JPMorgan Chase & Co. Reduces Stake in Par Pacific Holdings, Inc. (NYSE:PARR)

JPMorgan Chase & Co. lowered its stake in Par Pacific Holdings, Inc. (NYSE:PARR - Free Report) by 49.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 146,206 shares of the company's stock after selling 144,484 shares during the period. JPMorgan Chase & Co. owned 0.26% of Par Pacific worth $2,573,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Quarry LP grew its holdings in Par Pacific by 610.5% during the 2nd quarter. Quarry LP now owns 2,359 shares of the company's stock worth $60,000 after acquiring an additional 2,027 shares during the last quarter. FMR LLC increased its holdings in Par Pacific by 126.7% in the third quarter. FMR LLC now owns 8,634 shares of the company's stock valued at $152,000 after purchasing an additional 4,826 shares during the period. MQS Management LLC bought a new position in Par Pacific during the 3rd quarter worth $185,000. Verition Fund Management LLC acquired a new position in Par Pacific during the 3rd quarter worth about $197,000. Finally, iSAM Funds UK Ltd acquired a new position in Par Pacific during the 3rd quarter worth about $212,000. Institutional investors own 92.15% of the company's stock.

Insiders Place Their Bets

In related news, Director William Pate sold 67,700 shares of the firm's stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $16.22, for a total transaction of $1,098,094.00. Following the transaction, the director now directly owns 524,610 shares of the company's stock, valued at $8,509,174.20. This trade represents a 11.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.40% of the company's stock.

Analysts Set New Price Targets

PARR has been the subject of a number of analyst reports. The Goldman Sachs Group lowered their price objective on Par Pacific from $26.00 to $23.00 and set a "neutral" rating for the company in a research report on Thursday, December 19th. JPMorgan Chase & Co. cut their target price on Par Pacific from $27.00 to $26.00 and set an "overweight" rating on the stock in a research report on Thursday, January 16th. Mizuho downgraded Par Pacific from an "outperform" rating to a "neutral" rating and lowered their target price for the stock from $26.00 to $22.00 in a report on Monday, December 16th. Finally, StockNews.com raised Par Pacific from a "sell" rating to a "hold" rating in a research note on Thursday, November 14th. Seven research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $25.83.

Par Pacific Stock Down 2.5 %

Shares of PARR traded down $0.46 during trading hours on Tuesday, reaching $17.66. The stock had a trading volume of 897,433 shares, compared to its average volume of 871,244. The company has a market capitalization of $987.80 million, a price-to-earnings ratio of 3.42 and a beta of 2.00. The firm has a 50-day simple moving average of $16.86 and a 200 day simple moving average of $19.24. The company has a current ratio of 1.69, a quick ratio of 0.66 and a debt-to-equity ratio of 0.84. Par Pacific Holdings, Inc. has a 12 month low of $14.84 and a 12 month high of $40.69.

Par Pacific (NYSE:PARR - Get Free Report) last released its quarterly earnings data on Monday, November 4th. The company reported ($0.10) earnings per share for the quarter, beating analysts' consensus estimates of ($0.12) by $0.02. Par Pacific had a net margin of 3.74% and a return on equity of 10.06%. The firm had revenue of $2.14 billion for the quarter, compared to analyst estimates of $1.88 billion. During the same period last year, the firm earned $3.15 earnings per share. The business's quarterly revenue was down 16.9% compared to the same quarter last year. Equities research analysts predict that Par Pacific Holdings, Inc. will post 1.12 earnings per share for the current fiscal year.

Par Pacific 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.