Tallgrass Energy Partners LP (TEP) Shares Up 1.8%
Shares of Tallgrass Energy Partners LP (NYSE:TEP) shot up 1.8% during trading on Friday . The stock traded as high as $48.91 and last traded at $48.22, with a volume of 74,695 shares changing hands. The stock had previously closed at $47.39.
Several brokerages have commented on TEP. Citigroup Inc. reissued a “buy” rating on shares of Tallgrass Energy Partners in a report on Wednesday, May 18th. Credit Suisse Group AG reissued an “outperform” rating and issued a $60.00 price objective (up from $54.00) on shares of Tallgrass Energy Partners in a report on Thursday, May 19th. Morgan Stanley restated a “hold” rating and issued a $53.00 target price on shares of Tallgrass Energy Partners in a research report on Wednesday, May 18th. Zacks Investment Research upgraded Tallgrass Energy Partners from a “hold” rating to a “buy” rating and set a $52.00 target price on the stock in a research report on Wednesday, July 20th. Finally, Barclays PLC raised their target price on Tallgrass Energy Partners from $49.00 to $52.00 and gave the company an “equal weight” rating in a research report on Thursday, July 28th. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Tallgrass Energy Partners has an average rating of “Hold” and a consensus target price of $52.90.
The company has a 50-day moving average price of $45.87 and a 200 day moving average price of $40.88. The company has a market cap of $3.51 billion and a PE ratio of 22.02.
Tallgrass Energy Partners (NYSE:TEP) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.35. During the same period in the prior year, the company earned $0.55 EPS. The company had revenue of $146.90 million for the quarter, compared to the consensus estimate of $147.34 million. The firm’s revenue was up 10.5% on a year-over-year basis. Analysts forecast that Tallgrass Energy Partners LP will post $2.33 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 12th. Stockholders of record on Friday, July 29th will be given a dividend of $0.755 per share. This is a boost from Tallgrass Energy Partners’s previous quarterly dividend of $0.71. This represents a $3.02 annualized dividend and a dividend yield of 6.21%. The ex-dividend date is Wednesday, July 27th.
In other Tallgrass Energy Partners news, CEO David G. Dehaemers, Jr. bought 7,500 shares of the firm’s stock in a transaction that occurred on Friday, May 27th. The stock was acquired at an average price of $43.45 per share, with a total value of $325,875.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO David G. Dehaemers, Jr. bought 5,300 shares of the firm’s stock in a transaction that occurred on Thursday, May 26th. The stock was acquired at an average cost of $45.11 per share, with a total value of $239,083.00. The disclosure for this purchase can be found here.
An institutional investor recently raised its position in Tallgrass Energy Partners stock. Jennison Associates LLC raised its position in shares of Tallgrass Energy Partners LP (NYSE:TEP) by 75.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 303,655 shares of the company’s stock after buying an additional 130,606 shares during the period. Jennison Associates LLC owned 0.50% of Tallgrass Energy Partners worth $12,514,000 at the end of the most recent reporting 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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