# Par Pacific Holdings, Inc. (PARR)

> Source: Nexqual · https://nexqual.com/PARR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Par Pacific Holdings, Inc. (PARR), nexqual.com/PARR" · informational, not investment advice.

**Price:** USD 80.18 (-5.34% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 84.7 · day 79.57–85.26 · 52w 34.37–90.74 · market cap $4.02B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $8.62B, net income $857M (9.9% margin), free cash flow $412M (SEC filings).
- Valuation: P/E 4.7x (avg 4.0x at the last 2 fiscal year-ends), EV/EBITDA 3.5x, net debt $554M.
- 1 of 80 tracked superinvestors hold PARR (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 8 Form 4 filings, $16.4M; 8 not under a Rule 10b5-1 plan ($16.4M); 2 by opportunistic insiders (2 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.14 on a 1–5 scale) (7 analysts), mean target USD 95.14 (range 85–117).
- Total return with dividends: 1Y +99.1% vs S&P 500 +14.9%; 5Y +389.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 6.63, revenue estimate $2.19B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.71B | $7.32B | $8.23B | $7.97B | $7.46B | $8.62B |
| Operating income | -$7.6M | $438M | $680M | $47.6M | $539M | $1.16B |
| Net income | -$81.3M | $364M | $729M | -$33.3M | $369M | $857M |
| EPS (diluted) | -$1.40 | $6.08 | $11.94 | -$0.59 | $7.16 | — |
| Free cash flow | -$57.2M | $400M | $497M | -$51.8M | $296M | $412M |
| Operating margin | -0.2% | 6.0% | 8.3% | 0.6% | 7.2% | 13.4% |
| Net margin | -1.7% | 5.0% | 8.9% | -0.4% | 4.9% | 9.9% |
| Revenue growth | +50.7% | +55.4% | +12.4% | -3.1% | -6.4% | — |
| Cash + short-term investments | $112M | $491M | $279M | $192M | $164M | — |
| Total debt | $565M | $506M | $651M | $1.11B | $803M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 4.7x · P/S 0.5x · EV/EBITDA 3.5x · EV/Sales 0.5x · P/FCF 9.7x · P/B 2.0x · FCF yield 10.27% · Earnings yield 21.33% · Buyback yield (TTM) 2.02% · Net debt $554M · EV $4.57B
P/E at fiscal year-ends: Dec 2025 4.9x, Dec 2023 3.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold PARR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Pacific Advisors |  | 0.02% | $1.3M | Reduced -27.4% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 8 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-11 | Pitkin Terrill | SVP, Planning & Commercial | 3,815 | $322K | 10.9% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-10 | Clossey Timothy | Director | 10,970 | $921K | 17.6% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-02…2026-09-03 | Monteleone William | President and CEO | 66,801 | $5.5M | 12.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-17…2026-08-18 | Pate William | Director | 89,500 | $7.3M | 17.9% | No | Too little history (no open-market trades in 2025) |
| 2026-08-14…2026-08-17 | Clossey Timothy | Director | 13,436 | $1.1M | 17.7% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-17 | Guerra Ivan Daniel | Chief Accounting Officer | 2,133 | $176K | 16.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-07 | Mattiussi Danielle | See Remarks | 3,278 | $221K | 10.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-06 | Creamer Richard | EVP - Refining and Logistics | 14,139 | $957K | 24.8% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.14 on a 1–5 scale), 7 analysts; mean target USD 95.14 (low 85, high 117).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Goldman Sachs | Downgrade | Buy → Neutral | $90 → $94 |
| 2026-09-14 | Raymond James | Target raised | Outperform | $90 → $104 |
| 2026-08-11 | Mizuho | Target raised | Outperform | $80 → $85 |
| 2026-08-07 | TD Cowen | Target lowered | Buy | $100 → $95 |
| 2026-07-23 | Goldman Sachs | Target raised | Buy | $77 → $92 |
| 2026-07-21 | TD Cowen | Target raised | Buy | $78 → $100 |
| 2026-07-13 | Raymond James | Target raised | Outperform | $80 → $85 |
| 2026-07-09 | Mizuho | Target raised | Outperform | $79 → $80 |
| 2026-07-08 | UBS | Target raised | Neutral | $60 → $65 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +99.1% | +389.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +99.5% | +37.3% |
| Volatility (annualized) | 57.6% | 50.8% |
| Max drawdown | -26.7% (May 2026→Jun 2026) | -67.5% (Feb 2024→Mar 2025) |

## Peers (Oil & Gas Refining & Marketing)
IEP (Icahn Enterprises L.P. - Deposi) USD 6.13 -0.33% · DK (Delek US Holdings, Inc.) USD 75.79 -3.11% · DKL (Delek Logistics Partners, L.P.) USD 56.91 +0.25% · CVI (CVR Energy Inc.) USD 58.63 -3.46% · UGP (Ultrapar Participacoes S.A. (Ne) USD 7.8 -2.13% · WKC (World Kinect Corporation) USD 36.5 +0.52%

## More
Full page: https://nexqual.com/PARR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PARR's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/821483/000082148326000005/parr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Citigroup Energy | "We have the Inventory Intermediation Agreement with Citigroup Energy Inc. ("Citi"), pursuant to which Citi will purchase and deliver crude oil to our Hawaii refinery." |
| Partner | Hawaii Renewables | "On July 21, 2025, we and Hawaii Renewables, LLC ("Hawaii Renewables"), entered into a definitive Equity Contribution Agreement (the "Equity Contribution Agreement") with Alohi Renewable Energy LLC ("Alohi"), an entity ow…" |
| Partner | Alohi Renewable Energy | "On October 21, 2025, we established a joint venture with Alohi Renewable Energy LLC ("Alohi"), for the development, construction, ownership, and operation of the Renewable Fuels Facility." |
| Partner | Yellowstone Energy | "As of December 31, 2025, through the Billings Acquisition (as defined in "Note 6—Acquisitions" under Item 8 of this Annual Report on Form 10-K), we own a 65% and a 40% equity investment in Yellowstone Energy Limited Part…" |
| Partner | ExxonMobil (XOM) | "On October 20, 2022, we and our subsidiaries Par Montana, LLC ("Par Montana") and Par Montana Holdings, LLC ("Par Montana Holdings"), entered into an equity and asset purchase agreement (as amended to include Par Rocky M…" |
| Partner | Mitsubishi Corporation and ENEOS | "On July 21, 2025, we and Hawaii Renewables, LLC ("Hawaii Renewables"), entered into a definitive Equity Contribution Agreement (the "Equity Contribution Agreement") with Alohi Renewable Energy LLC ("Alohi"), an entity ow…" |
| Partner | Merrill Lynch Commodities | "Prior to December 31, 2023, we were a party to the Washington Refinery Intermediation Agreement with MLC, which provided a structured financing arrangement based on U.S. Oil's crude oil and refined products inventories a…" |
| Competitor | Costco (COST) | "Our Hawaii competitors include the Shell, Texaco, Costco, Safeway, and Sam's Club national brands, regional brand Aloha, and other local retailers." |
| Competitor | Chevron (CVX) | "Competitors of our Pacific Northwest retail assets include the Chevron, Exxon, Conoco, Safeway, and Costco national brands, regional brands such as Maverik, Holiday, and Fred Meyer, and other local retail brands." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Refining | $2.91B | 97.9% | +59.1% | $629.9M | 21.7% |
| Retail | $181.5M | 6.1% | +23.8% | $14.6M | 8.0% |
| Logistics | $79.6M | 2.7% | +9.0% | $22.5M | 28.3% |
| Total revenue | $2.97B | 100% | — | $634.6M | 21.4% |
The lines above cover 106.6% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Fuel Revenue | $2.85B | 96.0% | +58.4% |
| — Distillates (part of Fuel Revenue) | $1.31B | 44.2% | +80.4% |
| — Gasoline (part of Fuel Revenue) | $958.0M | 32.3% | +40.8% |
| — Other Refined Products (part of Fuel Revenue) | $580.1M | 19.5% | +47.9% |
| Other Revenues | $55.1M | 1.9% | +105.2% |
| Other Revenue | $55.1M | 1.9% | +105.2% |
| Total revenue | $2.97B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 12% of revenue from unnamed direct customers (10-K, filed 2026-02-25).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $6.63 | $4.19 | +58.1% | $2.19B | 6 |
| Next quarter (ends 2026-12-31) | $6.98 | $3.09 | +125.7% | $2.43B | 6 |
| Current fiscal year (ends 2026-12-31) | $24.45 | $16.10 | +51.9% | $9.41B | 6 |
| Next fiscal year (ends 2027-12-31) | $16.35 | $11.34 | +44.1% | $8.21B | 6 |