The biggest losses in refining and marketing
In this series on the biggest movers in the energy sector this week, we’ll look now at the stocks with the biggest losses in the refining and marketing sector in the United States. To compile the list of the ones who gained and lost the most, we’ve selected refining and marketing energy companies with market capitalizations greater than $100 million and a weekly average volume greater than 100,000 shares.
Par Pacific Holdings: The bottom for refining and marketing
Par Pacific Holdings (PARR) is at the bottom of the list in the refining and marketing sector this week. It fell marginally from last week’s close of $17.34 to $17.27 on March 27, or by 0.4%. The downward move in Par Pacific Holdings is partially due to the consolidation around its 50-day moving average. As of March 27, 2018, PARR is trading at $17.27, whereas its 50-day and 200-day moving averages are $17.92 and $18.74, respectively.
On March 23, 2018, Par Pacific Holdings announced the acquisition of 33 Cenex Zip Trip retail locations in Washington and Idaho for $70 million plus the agreed value of inventory. In the first full year of operations, PARR expects an adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) of $7 million–$7.5 million from the acquired stores.
Another refining and marketing company that lagged in the current week is CVR Refining (CVRR), which fell marginally by 0.4%. The PowerShares Dynamic Energy Exploration and Production ETF (PXE) fell 0.1% this week. PXE’s top holdings include refining companies Valero Energy (VLO), Phillips 66 (PSX), and Marathon Petroleum (MPC).
Next, we’ll take a look at the companies that gained this week in the integrated energy sector.