Tallgrass Energy Partners LP (TEP) Stock Price Down 1%
Tallgrass Energy Partners LP (NYSE:TEP)’s share price traded down 1% on Tuesday . The company traded as low as $46.64 and last traded at $47.22, with a volume of 123,193 shares changing hands. The stock had previously closed at $47.71.
A number of equities analysts have weighed in on the stock. Citigroup Inc. upped their price objective on shares of Tallgrass Energy Partners from $41.00 to $46.00 and gave the company a “buy” rating in a research report on Tuesday, May 3rd. Royal Bank Of Canada increased their price target on shares of Tallgrass Energy Partners from $40.00 to $47.00 and gave the stock an “outperform” rating in a research report on Friday, April 29th. Zacks Investment Research cut shares of Tallgrass Energy Partners from a “hold” rating to a “strong sell” rating in a research report on Wednesday, April 27th. Morgan Stanley reaffirmed a “hold” rating and set a $53.00 price target on shares of Tallgrass Energy Partners in a research report on Wednesday, May 18th. Finally, Barclays PLC increased their price target on shares of Tallgrass Energy Partners from $36.00 to $49.00 and gave the stock an “equal weight” rating in a research report on Monday, May 2nd. Eight investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $52.90.
The firm has a market cap of $3.39 billion and a PE ratio of 21.25. The firm has a 50 day moving average of $46.50 and a 200-day moving average of $41.79.
Tallgrass Energy Partners (NYSE:TEP) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $0.92 EPS for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.35. During the same quarter last year, the firm earned $0.55 earnings per share. The firm earned $146.90 million during the quarter, compared to analyst estimates of $147.34 million. Tallgrass Energy Partners’s quarterly revenue was up 10.5% on a year-over-year basis. Equities research analysts expect that Tallgrass Energy Partners LP will post $2.23 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, August 12th. Shareholders of record on Friday, July 29th were given a $0.755 dividend. This is an increase from Tallgrass Energy Partners’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Wednesday, July 27th. This represents a $3.02 dividend on an annualized basis and a yield of 6.43%.
In related news, CEO David G. Dehaemers, Jr. bought 5,300 shares of the company’s stock in a transaction on Thursday, May 26th. The stock was bought at an average cost of $45.11 per share, with a total value of $239,083.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David G. Dehaemers, Jr. bought 7,500 shares of the company’s stock in a transaction on Friday, May 27th. The stock was bought at an average cost of $43.45 per share, with a total value of $325,875.00. The disclosure for this purchase can be found here.
An institutional investor recently raised its position in Tallgrass Energy Partners stock. Jennison Associates LLC increased its position in 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 fund owned 303,655 shares of the company’s stock after buying an additional 130,606 shares during the period. Jennison Associates LLC owned about 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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