Encompass Capital Advisors LLC Buys New Shares in Par Pacific Holdings, Inc. $PARR

Encompass Capital Advisors LLC purchased a new position in Par Pacific Holdings, Inc. (NYSE:PARR) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,304,541 shares of the company’s stock, valued at approximately $34,609,000. Par Pacific comprises about 1.3% of Encompass Capital Advisors LLC’s investment portfolio, making the stock its 27th largest position.

Other institutional investors have also added to or reduced their stakes in the company. BNP Paribas Financial Markets increased its holdings in shares of Par Pacific by 184.5% in the second quarter. BNP Paribas Financial Markets now owns 306,976 shares of the company’s stock worth $8,144,000 after buying an additional 199,090 shares during the period. Brevan Howard Capital Management LP bought a new position in Par Pacific during the 2nd quarter worth approximately $2,780,000. AQR Capital Management LLC increased its stake in Par Pacific by 45.9% in the 2nd quarter. AQR Capital Management LLC now owns 239,875 shares of the company’s stock worth $6,364,000 after purchasing an additional 75,517 shares during the period. PDT Partners LLC lifted its position in Par Pacific by 67.1% in the second quarter. PDT Partners LLC now owns 275,102 shares of the company’s stock valued at $7,298,000 after purchasing an additional 110,481 shares during the last quarter. Finally, Jane Street Group LLC lifted its position in Par Pacific by 50.8% in the second quarter. Jane Street Group LLC now owns 408,386 shares of the company’s stock valued at $10,834,000 after purchasing an additional 137,551 shares during the last quarter. 92.15% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PARR has been the topic of several analyst reports. UBS Group lifted their target price on shares of Par Pacific from $37.00 to $40.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 5th. Raymond James Financial reissued an “outperform” rating and issued a $45.00 price target (up previously from $38.00) on shares of Par Pacific in a report on Friday, October 17th. Tudor, Pickering, Holt & Co. raised shares of Par Pacific from a “hold” rating to a “buy” rating in a research note on Thursday, November 6th. Piper Sandler increased their target price on shares of Par Pacific from $44.00 to $62.00 and gave the stock an “overweight” rating in a report on Friday, November 14th. Finally, The Goldman Sachs Group boosted their price target on Par Pacific from $34.00 to $40.00 and gave the company a “neutral” rating in a report on Wednesday, October 22nd. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $42.14.

Par Pacific Trading Down 3.0%

NYSE:PARR opened at $40.64 on Friday. The company has a 50-day moving average price of $40.84 and a 200-day moving average price of $34.04. The stock has a market cap of $2.04 billion, a price-to-earnings ratio of 8.55 and a beta of 1.25. The company has a current ratio of 1.51, a quick ratio of 0.48 and a debt-to-equity ratio of 0.70. Par Pacific Holdings, Inc. has a 12 month low of $11.86 and a 12 month high of $48.40.

Par Pacific (NYSE:PARR) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $5.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.98 by $3.97. Par Pacific had a net margin of 3.15% and a return on equity of 23.69%. The company had revenue of $2.01 billion for the quarter, compared to analysts’ expectations of $1.72 billion. During the same quarter in the previous year, the company earned ($0.10) earnings per share. Par Pacific’s quarterly revenue was down 6.1% on a year-over-year basis. Equities analysts predict that Par Pacific Holdings, Inc. will post 0.15 EPS for the current year.

Insider Transactions at Par Pacific

In related news, Director Timothy Clossey sold 2,000 shares of the company’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $33.37, for a total value of $66,740.00. Following the sale, the director directly owned 84,000 shares of the company’s stock, valued at $2,803,080. This represents a 2.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William Monteleone sold 99,284 shares of the stock in a transaction on Friday, November 21st. The stock was sold at an average price of $43.15, for a total value of $4,284,104.60. Following the completion of the transaction, the chief executive officer owned 423,022 shares of the company’s stock, valued at approximately $18,253,399.30. This trade represents a 19.01% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 117,132 shares of company stock valued at $5,004,099. Corporate insiders own 4.40% of the company’s stock.

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.