Towle & Co. Sells 111,280 Shares of Par Pacific Holdings, Inc. $PARR

Towle & Co. lessened its holdings in shares of Par Pacific Holdings, Inc. (NYSE:PARR) by 16.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 548,683 shares of the company’s stock after selling 111,280 shares during the quarter. Par Pacific makes up approximately 4.9% of Towle & Co.’s holdings, making the stock its largest holding. Towle & Co.’s holdings in Par Pacific were worth $19,434,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in PARR. Encompass Capital Advisors LLC purchased a new position in shares of Par Pacific during the 2nd quarter valued at about $34,609,000. Vanguard Group Inc. boosted its stake in shares of Par Pacific by 30.9% in the third quarter. Vanguard Group Inc. now owns 5,044,612 shares of the company’s stock worth $178,680,000 after buying an additional 1,190,088 shares during the last quarter. FJ Investments LLC acquired a new stake in Par Pacific during the second quarter worth about $26,294,000. Arrowstreet Capital Limited Partnership raised its position in Par Pacific by 89.9% during the second quarter. Arrowstreet Capital Limited Partnership now owns 1,438,677 shares of the company’s stock valued at $38,168,000 after acquiring an additional 681,190 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in Par Pacific by 376.0% in the second quarter. JPMorgan Chase & Co. now owns 459,641 shares of the company’s stock valued at $12,194,000 after acquiring an additional 363,085 shares during the period. 92.15% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Piper Sandler set a $57.00 price objective on shares of Par Pacific in a research note on Monday, January 12th. Wall Street Zen upgraded shares of Par Pacific from a “buy” rating to a “strong-buy” rating in a research report on Sunday, February 15th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Par Pacific in a report on Monday, December 29th. UBS Group increased 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. Finally, Zacks Research cut Par Pacific from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 16th. Four equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $44.00.

Par Pacific Stock Performance

NYSE:PARR opened at $42.81 on Friday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.48 and a current ratio of 1.51. The company has a fifty day moving average of $38.19 and a two-hundred day moving average of $37.52. The stock has a market capitalization of $2.15 billion, a PE ratio of 9.01 and a beta of 1.23. Par Pacific Holdings, Inc. has a fifty-two week low of $11.86 and a fifty-two week high of $48.40.

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.