Tallgrass Energy Partners LP (TEP) Sees Strong Trading Volume
Tallgrass Energy Partners LP (NYSE:TEP) shares saw an uptick in trading volume on Friday . 405,274 shares were traded during mid-day trading, an increase of 91% from the previous session’s volume of 211,764 shares.The stock last traded at $47.01 and had previously closed at $46.24.
Several research firms have weighed in on TEP. Credit Suisse Group AG reaffirmed a “buy” rating and issued a $61.00 target price on shares of Tallgrass Energy Partners in a research report on Sunday, August 7th. Barclays PLC lifted their target price on Tallgrass Energy Partners from $49.00 to $52.00 and gave the company an “equal weight” rating in a research report on Thursday, July 28th. Morgan Stanley reaffirmed a “hold” rating and issued a $53.00 target price on shares of Tallgrass Energy Partners in a research report on Wednesday, May 18th. Zacks Investment Research raised Tallgrass Energy Partners from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a research report on Wednesday, July 20th. Finally, Citigroup Inc. reissued a “buy” rating on shares of Tallgrass Energy Partners in a research report on Wednesday, May 18th. Eight equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $52.90.
The stock’s 50-day moving average price is $46.86 and its 200 day moving average price is $42.51. The firm has a market capitalization of $3.39 billion and a PE ratio of 21.27.
Tallgrass Energy Partners (NYSE:TEP) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.35. During the same period in the previous year, the business posted $0.55 earnings per share. The business earned $146.90 million during 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. On average, analysts anticipate that Tallgrass Energy Partners LP will post $2.23 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 12th. Stockholders of record on Friday, July 29th were issued a $0.755 dividend. The ex-dividend date of this dividend was Wednesday, July 27th. This represents a $3.02 dividend on an annualized basis and a dividend yield of 6.42%. This is a boost from Tallgrass Energy Partners’s previous quarterly dividend of $0.71.
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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