Zacks Investment Research Lowers Par Pacific (PARR) to Hold

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Zacks Investment Research downgraded shares of Par Pacific (NYSEAMERICAN:PARR) from a buy rating to a hold rating in a research note released 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. “

A number of other analysts have also issued reports on the stock. Oppenheimer started coverage on shares of Par Pacific in a research note on Thursday, December 6th. They set an outperform rating and a $22.00 price objective on the stock. CIBC started coverage on shares of Par Pacific in a research note on Friday, December 7th. They set an outperform rating and a $22.00 price objective on the stock.

Shares of PARR stock opened at $16.41 on Wednesday. Par Pacific has a fifty-two week low of $13.68 and a fifty-two week high of $21.34.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC increased its stake in shares of Par Pacific by 11.9% in the fourth quarter. Geode Capital Management LLC now owns 306,610 shares of the oil and gas company’s stock worth $4,347,000 after buying an additional 32,543 shares during the last quarter. Millennium Management LLC increased its stake in shares of Par Pacific by 1.0% in the fourth quarter. Millennium Management LLC now owns 65,331 shares of the oil and gas company’s stock worth $926,000 after buying an additional 670 shares during the last quarter. Thrivent Financial for Lutherans increased its stake in shares of Par Pacific by 11.6% in the fourth quarter. Thrivent Financial for Lutherans now owns 19,711 shares of the oil and gas company’s stock worth $280,000 after buying an additional 2,041 shares during the last quarter. Municipal Employees Retirement System of Michigan bought a new stake in shares of Par Pacific in the fourth quarter worth $295,000. Finally, Metropolitan Life Insurance Co. NY increased its stake in shares of Par Pacific by 376.2% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 12,038 shares of the oil and gas company’s stock worth $171,000 after buying an additional 9,510 shares during the last quarter. Institutional investors own 83.57% of the company’s stock.

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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