Tallgrass Energy Partners LP (TEP) Raises Dividend to $0.80 Per Share
Tallgrass Energy Partners LP (NYSE:TEP) announced a quarterly dividend on Friday, October 7th. Stockholders of record on Monday, October 31st will be given a dividend of 0.795 per share on Monday, November 14th. This represents a $3.18 annualized dividend and a dividend yield of 6.73%. The ex-dividend date is Thursday, October 27th. This is a boost from Tallgrass Energy Partners’s previous quarterly dividend of $0.76.
Tallgrass Energy Partners (NYSE:TEP) traded down 0.27% during midday trading on Friday, hitting $47.25. The stock had a trading volume of 239,648 shares. The firm has a 50-day moving average of $46.95 and a 200-day moving average of $44.59. The company has a market cap of $3.41 billion, a PE ratio of 21.38 and a beta of 0.99. Tallgrass Energy Partners has a 12-month low of $25.82 and a 12-month high of $50.78.
Tallgrass Energy Partners (NYSE:TEP) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.92 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.35. The business earned $146.90 million during the quarter, compared to analysts’ expectations of $147.34 million. During the same quarter in the prior year, the firm earned $0.55 EPS. Tallgrass Energy Partners’s revenue for the quarter was up 10.5% on a year-over-year basis. Equities research analysts forecast that Tallgrass Energy Partners will post $2.51 EPS for the current year.
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Several equities analysts recently weighed in on the company. Credit Suisse Group AG restated a “neutral” rating on shares of Tallgrass Energy Partners in a research note on Tuesday, August 16th. Barclays PLC lifted their price target on 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. Finally, Zacks Investment Research lowered Tallgrass Energy Partners from a “buy” rating to a “hold” rating in a research note on Saturday, July 23rd. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $52.78.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Virtu Financial LLC bought a new position in shares of Tallgrass Energy Partners during the second quarter valued at $592,000. KCG Holdings Inc. bought a new position in shares of Tallgrass Energy Partners during the second quarter valued at $360,000. Van ECK Associates Corp boosted its position in shares of Tallgrass Energy Partners by 1.7% in the second quarter. Van ECK Associates Corp now owns 26,823 shares of the company’s stock valued at $1,234,000 after buying an additional 459 shares in the last quarter. Raymond James & Associates boosted its position in shares of Tallgrass Energy Partners by 8.3% in the second quarter. Raymond James & Associates now owns 53,425 shares of the company’s stock valued at $2,459,000 after buying an additional 4,103 shares in the last quarter. Finally, Tortoise Capital Advisors L.L.C. bought a new position in shares of Tallgrass Energy Partners during the second quarter valued at $259,926,000.
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, 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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