Tallgrass Energy Partners LP (TEP) Sees Unusually-High Trading Volume Following Dividend Announcement
Shares of Tallgrass Energy Partners LP (NYSE:TEP) saw an uptick in trading volume on Monday following a dividend announcement from the company. 502,584 shares changed hands during trading, an increase of 83% from the previous session’s volume of 273,992 shares.The stock last traded at $47.88 and had previously closed at $47.25.
The newly announced dividend which will be paid on Monday, November 14th. Stockholders of record on Monday, October 31st will be issued a $0.795 dividend. This is an increase from Tallgrass Energy Partners’s previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Thursday, October 27th. This represents a $3.18 annualized dividend and a dividend yield of 6.67%.
Several brokerages have recently weighed in on TEP. Credit Suisse Group AG reaffirmed a “neutral” rating on shares of Tallgrass Energy Partners in a report on Tuesday, August 16th. Zacks Investment Research raised shares of Tallgrass Energy Partners from a “hold” rating to a “buy” rating and set a $52.00 target price on the stock in a report on Wednesday, July 20th. Finally, Barclays PLC lifted their target price on shares of Tallgrass Energy Partners from $49.00 to $52.00 and gave the company an “equal weight” rating in a report on Thursday, July 28th. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $52.78.
The stock has a 50-day moving average price of $46.91 and a 200 day moving average price of $44.86. The firm has a market capitalization of $3.44 billion, a P/E ratio of 21.57 and a beta of 0.99.
Tallgrass Energy Partners (NYSE:TEP) last issued its earnings results on Wednesday, August 3rd. The company reported $0.92 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.35. The business had revenue of $146.90 million for the quarter, compared to analyst estimates of $147.34 million. The firm’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same period last year, the company posted $0.55 earnings per share. On average, equities analysts expect that Tallgrass Energy Partners LP will post $2.51 EPS for the current year.
Several hedge funds have recently modified their holdings of the company. Harvest Fund Advisors LLC boosted its stake in Tallgrass Energy Partners by 2.4% in the first quarter. Harvest Fund Advisors LLC now owns 1,798,355 shares of the company’s stock worth $68,913,000 after buying an additional 41,703 shares during the period. Dividend Assets Capital LLC boosted its stake in Tallgrass Energy Partners by 4.8% in the second quarter. Dividend Assets Capital LLC now owns 484,965 shares of the company’s stock worth $22,318,000 after buying an additional 22,355 shares during the period. California Public Employees Retirement System boosted its stake in Tallgrass Energy Partners by 3.6% in the second quarter. California Public Employees Retirement System now owns 110,800 shares of the company’s stock worth $5,099,000 after buying an additional 3,900 shares during the period. BB&T Securities LLC purchased a new stake in Tallgrass Energy Partners during the second quarter worth $884,000. Finally, Glenmede Trust Co. NA boosted its stake in Tallgrass Energy Partners by 10.9% in the second quarter. Glenmede Trust Co. NA now owns 68,647 shares of the company’s stock worth $3,159,000 after buying an additional 6,750 shares during the period.
About Tallgrass Energy Partners
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).
Receive News & Ratings for Tallgrass Energy Partners LP Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tallgrass Energy Partners LP and related companies with MarketBeat.com's FREE daily email newsletter.