Tallgrass Energy Partners LP (TEP) Downgraded by Zacks Investment Research to Strong Sell
Tallgrass Energy Partners LP (NYSE:TEP) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Thursday.
According to Zacks, “Tallgrass Energy Partners, L.P. owns, operates, acquires and develops midstream energy assets primarily in North America. It provides natural gas transportation and storage services for customers in the Rocky Mountain and Midwest regions of the United States through pipelines and natural gas processing assets. Tallgrass Energy Partners, LP is based in Overland Park, Kansas. “
TEP has been the topic of a number of other reports. Credit Suisse Group AG reaffirmed a “neutral” rating on shares of Tallgrass Energy Partners in a research report on Tuesday, August 16th. Barclays PLC raised their target price on shares of Tallgrass Energy Partners from $49.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 28th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company’s stock. Tallgrass Energy Partners has an average rating of “Hold” and a consensus target price of $52.78.
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Tallgrass Energy Partners (NYSE:TEP) opened at 47.69 on Thursday. Tallgrass Energy Partners has a 12-month low of $25.82 and a 12-month high of $50.78. The firm’s 50 day moving average price is $46.93 and its 200-day moving average price is $44.88. The stock has a market cap of $3.44 billion, a P/E ratio of 21.58 and a beta of 0.99.
Tallgrass Energy Partners (NYSE:TEP) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.35. The firm earned $146.90 million during the quarter, compared to the consensus estimate of $147.34 million. The firm’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.55 EPS. Equities research analysts anticipate that Tallgrass Energy Partners will post $2.51 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 14th. Shareholders of record on Monday, October 31st will be paid a $0.795 dividend. This represents a $3.18 annualized dividend and a yield of 6.67%. This is an increase from Tallgrass Energy Partners’s previous quarterly dividend of $0.76. The ex-dividend date is Thursday, October 27th.
A number of large investors have recently made changes to their positions in TEP. Balentine LLC purchased a new stake in shares of Tallgrass Energy Partners during the second quarter valued at $101,000. Acrospire Investment Management LLC increased its stake in shares of Tallgrass Energy Partners by 47.4% in the second quarter. Acrospire Investment Management LLC now owns 2,800 shares of the company’s stock valued at $129,000 after buying an additional 900 shares during the period. BNP Paribas Arbitrage SA purchased a new stake in shares of Tallgrass Energy Partners during the third quarter valued at $200,000. US Bancorp DE increased its stake in shares of Tallgrass Energy Partners by 377.1% in the second quarter. US Bancorp DE now owns 5,678 shares of the company’s stock valued at $262,000 after buying an additional 4,488 shares during the period. Finally, Alliancebernstein L.P. increased its stake in shares of Tallgrass Energy Partners by 2.5% in the second quarter. Alliancebernstein L.P. now owns 5,720 shares of the company’s stock valued at $263,000 after buying an additional 140 shares during the period.
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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