A Look At Whitebox Advisors Top Equity Holdings As It Prepares To Close Down Its Mutual Fund Unit

#1 Par Pacific Holdings, Inc. (NYSEMKT:PARR)

– Shares Owned by Whitebox Advisors (as of September 30): 792,500

– Value of Holding (as of September 30): $114.9 Million

Finally, even though Par Pacific Holdings, Inc. (NYSEMKT:PARR) [formerly Par Petroleum Corporation] is the only stock among the top five in which Whitebox Advisors slightly reduced its stake (by 2%) during the third quarter, it continued to remain the firm’s largest equity holding at the end of September. On October 14, the company announced that it would change its name to Par Pacific Holdings, Inc. (NYSEMKT:PARR) from Par Petroleum Corporation effective from October 20. Since it became Par Pacific Holdings, Inc. (NYSEMKT:PARR), the company’s stock has moved up by 9%.

Even otherwise, Par Pacific Holdings is among the few energy sector stocks that had a decent run in 2015 and ended the year with gains of 47.12%. This year too, unlike other energy sector stocks, Par Pacific Holdings has largely been resilient to the fall in crude prices and is currently trading flat. Interestingly, despite the rise that the stock has had and despite being among the few energy sector companies that can still boast of positive earnings, Par Pacific Holdings’ stock is still trading at a reasonable valuation of 12.62 times its forward earnings.

On November 4, the company reported its third-quarter results, declaring EPS of $0.39 on revenue of $495.5 million, compared to a loss of $1.19 per share on revenue of $854.29 million posted for the same quarter a year earlier. For the fourth quarter, analysts expect the company to deliver EPS of $0.38 on revenue of $528 million. Billionaire Jim Simons‘ Renaissance Technologies reduced its stake in the company by 33,437 shares to 97,500 shares during the third quarter.

Disclosure: None