating in a research note on Monday, September 9th. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $27.33.

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.