HOUSTON—William Pate, a director at Par Pacific Holdings, Inc. (NYSE:PARR), has sold a significant portion of his holdings in the company. According to a recent SEC filing, Pate sold 67,700 shares of common stock on December 12, 2024, at an average price of $16.22 per share. The total value of this transaction amounts to approximately $1.1 million. The sale comes amid a challenging year for PARR's stock, which has declined over 54% year-to-date, though InvestingPro analysis suggests the stock is currently undervalued with a P/E ratio of just 3.04.
Prior to this sale, Pate exercised stock options to acquire 71,918 shares at a price of $14.60 per share. This transaction was part of a planned exercise due to the impending expiration of the options on February 27, 2025. For deeper insights into PARR's valuation metrics and 12 additional exclusive ProTips, consider exploring InvestingPro, which offers comprehensive analysis of the company's financial health and future prospects.
After these transactions, Pate's direct ownership in Par Pacific stands at 524,610 shares, representing a significant stake in the company, which currently has a market capitalization of $914 million. The company's stock is listed on the New York Stock Exchange under the ticker symbol PARR.
In other recent news, Par Pacific Holdings, Inc. has seen significant developments. The company reported mixed results for the third quarter of 2024, with an adjusted EBITDA of $51 million and an adjusted net loss of $0.10 per share. Despite a slight decline in same-store fuel volumes, Par Pacific achieved a record refining throughput of 198,000 barrels per day and a 3.8% increase in merchandise sales.
Par Pacific has also announced an increase in its term loan credit agreement by $100 million, bringing the total initial principal balance to $650 million. This increase is designated for general corporate purposes, with the additional funding expected to be executed around November 2024.
In other company news, board member Mr. Anthony Chase announced his upcoming resignation, effective November 2024, due to personal reasons. This departure will create a vacancy on both the Board of Directors and its Nominating and Corporate Governance Committee.
Looking ahead, Par Pacific plans to cut its fixed operating expenses by $30 million to $40 million in 2025 to improve market resilience. As part of its strategic growth initiatives, the company is investing in a Sustainable Aviation Fuel (SAF) project in Hawaii. These are recent developments that reflect the company's focus on operational efficiency, cost reduction, and strategic growth.
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