Tallgrass Energy Partners LP (TEP) Stock Price Down 1%
Tallgrass Energy Partners LP (NYSE:TEP)’s share price was down 1% during mid-day trading on Tuesday . The stock traded as low as $46.64 and last traded at $47.22, with a volume of 123,193 shares trading hands. The stock had previously closed at $47.71.
Several equities analysts have issued reports on TEP shares. Zacks Investment Research upgraded shares of Tallgrass Energy Partners from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a research note on Wednesday, July 20th. Citigroup Inc. restated a “buy” rating on shares of Tallgrass Energy Partners in a research note on Wednesday, May 18th. Credit Suisse Group AG restated a “buy” rating and issued a $61.00 price objective on shares of Tallgrass Energy Partners in a research note on Sunday, August 7th. Barclays PLC upped their price objective on shares of Tallgrass Energy Partners from $49.00 to $52.00 and gave the company an “equal weight” rating in a research note on Thursday, July 28th. Finally, Morgan Stanley restated a “hold” rating and issued a $53.00 price objective on shares of Tallgrass Energy Partners in a research note on Wednesday, May 18th. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $52.90.
The firm has a 50 day moving average of $46.51 and a 200 day moving average of $41.82. The firm has a market capitalization of $3.32 billion and a price-to-earnings ratio of 20.85.
Tallgrass Energy Partners (NYSE:TEP) last released its quarterly earnings results 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. The firm had revenue of $146.90 million for the quarter, compared to analysts’ expectations of $147.34 million. During the same period last year, the firm earned $0.55 EPS. The business’s quarterly revenue was up 10.5% on a year-over-year basis. Analysts expect that Tallgrass Energy Partners LP will post $2.23 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, August 12th. Investors of record on Friday, July 29th were paid a dividend of $0.755 per share. This is a positive change from Tallgrass Energy Partners’s previous quarterly dividend of $0.71. This represents a $3.02 annualized dividend and a yield of 6.51%. The ex-dividend date of this dividend was Wednesday, July 27th.
In other news, CEO David G. Dehaemers, Jr. purchased 7,500 shares of the company’s stock in a transaction that occurred on Friday, May 27th. The shares were purchased at an average price of $43.45 per share, with a total value of $325,875.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.
A hedge fund recently raised its stake in Tallgrass Energy Partners stock. Jennison Associates LLC raised its stake 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 (SEC). 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 as of its most recent filing with the SEC.
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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