Par Pacific director William Pate sells $1.1 million in inventory

HOUSTON—William Pate, a director at Par Pacific Holdings, Inc. (NYSE:PARR), has offered a good portion of his holdings within the firm. Based on a current SEC submitting, Pate offered 67,700 shares of frequent inventory on December 12, 2024, at a median worth of $16.22 per share. The entire worth of this transaction quantities to roughly $1.1 million. The sale comes amid a difficult yr for PARR’s inventory, which has declined over 54% year-to-date, although InvestingPro evaluation suggests the inventory is presently undervalued with a P/E ratio of simply 3.04.

Previous to this sale, Pate exercised inventory choices to amass 71,918 shares at a worth of $14.60 per share. This transaction was a part of a deliberate train because of the impending expiration of the choices on February 27, 2025. For deeper insights into PARR’s valuation metrics and 12 further unique ProTips, take into account exploring InvestingPro, which provides complete evaluation of the corporate’s monetary well being and future prospects.

After these transactions, Pate’s direct possession in Par Pacific stands at 524,610 shares, representing a big stake within the firm, which presently has a market capitalization of $914 million. The corporate’s inventory is listed on the New York Inventory Alternate beneath the ticker image PARR.

In different current information, Par Pacific Holdings, Inc. has seen vital developments. The corporate reported blended outcomes for the third quarter of 2024, with an adjusted EBITDA of $51 million and an adjusted internet lack of $0.10 per share. Regardless of a slight decline in same-store gasoline volumes, Par Pacific achieved a file refining throughput of 198,000 barrels per day and a 3.8% enhance in merchandise gross sales.

Par Pacific has additionally introduced a rise in its time period mortgage credit score settlement by $100 million, bringing the whole preliminary principal stability to $650 million. This enhance is designated for normal company functions, with the extra funding anticipated to be executed round November 2024.

In different firm information, board member Mr. Anthony Chase introduced his upcoming resignation, efficient November 2024, because of private causes. This departure will create a emptiness on each the Board of Administrators and its Nominating and Company Governance Committee.

Wanting forward, Par Pacific plans to chop its mounted working bills by $30 million to $40 million in 2025 to enhance market resilience. As a part of its strategic development initiatives, the corporate is investing in a Sustainable Aviation Gasoline (SAF) venture in Hawaii. These are current developments that mirror the corporate’s concentrate on operational effectivity, price discount, and strategic development.

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