Citigroup Inc. Trims Stake in Par Pacific Holdings, Inc. (NYSE:PARR)

Posted by Defense World Staff on Sep 5th, 2023

Citigroup Inc. decreased its position in shares of Par Pacific Holdings, Inc. (NYSE:PARR – Free Report) by 41.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 95,212 shares of the company’s stock after selling 68,776 shares during the quarter. Citigroup Inc. owned approximately 0.16% of Par Pacific worth $2,780,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PARR. JPMorgan Chase & Co. boosted its stake in shares of Par Pacific by 23.7% during the first quarter. JPMorgan Chase & Co. now owns 440,701 shares of the company’s stock valued at $5,738,000 after purchasing an additional 84,454 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Par Pacific by 12.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 7,513 shares of the company’s stock worth $98,000 after purchasing an additional 854 shares during the last quarter. MetLife Investment Management LLC boosted its position in Par Pacific by 53.1% during the first quarter. MetLife Investment Management LLC now owns 24,931 shares of the company’s stock valued at $325,000 after purchasing an additional 8,649 shares in the last quarter. Rhumbline Advisers grew its stake in Par Pacific by 9.7% in the first quarter. Rhumbline Advisers now owns 126,220 shares of the company’s stock valued at $1,643,000 after purchasing an additional 11,201 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in Par Pacific by 14.1% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 39,437 shares of the company’s stock worth $513,000 after purchasing an additional 4,863 shares in the last quarter. 92.83% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Par Pacific news, President William Monteleone sold 14,063 shares of Par Pacific stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $34.98, for a total transaction of $491,923.74. Following the completion of the sale, the president now directly owns 309,720 shares in the company, valued at approximately $10,834,005.60. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Par Pacific news, President William Monteleone sold 14,063 shares of Par Pacific stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $34.98, for a total transaction of $491,923.74. Following the completion of the transaction, the president now owns 309,720 shares in the company, valued at approximately $10,834,005.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William Pate sold 115,099 shares of the firm’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $34.85, for a total value of $4,011,200.15. Following the sale, the chief executive officer now directly owns 483,019 shares in the company, valued at $16,833,212.15. The disclosure for this sale can be found here. In the last quarter, insiders have sold 132,287 shares of company stock worth $4,617,780. 4.40% of the stock is owned by company insiders.

Par Pacific Price Performance

NYSE PARR opened at $35.66 on Tuesday. The stock’s fifty day moving average price is $31.35 and its 200 day moving average price is $27.23. Par Pacific Holdings, Inc. has a 1 year low of $14.42 and a 1 year high of $37.49. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.07 and a quick ratio of 0.37. The company has a market cap of $2.18 billion, a price-to-earnings ratio of 3.48 and a beta of 2.08.

Par Pacific (NYSE:PARR – Get Free Report) last announced its quarterly earnings data on Monday, August 7th. The company reported $1.73 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.53. Par Pacific had a return on equity of 73.08% and a net margin of 8.45%. The business had revenue of $1.78 billion for the quarter, compared to analyst estimates of $1.57 billion. As a group, equities research analysts forecast that Par Pacific Holdings, Inc. will post 7.87 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently commented on PARR shares. The Goldman Sachs Group boosted their price objective on shares of Par Pacific from $31.00 to $35.00 and gave the stock a “neutral” rating in a research note on Friday. StockNews.com downgraded Par Pacific from a “buy” rating to a “hold” rating in a research note on Wednesday, August 16th. Finally, Piper Sandler increased their price target on Par Pacific from $36.00 to $46.00 and gave the company an “overweight” rating in a research note on Friday, August 11th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $33.29.

Check Out Our Latest Stock Analysis on PARR

About Par Pacific

(Free Report)

Par Pacific Holdings, Inc owns and operates energy and infrastructure businesses. The company operates through three segments: Refining, Retail, and Logistics. The Refining segment owns and operates three refineries that produces ultra-low sulfur diesel, gasoline, jet fuel, marine fuel, distillate, asphalt, low sulfur fuel oil, and other associated refined products primarily for consumption in Hawaii, Pacific Northwest, Wyoming, and South Dakota.