Tallgrass Energy Partners, LP (TEP) Raises Dividend to $0.93 Per Share
Tallgrass Energy Partners, LP (NYSE:TEP) declared a quarterly dividend on Thursday, July 6th, Wall Street Journal reports. Stockholders of record on Friday, July 28th will be given a dividend of 0.925 per share by the pipeline company on Monday, August 14th. This represents a $3.70 dividend on an annualized basis and a dividend yield of 7.30%. The ex-dividend date is Wednesday, July 26th. This is an increase from Tallgrass Energy Partners,’s previous quarterly dividend of $0.84.
Tallgrass Energy Partners, has raised its dividend payment by an average of 87.4% annually over the last three years and has increased its dividend annually for the last 3 consecutive years. Tallgrass Energy Partners, has a payout ratio of 96.5% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Equities research analysts expect Tallgrass Energy Partners, to earn $3.27 per share next year, which means the company may not be able to cover its $3.34 annual dividend with an expected future payout ratio of 102.1%.
Tallgrass Energy Partners, (NYSE:TEP) traded up 0.72% during trading on Thursday, hitting $50.68. 406,552 shares of the stock were exchanged. The stock has a market cap of $3.67 billion, a P/E ratio of 20.99 and a beta of 1.03. Tallgrass Energy Partners, has a 52 week low of $42.59 and a 52 week high of $55.50. The stock has a 50 day moving average of $48.48 and a 200-day moving average of $50.09.
Tallgrass Energy Partners, (NYSE:TEP) last announced its earnings results on Wednesday, May 3rd. The pipeline company reported $0.55 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by $0.02. The company had revenue of $144.40 million for the quarter, compared to the consensus estimate of $160.56 million. Tallgrass Energy Partners, had a net margin of 48.06% and a return on equity of 18.77%. The company’s revenue for the quarter was down 1.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.35 EPS. Equities analysts expect that Tallgrass Energy Partners, will post $3.33 EPS for the current fiscal year.
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Several research firms recently commented on TEP. Zacks Investment Research raised shares of Tallgrass Energy Partners, from a “hold” rating to a “buy” rating and set a $60.00 price objective on the stock in a research note on Wednesday, March 8th. BidaskClub raised shares of Tallgrass Energy Partners, from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 24th. Scotiabank reissued a “buy” rating and set a $56.00 price objective on shares of Tallgrass Energy Partners, in a research note on Thursday, April 27th. Macquarie began coverage on shares of Tallgrass Energy Partners, in a research note on Friday, April 21st. They set an “outperform” rating and a $61.00 price objective on the stock. Finally, Mitsubishi UFJ Financial Group began coverage on shares of Tallgrass Energy Partners, in a research note on Wednesday, April 19th. They set a “hold” rating and a $58.00 price objective on the stock. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $58.29.
In other news, insider David G. Dehaemers, Jr. bought 4,021 shares of the company’s stock in a transaction dated Tuesday, June 6th. The shares were purchased at an average price of $47.30 per share, for a total transaction of $190,193.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider David G. Dehaemers, Jr. bought 35,783 shares of the company’s stock in a transaction dated Wednesday, June 7th. The stock was purchased at an average price of $46.47 per share, for a total transaction of $1,662,836.01. The disclosure for this purchase can be found here. Insiders have purchased 91,290 shares of company stock worth $4,406,923 in the last three months.
Tallgrass Energy Partners, Company Profile
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, Natural Gas Transportation & Logistics and Processing & Logistics. The Crude Oil Transportation & Logistics segment includes the ownership and operation of a Federal Energy Regulatory Commission (FERC) crude oil pipeline system, and crude oil storage and terminaling facilities.
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