Tallgrass Energy Partners LP (TEP) Lowered to “Strong Sell” at Zacks Investment Research
Tallgrass Energy Partners LP (NYSE:TEP) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report issued 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. “
Other equities research analysts also recently issued reports about the company. Credit Suisse Group AG reiterated a “neutral” rating on shares of Tallgrass Energy Partners in a report on Tuesday, August 16th. Barclays PLC lifted their price objective on Tallgrass Energy Partners from $49.00 to $52.00 and gave the stock an “equal weight” rating in a 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 assigned a buy rating to the company. Tallgrass Energy Partners has a consensus rating of “Hold” and an average price target of $52.78.
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Shares of Tallgrass Energy Partners (NYSE:TEP) opened at 47.69 on Thursday. The stock has a 50 day moving average of $46.93 and a 200-day moving average of $44.88. Tallgrass Energy Partners has a one year low of $25.82 and a one year high of $50.78. The stock has a market capitalization of $3.44 billion, a P/E ratio of 21.58 and a beta of 0.99.
Tallgrass Energy Partners (NYSE:TEP) last released its quarterly earnings data on Wednesday, August 3rd. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.57 by $0.35. The business earned $146.90 million during the quarter, compared to the consensus estimate of $147.34 million. During the same quarter in the previous year, the business posted $0.55 earnings per share. Tallgrass Energy Partners’s quarterly revenue was up 10.5% compared to the same quarter last year. Equities analysts forecast that Tallgrass Energy Partners will post $2.51 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 14th. Investors of record on Monday, October 31st will be paid a dividend of $0.795 per share. The ex-dividend date is Thursday, October 27th. This is an increase 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 6.67%.
Several hedge funds and other institutional investors have recently made changes to their positions in TEP. Tortoise Capital Advisors L.L.C. bought a new position in shares of Tallgrass Energy Partners during the second quarter worth about $259,926,000. Energy Income Partners LLC increased its position in shares of Tallgrass Energy Partners by 36.4% in the first quarter. Energy Income Partners LLC now owns 2,700,375 shares of the company’s stock worth $103,478,000 after buying an additional 720,762 shares during the period. Alps Advisors Inc. increased its position in shares of Tallgrass Energy Partners by 20,508.8% in the second quarter. Alps Advisors Inc. now owns 2,408,755 shares of the company’s stock worth $110,851,000 after buying an additional 2,397,067 shares during the period. Harvest Fund Advisors LLC increased its position in shares of Tallgrass Energy Partners by 2.5% in the second quarter. Harvest Fund Advisors LLC now owns 1,843,989 shares of the company’s stock worth $84,860,000 after buying an additional 45,634 shares during the period. Finally, Duff & Phelps Investment Management Co. increased its position in shares of Tallgrass Energy Partners by 2.4% in the second quarter. Duff & Phelps Investment Management Co. now owns 655,000 shares of the company’s stock worth $30,143,000 after buying an additional 15,600 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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