Tallgrass Energy Partners LP (TEP) Shares Up 1.9%
Tallgrass Energy Partners LP (NYSE:TEP) shares shot up 1.9% during mid-day trading on Tuesday . The company traded as high as $46.18 and last traded at $46.07, with a volume of 299,722 shares. The stock had previously closed at $45.23.
A number of brokerages have recently issued reports on TEP. Citigroup Inc. boosted their price target on shares of Tallgrass Energy Partners from $41.00 to $46.00 and gave the stock a “buy” rating in a research note on Tuesday, May 3rd. Barclays PLC boosted their price objective on shares of Tallgrass Energy Partners from $36.00 to $49.00 and gave the stock an “equal weight” rating in a report on Monday, May 2nd. Royal Bank Of Canada boosted their price objective on shares of Tallgrass Energy Partners from $40.00 to $47.00 and gave the stock an “outperform” rating in a report on Friday, April 29th. Credit Suisse Group AG reissued an “outperform” rating and set a $60.00 price objective (up previously from $54.00) on shares of Tallgrass Energy Partners in a report on Thursday, May 19th. Finally, Zacks Investment Research raised shares of Tallgrass Energy Partners from a “strong sell” rating to a “hold” rating in a report on Thursday, May 5th. Seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $51.70.
The stock’s 50-day moving average is $45.50 and its 200 day moving average is $39.73. The stock has a market cap of $3.32 billion and a price-to-earnings ratio of 25.77.
Tallgrass Energy Partners (NYSE:TEP) last released its quarterly earnings data on Thursday, April 28th. The company reported $0.35 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.53 by $0.18. The company had revenue of $145.40 million for the quarter, compared to analyst estimates of $147.95 million. During the same quarter in the previous year, the business posted $0.46 earnings per share. The firm’s revenue for the quarter was up 26.8% on a year-over-year basis. On average, analysts forecast that Tallgrass Energy Partners LP will post $2.25 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 12th. Investors of record on Friday, July 29th will be issued a $0.755 dividend. The ex-dividend date of this dividend is Wednesday, July 27th. This is a boost from Tallgrass Energy Partners’s previous quarterly dividend of $0.71. This represents a $3.02 dividend on an annualized basis and a dividend yield of 6.56%.
In other news, CEO David G. Dehaemers, Jr. acquired 5,300 shares of the company’s stock in a transaction that occurred on Thursday, May 26th. The shares were acquired at an average price of $45.11 per share, with a total value of $239,083.00. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO David G. Dehaemers, Jr. acquired 7,500 shares of the company’s stock in a transaction that occurred on Friday, May 27th. The stock was purchased at an average cost of $43.45 per share, for a total transaction of $325,875.00. The disclosure for this purchase can be found here.
Several hedge funds have recently added to or reduced their stakes in the company. Penserra Capital Management LLC purchased a new stake in Tallgrass Energy Partners during the fourth quarter worth $1,265,000. PNC Financial Services Group Inc. boosted its stake in Tallgrass Energy Partners by 2.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 59,021 shares of the company’s stock worth $2,432,000 after buying an additional 1,680 shares during the period. Jennison Associates LLC boosted its stake in Tallgrass Energy Partners by 75.5% in the fourth quarter. Jennison Associates LLC now owns 303,655 shares of the company’s stock worth $12,514,000 after buying an additional 130,606 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in Tallgrass Energy Partners by 10.5% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 883,815 shares of the company’s stock worth $36,422,000 after buying an additional 83,691 shares during the period. Finally, RR Advisors LLC boosted its stake in Tallgrass Energy Partners by 7.2% in the fourth quarter. RR Advisors LLC now owns 1,513,000 shares of the company’s stock worth $62,349,000 after buying an additional 102,000 shares during the period.
Tallgrass Energy Partners, LP owns, operates, acquires and develops midstream energy assets in North America. The Company operates through three segments: Crude Oil Transportation & Logistics, which includes the ownership and operation of a crude oil pipeline system; Natural Gas Transportation & Logistics, which includes the ownership and operation of Federal Energy Regulatory Commission-regulated interstate natural gas pipelines and integrated natural gas storage facilities, and Processing & Logistics, which includes the ownership and operation of natural gas processing, treating and fractionation facilities, the provision of water business services primarily to the oil and gas exploration and production industry and the transportation of natural gas liquid (NGLs).
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