Zacks Investment Research Lowers Tallgrass Energy Partners LP (TEP) to Strong Sell
According to Zacks, “Tallgrass Energy Partners, L.P. owns, operates, acquires and develops midstream energy assets primarily in North America. It provides natural gas transportation and storage services for customers in the Rocky Mountain and Midwest regions of the United States through pipelines and natural gas processing assets. Tallgrass Energy Partners, LP is based in Overland Park, Kansas. “
Several other equities analysts also recently issued reports on the stock. Credit Suisse Group AG reissued a buy rating and set 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. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $52.78.
Shares of Tallgrass Energy Partners (NYSE:TEP) opened at 47.26 on Thursday. The company has a 50-day moving average of $47.01 and a 200 day moving average of $45.15. Tallgrass Energy Partners has a 12-month low of $25.82 and a 12-month high of $50.78. The firm has a market cap of $3.41 billion, a P/E ratio of 21.38 and a beta of 0.99.
Tallgrass Energy Partners (NYSE:TEP) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating the 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. The business’s quarterly revenue was up 10.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.55 EPS. Equities research analysts anticipate that Tallgrass Energy Partners will post $2.51 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 14th. Stockholders of record on Monday, October 31st will be paid a $0.795 dividend. This represents a $3.18 dividend on an annualized basis and a dividend yield of 6.73%. The ex-dividend date of this dividend is Thursday, October 27th. This is an increase from Tallgrass Energy Partners’s previous quarterly dividend of $0.76.
Several institutional investors have recently modified their holdings of the stock. Balentine LLC acquired a new position in shares of Tallgrass Energy Partners during the second quarter worth approximately $101,000. Acrospire Investment Management LLC increased its position 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 in the last quarter. BNP Paribas Arbitrage SA acquired a new position in shares of Tallgrass Energy Partners during the third quarter worth approximately $200,000. US Bancorp DE increased its position 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 in the last quarter. Finally, Alliancebernstein L.P. increased its position 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 in the last quarter.
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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