Citigroup Inc. Reiterates “Buy” Rating for Tallgrass Energy Partners (TEP)
Tallgrass Energy Partners (NYSE:TEP)‘s stock had its “buy” rating reaffirmed by stock analysts at Citigroup Inc. in a report issued on Friday. They currently have a $46.50 price target on the stock, up from their previous price target of $38.50. Citigroup Inc.’s price target indicates a potential upside of 15.96% from the stock’s previous close.
Tallgrass Energy Partners (NYSE:TEP) traded down 1.16% during mid-day trading on Friday, hitting $40.10. The stock had a trading volume of 301,185 shares. Tallgrass Energy Partners has a 52 week low of $22.03 and a 52 week high of $43.50. The stock has a 50-day moving average of $40. and a 200-day moving average of $34.33. The company has a market cap of $1.639 billion and a P/E ratio of 117.94.
Tallgrass Energy Partners (NYSE:TEP) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.08. The company had revenue of $85.00 million for the quarter, compared to the consensus estimate of $75.70 million. During the same quarter in the previous year, the company posted $0.12 earnings per share. The company’s revenue for the quarter was up 41.0% on a year-over-year basis. Analysts expect that Tallgrass Energy Partners will post $1.17 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, August 14th. Investors of record on Wednesday, July 30th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.79%. The ex-dividend date is Monday, July 28th. This is an increase from Tallgrass Energy Partners’s previous quarterly dividend of $0.33.
TEP has been the subject of a number of other recent research reports. Analysts at Credit Suisse raised their price target on shares of Tallgrass Energy Partners from $40.00 to $45.00 in a research note on Tuesday, July 15th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Tallgrass Energy Partners has a consensus rating of “Buy” and a consensus price target of $38.30.
Tallgrass Energy Partners, LP is a limited partnership company. It provides natural gas transportation and storage services for customers in the Rocky Mountain and Midwest regions of the United States through its Tallgrass Interstate Gas transportation system and processing services.
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