Tallgrass Energy Partners LP (TEP) Upgraded at Zacks Investment Research
Tallgrass Energy Partners LP (NYSE:TEP) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
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 analysts have also issued reports about the company. Credit Suisse Group AG reissued a “neutral” rating on shares of Tallgrass Energy Partners in a report on Tuesday, August 16th. Barclays PLC increased 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 equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Tallgrass Energy Partners has an average rating of “Hold” and an average target price of $52.78.
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Tallgrass Energy Partners (NYSE:TEP) opened at 47.23 on Wednesday. The company has a 50-day moving average price of $47.03 and a 200 day moving average price of $45.22. The firm has a market capitalization of $3.41 billion, a price-to-earnings ratio of 21.37 and a beta of 0.99. Tallgrass Energy Partners has a 1-year low of $25.82 and a 1-year high of $50.78.
Tallgrass Energy Partners (NYSE:TEP) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 period last year, the company earned $0.55 earnings per share. The business’s quarterly revenue was up 10.5% compared to the same quarter last year. Equities analysts anticipate that Tallgrass Energy Partners will post $2.51 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 14th. Shareholders of record on Monday, October 31st will be issued a $0.795 dividend. This represents a $3.18 dividend on an annualized basis and a yield of 6.73%. This is a boost from Tallgrass Energy Partners’s previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Thursday, October 27th.
A number of large investors have recently bought and sold shares of TEP. Creative Planning boosted its position in shares of Tallgrass Energy Partners by 0.7% in the third quarter. Creative Planning now owns 13,707 shares of the company’s stock worth $661,000 after buying an additional 100 shares in the last quarter. Alliancebernstein L.P. boosted its position 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 worth $263,000 after buying an additional 140 shares in the last quarter. 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 worth $1,234,000 after buying an additional 459 shares in the last quarter. Acrospire Investment Management LLC boosted its position 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 worth $129,000 after buying an additional 900 shares in the last quarter. Finally, Balentine LLC acquired a new position in shares of Tallgrass Energy Partners during the second quarter worth about $101,000.
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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