William Monteleone, President and CEO of Par Pacific Holdings, Inc. (NYSE:PARR), recently executed a significant stock sale. On December 16, Monteleone sold 26,507 shares of common stock at a weighted average price of $15.81, totaling approximately $419,075. The shares were sold in multiple transactions, with prices ranging from $15.65 to $15.83. The stock, currently trading at $16, sits well below its 52-week high of $40.70, and InvestingPro analysis suggests the company is currently undervalued.
In addition to the sale, Monteleone acquired 27,740 shares through the exercise of stock options at a price of $14.60 per share, totaling $405,004. These transactions reflect Monteleone's strategic management of his holdings in the company. Following these transactions, Monteleone holds 357,374 shares of Par Pacific. Trading at just 2.96 times earnings, the company presents an interesting value proposition. Discover more insights and 12 additional key indicators with InvestingPro's comprehensive research report.
In other recent news, Par Pacific Holdings experienced 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, the company achieved a record refining throughput of 198,000 barrels per day and a 3.8% increase in merchandise sales.
Mizuho (NYSE:MFG) downgraded Par Pacific's stock rating from Outperform to Neutral due to anticipated weaker crack spreads and upcoming refinery capacity shutdowns. The firm also pointed out the potential negative impact on Par Pacific's profitability in Hawaii, which represents approximately 43% of the company's total capacity.
Par Pacific expanded its term loan credit agreement by $100 million, strengthening its financial position. The company also announced the upcoming resignation of board member Mr. Anthony Chase, effective November 15, 2024, creating a vacancy on both the Board of Directors and its Nominating and Corporate Governance Committee.
Looking to the future, Par Pacific plans to cut its fixed operating expenses by $30 million to $40 million in 2025 to improve market resilience. Additionally, the company is investing in a Sustainable Aviation Fuel (SAF) project in Hawaii as part of its strategic growth initiatives. These are the recent developments that reflect the company's focus on operational efficiency, cost reduction, and strategic growth.
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