Tallgrass Energy Partners LP (TEP) Stake Maintained by Spirit of America Management Corp NY
Spirit of America Management Corp NY continued to hold its stake in shares of Tallgrass Energy Partners LP (NYSE:TEP) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 241,882 shares of the company’s stock at the end of the third quarter. Tallgrass Energy Partners accounts for about 1.5% of Spirit of America Management Corp NY’s investment portfolio, making the stock its 16th largest position. Spirit of America Management Corp NY’s holdings in Tallgrass Energy Partners were worth $11,659,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Balentine LLC acquired a new stake in shares of Tallgrass Energy Partners during the second quarter worth about $101,000. Acrospire Investment Management LLC raised its stake in shares of Tallgrass Energy Partners by 47.4% in the second quarter. Acrospire Investment Management LLC now owns 2,800 shares of the company’s stock worth $129,000 after buying an additional 900 shares during the last quarter. BNP Paribas Arbitrage SA acquired a new stake in shares of Tallgrass Energy Partners during the third quarter worth about $200,000. US Bancorp DE raised its stake in shares of Tallgrass Energy Partners by 377.1% in the second quarter. US Bancorp DE now owns 5,678 shares of the company’s stock worth $262,000 after buying an additional 4,488 shares during the last quarter. Finally, Alliancebernstein L.P. raised its stake in shares of Tallgrass Energy Partners by 2.5% in the second quarter. Alliancebernstein L.P. now owns 5,720 shares of the company’s stock worth $263,000 after buying an additional 140 shares during the last quarter.
Shares of Tallgrass Energy Partners LP (NYSE:TEP) traded down 0.17% during midday trading on Friday, hitting $46.90. The company had a trading volume of 491,626 shares. The company’s 50 day moving average is $46.95 and its 200 day moving average is $44.90. The firm has a market cap of $3.38 billion, a price-to-earnings ratio of 21.22 and a beta of 0.99. Tallgrass Energy Partners LP has a one year low of $25.82 and a one year high of $50.78.
Tallgrass Energy Partners (NYSE:TEP) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported $0.92 earnings per share for the quarter, beating the 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 quarterly revenue was up 10.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.55 earnings per share. Equities analysts forecast that Tallgrass Energy Partners LP will post $2.51 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, November 14th. Investors of record on Monday, October 31st will be given a dividend of $0.795 per share. This represents a $3.18 annualized dividend and a yield of 6.78%. This is a positive change from Tallgrass Energy Partners’s previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Thursday, October 27th.
A number of brokerages have issued reports on TEP. Credit Suisse Group AG reissued a “neutral” rating on shares of Tallgrass Energy Partners in a research note on Tuesday, August 16th. Zacks Investment Research lowered Tallgrass Energy Partners from a “hold” rating to a “strong sell” rating in a research note on Thursday. Finally, Barclays PLC raised their price target on Tallgrass Energy Partners from $49.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 28th. One analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $52.78.
Tallgrass Energy Partners Company Profile
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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