The Manufacturers Life Insurance Company Boosts Stock Position in Par Pacific Holdings, Inc. $PARR

The Manufacturers Life Insurance Company boosted its stake in shares of Par Pacific Holdings, Inc. (NYSE:PARR) by 170.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 62,505 shares of the company’s stock after buying an additional 39,404 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.12% of Par Pacific worth $3,916,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Smartleaf Asset Management LLC boosted its holdings in Par Pacific by 81.1% in the second quarter. Smartleaf Asset Management LLC now owns 2,340 shares of the company’s stock worth $62,000 after acquiring an additional 1,048 shares in the last quarter. Aster Capital Management DIFC Ltd raised its position in shares of Par Pacific by 34.9% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,847 shares of the company’s stock worth $65,000 after purchasing an additional 478 shares during the last quarter. Rockefeller Capital Management L.P. raised its position in shares of Par Pacific by 385.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,962 shares of the company’s stock worth $69,000 after purchasing an additional 1,558 shares during the last quarter. Federated Hermes Inc. boosted its stake in Par Pacific by 70.4% in the 4th quarter. Federated Hermes Inc. now owns 2,096 shares of the company’s stock worth $74,000 after purchasing an additional 866 shares in the last quarter. Finally, Royal Bank of Canada boosted its stake in Par Pacific by 86.3% in the 4th quarter. Royal Bank of Canada now owns 3,697 shares of the company’s stock worth $130,000 after purchasing an additional 1,713 shares in the last quarter. Hedge funds and other institutional investors own 92.15% of the company’s stock.

Par Pacific Stock Down 3.8%

PARR opened at $66.32 on Friday. The stock has a market capitalization of $3.33 billion, a price-to-earnings ratio of 3.87 and a beta of 0.78. The firm has a 50 day moving average price of $64.79 and a 200-day moving average price of $57.20. Par Pacific Holdings, Inc. has a twelve month low of $26.92 and a twelve month high of $87.03. The company has a quick ratio of 0.60, a current ratio of 1.84 and a debt-to-equity ratio of 0.38.

Par Pacific (NYSE:PARR) last issued its 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 quarter last year, the company posted $1.54 earnings per share. The firm’s quarterly revenue was up 56.8% on a year-over-year basis. Equities research analysts forecast that Par Pacific Holdings, Inc. will post 18.6 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on PARR shares. Wall Street Zen upgraded shares of Par Pacific from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 17th. Benchmark reiterated a “buy” rating on shares of Par Pacific in a research note on Wednesday, July 8th. Zacks Research upgraded shares of Par Pacific from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 7th. Guggenheim raised shares of Par Pacific to an “outperform” rating in a research report on Wednesday, May 27th. Finally, Raymond James Financial boosted their price objective on shares of Par Pacific from $80.00 to $85.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $80.86.

About Par Pacific

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.