Par Pacific's Recent Share Offering And Price Decline Doesn't Make It Any Less Valuable

It's been a wild few weeks for Par Pacific Holdings (PARR).After a major move to the upside caused by strong Q3 results, PARR plummeted almost 14% on November 23rd on news of a brand new share offering.PARR announced that it was selling 3.4M common shares at $22/share in a registered direct offering. At $22, these shares were priced at over a 20% discount to the stock's closing price a day before. PARR was able to raise approximately $73.74 million with this offering.The market's immediate reaction to this news was to sell-off. PARR has since declined further and is now hovering around $22.We believe the reaction to the share offering was overdone and that the price decline is providing a great buying opportunity at a discounted rate. We think the decline is only temporary and that the price should rebound and break to new highs. We maintain a price target of $34, nearly a 55% premium to the current price near $22. (Keep reading....)