Par Pacific Holdings, Inc. (PARR) Rating Lowered to Hold at Zacks Investment Research
Par Pacific Holdings, Inc. (NASDAQ:PARR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Par Pacific Holdings, Inc. manages and maintains interests in energy and infrastructure businesses. The company’s operating segment consists of refining, retail and logistics. It also markets and distributes crude oil from the Western United States and Canada to refining hubs in the Midwest, Gulf Coast, East Coast and to Hawaii. Par Pacific Holdings, Inc., formerly known as Par Petroleum Corporation, is headquartered in Houston, Texas. “
PARR has been the topic of several other reports. Miller Tabak upgraded shares of Par Pacific Holdings from a “hold” rating to a “strong-buy” rating and increased their target price for the stock from $24.00 to $25.30 in a report on Wednesday, August 3rd. Seaport Global Securities began coverage on shares of Par Pacific Holdings in a report on Thursday, September 8th. They set a “buy” rating and a $22.00 target price on the stock. Finally, Mizuho began coverage on shares of Par Pacific Holdings in a report on Wednesday, October 5th. They set a “buy” rating and a $20.00 target price on the stock. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Par Pacific Holdings presently has an average rating of “Buy” and a consensus price target of $20.66.
Par Pacific Holdings (NASDAQ:PARR) opened at 14.50 on Wednesday. The stock’s market capitalization is $597.08 million. The stock’s 50 day moving average is $13.66 and its 200 day moving average is $14.74. Par Pacific Holdings has a 12-month low of $12.18 and a 12-month high of $28.31.
In other news, major shareholder Chai Trust Co Llc purchased 190,913 shares of the stock in a transaction dated Thursday, September 22nd. The shares were acquired at an average cost of $12.25 per share, for a total transaction of $2,338,684.25. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Whitebox Advisors Llc sold 182,204 shares of the firm’s stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $13.32, for a total transaction of $2,426,957.28. The disclosure for this sale can be found here.
Hedge funds have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN boosted its stake in Par Pacific Holdings by 71.2% in the third quarter. Wells Fargo & Company MN now owns 12,583 shares of the company’s stock worth $164,000 after buying an additional 5,234 shares in the last quarter. Nomura Holdings Inc. purchased a new stake in Par Pacific Holdings during the second quarter worth $167,000. Citadel Advisors LLC purchased a new stake in Par Pacific Holdings during the third quarter worth $180,000. Schroder Investment Management Group boosted its stake in Par Pacific Holdings by 13.8% in the third quarter. Schroder Investment Management Group now owns 14,499 shares of the company’s stock worth $190,000 after buying an additional 1,759 shares in the last quarter. Finally, Alliancebernstein L.P. purchased a new stake in Par Pacific Holdings during the second quarter worth $193,000.
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