Hennessy Advisors Inc. Sells 12,600 Shares of Par Pacific Holdings, Inc. $PARR

Hennessy Advisors Inc. trimmed its holdings in shares of Par Pacific Holdings, Inc. (NYSE:PARR) by 8.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 128,300 shares of the company’s stock after selling 12,600 shares during the quarter. Hennessy Advisors Inc. owned approximately 0.26% of Par Pacific worth $10,472,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Encompass Capital Advisors LLC purchased a new position in shares of Par Pacific in the first quarter worth about $28,839,000. Bank of New York Mellon Corp acquired a new position in shares of Par Pacific in the 2nd quarter worth approximately $19,353,000. Pacer Advisors Inc. purchased a new position in shares of Par Pacific during the first quarter worth $16,277,000. First Trust Advisors LP grew its position in Par Pacific by 395.9% in the 1st quarter. First Trust Advisors LP now owns 133,073 shares of the company’s stock valued at $8,336,000 after acquiring an additional 106,238 shares in the last quarter. Finally, Empowered Funds LLC grew its holdings in shares of Par Pacific by 24.4% in the first quarter. Empowered Funds LLC now owns 313,605 shares of the company’s stock valued at $19,644,000 after purchasing an additional 61,464 shares in the last quarter. 92.15% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Par Pacific

In related news, Director Timothy Clossey sold 10,970 shares of the company’s stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $84.00, for a total transaction of $921,480.00. Following the completion of the transaction, the director owned 51,526 shares of the company’s stock, valued at approximately $4,328,184. This represents a 17.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Danielle Mattiussi sold 3,278 shares of the company’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $67.29, for a total value of $220,576.62. Following the sale, the insider owned 27,878 shares of the company’s stock, valued at approximately $1,875,910.62. The trade was a 10.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 54,248 shares of company stock worth $4,394,057. 3.60% of the stock is owned by company insiders.

Par Pacific Stock Down 0.1%

Shares of NYSE:PARR opened at $76.20 on Monday. The company has a market capitalization of $3.82 billion, a P/E ratio of 4.45 and a beta of 0.82. The company has a quick ratio of 0.76, a current ratio of 1.84 and a debt-to-equity ratio of 0.38. The stock’s fifty day simple moving average is $81.36 and its 200-day simple moving average is $63.93. Par Pacific Holdings, Inc. has a 52-week low of $34.37 and a 52-week high of $90.74.

Par Pacific (NYSE:PARR) last released its quarterly earnings results on Tuesday, August 4th. The company reported $10.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.22 by $1.88. Par Pacific had a net margin of 9.94% and a return on equity of 56.19%. The company had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $2.40 billion. During the same period last year, the company earned $1.54 EPS. The firm’s revenue for the quarter was up 56.8% compared to the same quarter last year. As a group, equities research analysts forecast that Par Pacific Holdings, Inc. will post 26.42 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently commented on PARR shares. Raymond James Financial reissued an “outperform” rating and set a $117.00 target price on shares of Par Pacific in a research note on Monday, October 19th. Benchmark restated a “buy” rating on shares of Par Pacific in a research note on Wednesday, July 8th. Weiss Ratings upgraded shares of Par Pacific from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. Piper Sandler began coverage on shares of Par Pacific in a research note on Tuesday, October 27th. They issued a “neutral” rating and a $94.00 price objective on the stock. Finally, The Goldman Sachs Group cut Par Pacific from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $90.00 to $94.00 in a research report on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Par Pacific presently has a consensus rating of “Moderate Buy” and an average price target of $90.43.

Par Pacific Company Profile

Par Pacific Holdings, Inc is an energy company engaged in refining, marketing and distributing transportation fuels and other petroleum products. Its refineries process crude oil into products such as gasoline, diesel, jet fuel, marine fuels and asphalt, serving customers in western U.S. markets.

The company operates refining and related energy businesses in Hawaii, Wyoming and Washington. Its operations also include logistics assets such as storage facilities, pipelines, terminals and other infrastructure used to move and distribute crude oil and refined products.