Par Petroleum Corp. (NYSE MKT: PARR) has joined the Russell 3000 Index after Russell Investments reconstituted its comprehensive set of US and global equity indexes on June 26. Inclusion in the Russell 3000 Index indicates that Par Petroleum, based upon its total market capitalization, will also automatically be included in the Russell 2000 Index for US small-cap stocks.
The annual reconstitution of Russell's US indexes captures the 4,000 largest US stocks as of the end of May, ranking them by total market capitalization. Membership in the Russell 3000 Index, which remains in place for one year, means automatic inclusion in either the large-cap Russell 1000 Index or small-cap Russell 2000 Index, as well as the appropriate growth and value style indexes. FTSE Russell, a global index provider, determines membership for its Russell indexes primarily by objective, market-capitalization rankings, and style attributes.