Par Pacific Holdings, Inc. (NYSE:PARR) Sees Significant Increase in Short Interest

Par Pacific Holdings, Inc. (NYSE:PARR) saw a significant growth in short interest in March. As of March 15th, there was short interest totalling 6,210,000 shares, a growth of 33.8% from the February 28th total of 4,640,000 shares. Approximately 12.0% of the shares of the stock are short sold. Based on an average daily volume of 1,300,000 shares, the short-interest ratio is currently 4.8 days.

Analysts Set New Price Targets

Several research firms recently weighed in on PARR. JPMorgan Chase & Co. dropped their price objective on shares of Par Pacific from $27.00 to $26.00 and set an “overweight” rating for the company in a research report on Thursday, January 16th. StockNews.com cut Par Pacific from a “hold” rating to a “sell” rating in a report on Friday, February 28th. Piper Sandler decreased their target price on Par Pacific from $25.00 to $21.00 and set an “overweight” rating for the company in a research note on Friday, March 7th. TD Cowen cut their price target on shares of Par Pacific from $21.00 to $17.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Finally, Mizuho downgraded shares of Par Pacific from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $26.00 to $22.00 in a report on Monday, December 16th. One analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $22.71.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. State Street Corp grew its stake in Par Pacific by 10.5% during the third quarter. State Street Corp now owns 3,461,282 shares of the company’s stock worth $60,919,000 after buying an additional 328,325 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Par Pacific by 43.4% during the 4th quarter. Millennium Management LLC now owns 1,936,798 shares of the company’s stock worth $31,744,000 after acquiring an additional 586,003 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Par Pacific by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,283,303 shares of the company’s stock worth $22,591,000 after acquiring an additional 7,804 shares during the period. Nuveen Asset Management LLC boosted its position in shares of Par Pacific by 9.8% during the 4th quarter. Nuveen Asset Management LLC now owns 1,029,798 shares of the company’s stock worth $16,878,000 after acquiring an additional 91,814 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Par Pacific by 22.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 909,220 shares of the company’s stock valued at $14,902,000 after acquiring an additional 167,594 shares during the last quarter. Institutional investors own 92.15% of the company’s stock.

Par Pacific Stock Performance

Par Pacific stock traded up $0.02 during midday trading on Monday, hitting $14.28. The company’s stock had a trading volume of 888,320 shares, compared to its average volume of 1,020,723. Par Pacific has a 1-year low of $11.86 and a 1-year high of $40.20. The company has a 50-day moving average price of $15.37 and a two-hundred day moving average price of $16.54. The company has a market cap of $781.53 million, a price-to-earnings ratio of 2.77 and a beta of 2.01. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.69 and a quick ratio of 0.66.

Par Pacific (NYSE:PARR) last issued its quarterly earnings results on Tuesday, February 25th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.64). The company had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.68 billion. Par Pacific had a return on equity of 10.06% and a net margin of 3.74%. As a group, sell-side analysts predict that Par Pacific will post 0.15 earnings per share for the current year.

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.