Tallgrass Energy Partners LP (TEP) Sees Unusually-High Trading Volume After Dividend Announcement
Tallgrass Energy Partners LP (NYSE:TEP) saw unusually-high trading volume on Monday following a dividend announcement from the company. Approximately 502,584 shares traded hands during trading, an increase of 83% from the previous session’s volume of 273,992 shares.The stock last traded at $47.88 and had previously closed at $47.25.
The newly announced dividend which will be paid on Monday, November 14th. Stockholders of record on Monday, October 31st will be given a dividend of $0.795 per share. The ex-dividend date of this dividend is Thursday, October 27th. This is a boost from Tallgrass Energy Partners’s previous quarterly dividend of $0.76. This represents a $3.18 dividend on an annualized basis and a dividend yield of 6.64%.
Several brokerages recently commented on TEP. Credit Suisse Group AG reaffirmed a “neutral” rating on shares of Tallgrass Energy Partners in a research note on Tuesday, August 16th. Zacks Investment Research raised Tallgrass Energy Partners from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a research note on Wednesday, July 20th. Finally, Barclays PLC boosted 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. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $52.78.
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The stock’s 50-day moving average is $46.91 and its 200 day moving average is $44.65. The stock has a market cap of $3.45 billion, a price-to-earnings ratio of 21.67 and a beta of 0.99.
Tallgrass Energy Partners (NYSE:TEP) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported $0.92 EPS for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.35. The company had revenue of $146.90 million for the quarter, compared to the consensus estimate of $147.34 million. During the same quarter last year, the business earned $0.55 EPS. Tallgrass Energy Partners’s revenue was up 10.5% on a year-over-year basis. On average, equities research analysts forecast that Tallgrass Energy Partners LP will post $2.51 EPS for the current fiscal year.
Institutional investors have recently bought and sold shares of the company. ING Groep NV bought a new position in Tallgrass Energy Partners during the first quarter worth approximately $5,188,000. State Street Corp raised its position in shares of Tallgrass Energy Partners by 18.8% in the first quarter. State Street Corp now owns 33,108 shares of the company’s stock valued at $1,269,000 after buying an additional 5,234 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of Tallgrass Energy Partners during the first quarter valued at about $1,632,000. TPH Asset Management LLC raised its position in shares of Tallgrass Energy Partners by 38.9% in the first quarter. TPH Asset Management LLC now owns 98,075 shares of the company’s stock valued at $3,758,000 after buying an additional 27,458 shares during the last quarter. Finally, Williams Jones & Associates LLC raised its position in shares of Tallgrass Energy Partners by 18.9% in the first quarter. Williams Jones & Associates LLC now owns 32,390 shares of the company’s stock valued at $1,241,000 after buying an additional 5,141 shares during the last quarter.
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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