Par Pacific Holdings, Inc. (PARR) Sees Large Increase in Short Interest
Par Pacific Holdings, Inc. (NYSEAMERICAN:PARR) saw a significant growth in short interest in the month of November. As of November 30th, there was short interest totalling 3,270,351 shares, a growth of 4.7% from the November 15th total of 3,123,413 shares. Approximately 7.3% of the company’s stock are short sold. Based on an average daily trading volume, of 341,764 shares, the short-interest ratio is presently 9.6 days.
In related news, major shareholder Whitebox Advisors Llc sold 394,022 shares of the stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $18.49, for a total value of $7,285,466.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 2,606,032 shares of company stock valued at $52,714,237 in the last ninety days. Company insiders own 2.80% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. GSA Capital Partners LLP raised its position in shares of Par Pacific by 31.1% during the 3rd quarter. GSA Capital Partners LLP now owns 74,743 shares of the oil and gas company’s stock worth $1,555,000 after purchasing an additional 17,736 shares during the period. Sterling Capital Management LLC bought a new stake in shares of Par Pacific during the 3rd quarter worth $910,000. Cornerstone Capital Management Holdings LLC. bought a new stake in shares of Par Pacific during the 3rd quarter worth $706,000. Highbridge Capital Management LLC bought a new stake in shares of Par Pacific during the 3rd quarter worth $461,000. Finally, Jane Street Group LLC bought a new stake in shares of Par Pacific during the 3rd quarter worth $272,000. Institutional investors and hedge funds own 83.57% of the company’s stock.
Par Pacific (NYSEAMERICAN:PARR) last announced its quarterly earnings data on Monday, November 6th. The oil and gas company reported $0.55 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.07. Par Pacific had a return on equity of 17.03% and a net margin of 2.87%. The firm had revenue of $610.51 million for the quarter, compared to analysts’ expectations of $655.80 million. research analysts anticipate that Par Pacific will post 1.33 EPS for the current fiscal year.
PARR has been the subject of a number of analyst reports. Cowen reissued a “buy” rating and issued a $20.00 price target on shares of Par Pacific in a report on Thursday, August 17th. ValuEngine raised Par Pacific from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Seaport Global Securities upgraded Par Pacific from a “neutral” rating to a “buy” rating and upped their price objective for the company from $19.00 to $22.00 in a research note on Monday, September 11th. Mizuho restated a “buy” rating and set a $23.00 price objective on shares of Par Pacific in a research note on Friday, October 27th. Finally, Zacks Investment Research cut Par Pacific from a “buy” rating to a “strong sell” rating in a research note on Tuesday, November 14th. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $21.50.
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About Par Pacific
Par Pacific Holdings, Inc owns, manages, and maintains interests in energy and infrastructure businesses. It operates through three segments: Refining, Retail, and Logistics. The Refining segment operates a refinery that produces ultra-low sulfur diesel, gasoline, jet fuel, marine fuel, and other associated refined products.
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