Par Pacific Holdings’ (NASDAQ:PARR) Buy Rating Reaffirmed at Cowen and Company

Par Pacific Holdings, Inc. (NASDAQ:PARR)‘s stock had its “buy” rating reiterated by Cowen and Company in a research note issued on Tuesday, October 17th. They currently have a $20.00 price objective on the stock. Cowen and Company’s price objective points to a potential downside of 4.76% from the stock’s current price.

A number of other brokerages also recently issued reports on PARR. Zacks Investment Research downgraded shares of Par Pacific Holdings from a “hold” rating to a “sell” rating in a research report on Thursday, July 6th. Seaport Global Securities raised shares of Par Pacific Holdings from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $19.00 to $22.00 in a research report on Monday, September 11th.

Par Pacific Holdings (NASDAQ PARR) remained flat at $$21.00 during trading hours on Tuesday. 498,700 shares of the company’s stock were exchanged, compared to its average volume of 573,843. Par Pacific Holdings has a 1 year low of $12.96 and a 1 year high of $21.94.

Par Pacific Holdings (NASDAQ:PARR) last posted its quarterly earnings results on Monday, August 7th. The company reported $0.24 EPS for the quarter, beating the Zacks’ consensus estimate of $0.22 by $0.02. The firm had revenue of $564.25 million for the quarter, compared to the consensus estimate of $600.80 million.

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In other news, major shareholder Whitebox Advisors Llc sold 38,405 shares of the company’s stock in a transaction dated Friday, October 20th. The shares were sold at an average price of $20.53, for a total value of $788,454.65. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders sold a total of 3,127,770 shares of company stock worth $61,941,485 over the last ninety days.

Several large investors have recently added to or reduced their stakes in PARR. TIAA CREF Investment Management LLC grew its position in Par Pacific Holdings by 13.1% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 145,976 shares of the company’s stock valued at $2,633,000 after purchasing an additional 16,885 shares during the last quarter. Nine Chapters Capital Management LLC purchased a new stake in Par Pacific Holdings during the 3rd quarter valued at about $693,000. Rubric Capital Management LP grew its position in Par Pacific Holdings by 1.6% during the 2nd quarter. Rubric Capital Management LP now owns 640,000 shares of the company’s stock valued at $11,546,000 after purchasing an additional 10,000 shares during the last quarter. Kennedy Capital Management Inc. grew its position in Par Pacific Holdings by 132.2% during the 2nd quarter. Kennedy Capital Management Inc. now owns 128,957 shares of the company’s stock valued at $2,326,000 after purchasing an additional 73,429 shares during the last quarter. Finally, JPMorgan Chase & Co. purchased a new stake in Par Pacific Holdings during the 2nd quarter valued at about $1,449,000.

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