First Manhattan Co. cut its position in shares of Tallgrass Energy Partners, LP (NYSE:TEP) by 20.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,726 shares of the pipeline company’s stock after selling 944 shares during the period. First Manhattan Co.’s holdings in Tallgrass Energy Partners, were worth $186,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in TEP. Gilman Hill Asset Management LLC bought a new stake in Tallgrass Energy Partners, during the second quarter worth approximately $225,000. Franklin Square Holdings L.P. bought a new stake in Tallgrass Energy Partners, during the first quarter worth approximately $239,000. Koch Industries Inc. increased its stake in Tallgrass Energy Partners, by 11.1% in the first quarter. Koch Industries Inc. now owns 5,328 shares of the pipeline company’s stock worth $283,000 after buying an additional 531 shares in the last quarter. Chicago Partners Investment Group LLC increased its stake in Tallgrass Energy Partners, by 3.5% in the first quarter. Chicago Partners Investment Group LLC now owns 6,050 shares of the pipeline company’s stock worth $322,000 after buying an additional 205 shares in the last quarter. Finally, Wade G W & Inc. bought a new stake in Tallgrass Energy Partners, during the first quarter worth approximately $332,000. Institutional investors and hedge funds own 66.82% of the company’s stock.

Shares of Tallgrass Energy Partners, LP (NYSE TEP) opened at 47.20 on Friday. The firm has a 50 day moving average price of $50.23 and a 200 day moving average price of $50.81. Tallgrass Energy Partners, LP has a one year low of $42.59 and a one year high of $55.50. The company has a market capitalization of $3.45 billion, a P/E ratio of 21.30 and a beta of 1.03.

Tallgrass Energy Partners, (NYSE:TEP) last posted its quarterly earnings data on Wednesday, August 2nd. The pipeline company reported $0.72 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.73 by $0.01. Tallgrass Energy Partners, had a return on equity of 20.47% and a net margin of 46.63%. The business had revenue of $160.86 million during the quarter, compared to the consensus estimate of $158.93 million. During the same period last year, the business posted $0.92 earnings per share. The business’s revenue was up 7.9% on a year-over-year basis. On average, equities research analysts predict that Tallgrass Energy Partners, LP will post $3.52 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 14th. Stockholders of record on Friday, July 28th will be given a $0.925 dividend. The ex-dividend date is Wednesday, July 26th. This is a positive change from Tallgrass Energy Partners,’s previous quarterly dividend of $0.84. This represents a $3.70 annualized dividend and a dividend yield of 7.84%. Tallgrass Energy Partners,’s dividend payout ratio (DPR) is 165.92%.

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A number of equities research analysts recently commented on the company. Macquarie assumed coverage on Tallgrass Energy Partners, in a report on Friday, April 21st. They issued an “outperform” rating and a $61.00 price objective for the company. Scotiabank reiterated a “buy” rating and issued a $56.00 price objective on shares of Tallgrass Energy Partners, in a report on Thursday, April 27th. BidaskClub upgraded Tallgrass Energy Partners, from a “sell” rating to a “hold” rating in a report on Saturday, July 1st. Royal Bank Of Canada reiterated a “buy” rating and issued a $60.00 price objective on shares of Tallgrass Energy Partners, in a report on Monday, July 31st. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $59.00 price objective (up previously from $57.00) on shares of Tallgrass Energy Partners, in a report on Friday, July 14th. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. Tallgrass Energy Partners, currently has an average rating of “Hold” and an average price target of $60.50.

In other news, insider David G. Dehaemers, Jr. bought 5,000 shares of the firm’s stock in a transaction that occurred on Friday, June 2nd. The stock was acquired at an average cost of $48.26 per share, with a total value of $241,300.00. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, insider David G. Dehaemers, Jr. bought 4,021 shares of the firm’s stock in a transaction that occurred on Tuesday, June 6th. The stock was purchased at an average cost of $47.30 per share, with a total value of $190,193.30. The disclosure for this purchase can be found here. Over the last three months, insiders bought 60,274 shares of company stock valued at $2,861,796.

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, Natural Gas Transportation & Logistics and Processing & Logistics. The Crude Oil Transportation & Logistics segment includes the ownership and operation of a Federal Energy Regulatory Commission (FERC) crude oil pipeline system, and crude oil storage and terminaling facilities.

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Institutional Ownership by Quarter for Tallgrass Energy Partners, (NYSE:TEP)

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