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

Par Pacific Holdings, Inc. (NYSE:PARR) gapped down prior to trading on Monday following insider selling activity. 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 trading hands.

Specifically, Director William Pate sold 67,700 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $16.22, for a total transaction 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 approximately $8,509,174.20. This trade represents a 11.43 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. UBS Group reduced their price objective on shares of Par Pacific from $40.00 to $29.00 and set a “neutral” rating for the company in a report on Monday, August 19th. JPMorgan Chase & Co. raised shares of Par Pacific from a “neutral” rating to an “overweight” rating and cut their price target for the company from $36.00 to $30.00 in a report on Wednesday, October 2nd. Tudor, Pickering, Holt & Co. downgraded shares of Par Pacific from a “buy” rating to a “hold” rating in a report on Monday, September 9th. Piper Sandler downgraded shares of Par Pacific from an “overweight” rating to a “neutral” rating and cut their price target for the company from $37.00 to $23.00 in a report on Friday, September 20th. Finally, Tudor Pickering raised shares of Par Pacific to a “hold” rating in a report on Monday, September 9th. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Par Pacific presently has a consensus rating of “Hold” and a consensus target price of $27.33.

Par Pacific Stock Performance

The company has a market capitalization of $861.07 million, a P/E ratio of 2.98 and a beta of 1.99. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.69 and a quick ratio of 0.66. The stock’s 50 day simple moving average is $16.92 and its two-hundred day simple moving average is $20.71.

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

Hedge Funds Weigh In On Par Pacific

A number of institutional investors have recently modified their holdings of the stock. Headlands Technologies LLC grew its position in shares of Par Pacific by 215.1% during the 2nd quarter. Headlands Technologies LLC now owns 1,166 shares of the company’s stock worth $29,000 after buying an additional 796 shares during the period. Meeder Asset Management Inc. acquired a new stake in shares of Par Pacific during the 2nd quarter worth approximately $43,000. Quarry LP grew its position in shares of Par Pacific by 610.5% during the 2nd quarter. Quarry LP now owns 2,359 shares of the company’s stock worth $60,000 after buying an additional 2,027 shares during the period. nVerses Capital LLC grew its position in shares of Par Pacific by 41.7% during the 2nd quarter. nVerses Capital LLC now owns 3,400 shares of the company’s stock worth $86,000 after buying an additional 1,000 shares during the period. Finally, Innealta Capital LLC acquired a new stake in shares of Par Pacific during the 2nd quarter worth approximately $104,000. 92.15% of the stock is owned by institutional investors.

About Par Pacific

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.