Tallgrass Energy Partners LP (TEP) Sees Unusually-High Trading Volume
Tallgrass Energy Partners LP (NYSE:TEP) shares saw strong trading volume on Monday . 375,818 shares changed hands during mid-day trading, an increase of 62% from the previous session’s volume of 232,244 shares.The stock last traded at $47.71 and had previously closed at $47.97.
Several equities research analysts recently weighed in on the company. Credit Suisse Group AG restated a “neutral” rating on shares of Tallgrass Energy Partners in a report on Tuesday, August 16th. Citigroup Inc. restated a “buy” rating on shares of Tallgrass Energy Partners in a report on Wednesday, May 18th. Morgan Stanley restated a “hold” rating and issued a $53.00 target price on shares of Tallgrass Energy Partners in a report on Wednesday, May 18th. Zacks Investment Research upgraded Tallgrass Energy Partners from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a report on Wednesday, July 20th. Finally, Barclays PLC boosted their target price on Tallgrass Energy Partners from $49.00 to $52.00 and gave the stock an “equal weight” rating in a report on Thursday, July 28th. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $52.90.
The stock has a market cap of $3.44 billion and a price-to-earnings ratio of 21.59. The stock’s 50 day moving average price is $46.49 and its 200-day moving average price is $41.68.
Tallgrass Energy Partners (NYSE:TEP) last announced its earnings results on Wednesday, August 3rd. The company reported $0.92 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.35. The business had revenue of $146.90 million for the quarter, compared to the consensus estimate of $147.34 million. Tallgrass Energy Partners’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.55 EPS. On average, equities analysts predict that Tallgrass Energy Partners LP will post $2.23 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 12th. Shareholders of record on Friday, July 29th were paid a dividend of $0.755 per share. This is a boost from Tallgrass Energy Partners’s previous quarterly dividend of $0.71. This represents a $3.02 dividend on an annualized basis and a dividend yield of 6.33%. The ex-dividend date of this dividend was Wednesday, July 27th.
In other news, CEO David G. Dehaemers, Jr. purchased 5,300 shares of Tallgrass Energy Partners stock in a transaction that occurred on Thursday, May 26th. The stock was bought at an average price of $45.11 per share, with a total value of $239,083.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David G. Dehaemers, Jr. purchased 7,500 shares of Tallgrass Energy Partners stock in a transaction that occurred on Friday, May 27th. The shares were purchased 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 boosted 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. The institutional investor owned 303,655 shares of the company’s stock after buying an additional 130,606 shares during the period. Jennison Associates LLC owned 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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