GetCoattail Research — The Filing Tape #182. Par Pacific Holdings through six filing lenses, as of the latest filings. Past patterns are not a promise of future results. For education only — not investment advice.
The Hype
Par Pacific sits one rung below the top of a list that is itself the hype. Zacks' "Best Stocks to Buy Now" page, updated October 24, 2026, lists Par Pacific (PARR) second — after Suncor Energy, the subject of the previous Filing Tape — at $77.15, with a 12-week price change of −10.20%, a forward PE of 2.87, projected one-year EPS growth of 255.60% and projected sales growth of 24.85% (Zacks). The page gives Par Pacific a Zacks Rank #1 (Strong Buy) with straight-A Value, Growth and Momentum scores. Its case rests on the operating business: 219,000 barrels per day of refining capacity, a distillate-focused refining portfolio, expanding retail and logistics operations, and a Hawaii renewables venture. Third-quarter results are due November 3, 2026.
The price tape behind the attention is a round trip, not a climb. Par Pacific closed 2025 at $35.14, rose to $62.64 by March 31, 2026, then fell 10.5% in Q2 to $56.08, recovered to $81.62 by September 30, and closed the price file on October 2 at $84.00 — 49.8% above its June 30 close and 139.0% above its 2025 year-end close. The daily refresh puts the October 23 close at $77.15 — the same figure as the Zacks list line — 8.2% below the October 2 close but still 37.6% above June 30. The question the filings let us ask: while the price fell in Q2 and then rebounded, what did the tracked holders and the company's own insiders actually do?
The Tape
| Lens | As of | What the filings show | Direction vs prior period |
|---|---|---|---|
| Superinvestors (13F) | Jun 30, 2026 | 1 of 147 tracked managers holds; 23,720 shares ($1.33M reported). First Pacific Advisors is 100%. | Sole holder cut −27.4%; no new holders; no exits |
| All institutions (13F) | Jun 30, 2026 | 370 filers hold 49,355,314 shares ($2.73B reported). | Shares +6.08%; filers +25; reported value −5.13% |
| Insiders (Form 4) | Oct 2, 2026 | 0 buys in any window; 13 sells ($16.44M) in 90 days; 32 sells ($31.44M) in the corpus. | Selling only, in every window |
| Congress | Oct 3, 2026 | No member of either chamber reported a Par Pacific trade in the window. | None |
| 13D/G | Aug 13, 2026 | Passive only: 10 filings, all 13G; two new 13Gs at Jun 30, 2026 (Invesco 5.5%, State Street 6.7%). | Vanguard and Pacer exited at 0.0% |
| Short interest | Sep 15, 2026 | 4,574,631 shares short, 9.13% of shares outstanding; 5.58 days to cover. | −2.3% vs Jun 30; +22.4% year over year; −26.3% from peak |
Chart: Par Pacific through six filing lenses — who is actually there?
Superinvestors. The tracked register for Par Pacific is the smallest possible: one holder. First Pacific Advisors holds 23,720 shares — $1,330,218 reported, 0.02% of its portfolio — and it is 100% of the tracked cohort. It cut 27.4% in Q2, from 32,651 shares in Q1 to 23,720 in Q2, a reduction of 8,931 shares. The label recomputes exactly from paired register rows (Q2 accession 0001377581-26-000007 against Q1 accession 0001377581-26-000005, with a 67-CUSIP overlap and a unique pairing), and both register reconciliations close with residual zero — the Q1 register holds exactly that one 32,651-share row, and the Q2 register exactly that one 23,720-share row. There are no new holders, no exits, and no September early filer holding Par Pacific. The June implied price ($56.08) matches the June 30 close ($56.08) exactly. The cohort is 0.05% of the full market's reported Par Pacific shares. One holder, trimming, is the whole tracked story — there is no second tracked name to dilute or contradict it.
All institutions. The broad market moved the other way. Filers rose by 25 to 370, of which 367 are long, and reported shares rose 6.08% (+2,829,918 shares to 49,355,314). Reported value fell 5.13% to $2.73 billion — not because institutions sold, but because the June 30 close ($56.08) sits below the March 31 close ($62.64), and value carries that price fall. Underneath, 354 filers entered and 329 exited, net +25. So while the single tracked holder cut more than a quarter of its position, the broad institutional market added shares. The tracked selling and the broad buying are both real; they simply point in opposite directions.
Insiders. This lens is one-directional in every window the corpus covers. In the 90 days to October 2, 2026, insiders filed 18 forms with 0 buys and 13 sells — 204,072 shares, $16,436,434.35, from 7 distinct sellers, including 6 officer sells. Over one year: 101 filings, 0 buys, 27 sells, 500,005 shares, $30,579,073.01. Across the whole corpus: 155 filings, 0 buys and 32 sells, 525,959 shares, $31,442,121.49, from 9 distinct sellers. The aggregate and an independent parsed-file scan for issuer CIK 821483 agree on every count and value. The statement is bounded precisely: no open-market purchase appears in any of the 155 Form 4 filings the corpus holds for this issuer (earliest January 7, 2025). It is not a claim about filings outside the corpus. The 90-day implied sell price ($80.54) sits inside the 90-day price range, so the sell values are consistent with the price tape rather than an artefact of bad prints.
Congress. Nothing to report, and the nothing is checked rather than assumed. Par Pacific has no row in any of the four congressional files within their stated windows — no combined row, no House row, no Senate row, and no member row — as of October 3, 2026. That is a zero-activity-in-window finding, not a claim that no member ever traded the stock outside those windows.
13D/G. The control register is passive-only but unusually fresh at the top. It holds 10 filings, all 13G, from 7 reporters, with no activist 13D. The two latest filings are both new initial 13Gs at the June 30, 2026 event date: Invesco Ltd., 2,745,999 shares at 5.5% (filed August 13, 2026) and STATE STREET CORPORATION, 3,345,818 shares at 6.7% (filed August 7, 2026). The maximum percentage in the register is older: BlackRock at 17.1% (9,564,662 shares, event December 31, 2024), stepped down to 13.8% at March 31, 2025, with no BlackRock filing in 2026 in the parsed register. Two former holders are gone: Vanguard, which rose from 7.63% to 10.33% through October 2025, filed at 0.0% on an event date of March 13, 2026; and the Pacer group, at 5.66% at December 2024, filed at 0.0% on an event date of March 31, 2025. The register's cross-date share total (47,124,538) sums rows from different dates and is not an economic total.
Short interest. The bear trade is large, calm, and flat. FINRA short interest stood at 4,574,631 shares at September 15, 2026, with 5.58 days to cover and 9.13% of the 50,099,627 shares outstanding (a July 30, 2026 count). That is 2.3% below June 30 (4,682,848), 22.4% above the year-ago figure (3,737,870), and 26.3% below the series peak of 6,206,484 shares at March 14, 2025. The last five settlements barely moved: 4,544,332 (July 15), 4,574,097 (July 31), 4,749,405 (August 14), 4,673,802 (August 31), 4,574,631 (September 15). The series is unusually calm — across 137 settlements there is not a single move over 2× or under 0.5× — so the 9.13% level reads as a standing position, not a spike.
Chart: PARR short interest — 137 FINRA settlements, January 2021 to September 2026.
Fundamentals context. The fundamentals record is complete on the fields quoted here: 50,099,627 shares outstanding as of July 30, 2026, revenue of $7,464,650,000, net income of $369,391,000 and assets of $3,833,689,000, all for FY2025, and a recorded market capitalisation of $4,354,158,766.04. Par Pacific is not a foreign private issuer, so no ADS-ratio caveat applies to the share count.
The Gap
The hype and the filing tape disagree about who is actually behind the name. The October story is a "Strong Buy" list name with straight-A scores, a refining business with a renewables venture, and a price 37.6% above its June close. The filings show that the entire tracked superinvestor presence is one fund, and that fund cut 27.4% in the quarter the price fell — it did not add into the rebound, and no other tracked fund joined. The company's own insiders, meanwhile, have not bought a share on the open market in any filing the corpus holds, while selling $16.44 million in the last 90 days. The broad institutional market did add shares in Q2 (+6.08%), so the tape is not uniformly negative — but the addition came from filers outside the tracked cohort, and the two fresh passive holders (Invesco, State Street) arrived at June 30 without any activist filing behind them.
Two lenses cannot arbitrate the rebound at all. Congress shows nothing in-window, so there is no politician signal either way. And the short-interest level — 9.13% of shares outstanding, flat for months — is high enough to notice but too calm to read as a squeeze setup or a capitulation. With only one tracked holder and no insider buying anywhere in the corpus, the rebound's filing verdict rests on the broad market's Q2 addition and the two new 13G holders — a thinner base than the "Strong Buy" label suggests.
What Would Change the Picture
Nothing above is a recommendation. It is a record. What would change it:
- 1. Q3 13F season (filings due by November 16, 2026). Watch whether First Pacific Advisors adds back to its 23,720-share position, and whether any tracked manager opens a first Par Pacific position — the register starts Q3 from one holder, so any entry is measurable against that base.
- 2. A first insider buy in the Form 4 corpus. Any open-market purchase would end a run of zero buys across all 155 filings the corpus holds; until one appears, the insider lens points one way only.
- 3. A new 13D or 13G. A BlackRock update (its last filing is from March 2025), a new holder above 5%, or any activist 13D would replace the current passive-only picture.
- 4. Short-interest direction. A fall back toward the June 30 level of 4,682,848 is already nearly the case; a rebuild above the March 14, 2025 peak of 6,206,484 — or a drop well below 4 million — would each tell a different story about the standing bear position.
- 5. Filings after the November 3 results. The third-quarter report will show up in the next round of filings before it shows up anywhere else.
As-of & Limits
| Lens | As of | Limit or note |
|---|---|---|
| Superinvestors (13F) | Jun 30, 2026 | 13F figures are as of June 30, 2026, the quarter-end. Funds have up to 45 days after quarter-end to file, so this is the most recent complete picture — and it is always a lagging one. The cohort is a single holder; percentages of the cohort are therefore 100% by construction. |
| All institutions (13F) | Jun 30, 2026 | Reported value includes option rows by definition; implied price ($55.35 in Q2) is not a price check. Value fell while shares rose because the June close sits below the March close. |
| Insiders (Form 4) | Oct 2, 2026 | Zero buys means zero buy transactions in the 155 Form 4 filings the corpus holds for issuer CIK 821483 (earliest January 7, 2025). It is not a claim about filings outside the corpus. |
| Congress | Oct 3, 2026 | Zero-activity-in-window finding only; windows are the files' stated windows, not all history. |
| 13D/G | Aug 13, 2026 | Passive only in the parsed register; no activist 13D. Total shares reported (47,124,538) sums reporter rows across dates and is not an economic total. |
| Short interest | Sep 15, 2026 | Shares-outstanding count as of Jul 30, 2026; the 9.13% ratio inherits that staleness. Series is calm (no move over 2× or under 0.5×) — read the level, not a spike. |
| Prices | Oct 23, 2026 (fresh close) | Price file ends Oct 2, 2026; the Oct 23 close ($77.15) and moves derived from it are cross-source (chart_stats) and labelled as such. |
| Fundamentals | FY2025 | Recorded market capitalisation uses the record's own price_close ($86.91 as of Oct 6, 2026), not the Oct 23 close, and is quoted only as the record's figure. |
Methodology & disclaimer: 13F holdings are long common shares unless stated; reported values include option rows for the all-institutions lens by definition. Short interest is FINRA twice-monthly settlements. Trading costs and taxes are not reflected in any figure. Past patterns are not a promise of future results. For education only — not investment advice.
This article describes filings and market data for education. It is not investment advice. Data: SEC EDGAR 13F (as of June 30, 2026, filed within 45 days), Form 4 corpus checked through October 2, 2026 (155 filings for issuer CIK 821483), House/Senate disclosures through October 3, 2026, SC 13D/G parsed register through August 13, 2026, FINRA short interest at September 15, 2026 settlement. 13F covers long positions of $100M+ managers only and is always a lagging picture. Trading costs and taxes are not reflected.
Related research: Six of 147: Dodge & Cox Is 90.4% of the Tracked Suncor Stake — and the Verified Cohort Cut 36.2% in Q2 · Zero of 147: The Superinvestors Hold No IonQ — and the One They Held Exited in Q2 · Track the tape on Par Pacific's stock page and the 13F filing season hub.
Revision history: v1.0 — October 25, 2026. Initial publication. Signals and lens aggregates: parr_lens_data.csv. Short-interest series: parr_short_interest_series.csv.
Past patterns are not a promise of future results. For education only — not investment advice.