Tallgrass Energy Partners, LP (TEP) Increases Dividend to $0.95 Per Share
Tallgrass Energy Partners, LP (NYSE:TEP) declared a quarterly dividend on Wednesday, October 11th, Wall Street Journal reports. Stockholders of record on Tuesday, October 31st will be given a dividend of 0.945 per share by the pipeline company on Tuesday, November 14th. This represents a $3.78 dividend on an annualized basis and a dividend yield of 7.75%. The ex-dividend date is Monday, October 30th. This is an increase from Tallgrass Energy Partners,’s previous quarterly dividend of $0.93.
Tallgrass Energy Partners, has increased its dividend payment by an average of 87.4% annually over the last three years and has increased its dividend every year for the last 3 years. Tallgrass Energy Partners, has a payout ratio of 96.6% 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 $3.95 per share next year, which means the company should continue to be able to cover its $3.70 annual dividend with an expected future payout ratio of 93.7%.
Tallgrass Energy Partners, (NYSE:TEP) traded up 0.85% on Wednesday, hitting $48.76. The stock had a trading volume of 104,898 shares. Tallgrass Energy Partners, has a 12 month low of $42.59 and a 12 month high of $55.50. The company has a 50-day moving average of $47.14 and a 200 day moving average of $49.26. The company has a market cap of $3.57 billion, a PE ratio of 22.00 and a beta of 1.04.
Tallgrass Energy Partners, (NYSE:TEP) last issued its quarterly earnings results on Wednesday, August 2nd. The pipeline company reported $0.72 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.73 by ($0.01). The firm had revenue of $160.86 million during the quarter, compared to analyst estimates of $158.93 million. Tallgrass Energy Partners, had a return on equity of 20.47% and a net margin of 46.63%. The business’s revenue was up 7.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.92 earnings per share. On average, analysts predict that Tallgrass Energy Partners, will post $4.01 EPS for the current fiscal year.
In other Tallgrass Energy Partners, news, insider David G. Dehaemers, Jr. purchased 10,000 shares of the firm’s stock in a transaction dated Friday, August 18th. The shares were acquired at an average price of $45.13 per share, with a total value of $451,300.00. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider David G. Dehaemers, Jr. purchased 17,350 shares of the firm’s stock in a transaction dated Monday, August 21st. The stock was acquired at an average cost of $44.64 per share, for a total transaction of $774,504.00. The disclosure for this purchase can be found here. Insiders have acquired 30,350 shares of company stock worth $1,364,104 in the last three months.
A hedge fund recently raised its stake in Tallgrass Energy Partners, stock. The Manufacturers Life Insurance Company grew its holdings in Tallgrass Energy Partners, LP (NYSE:TEP) by 7.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,140 shares of the pipeline company’s stock after purchasing an additional 143 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Tallgrass Energy Partners, were worth $107,000 as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 62.09% of the company’s stock.
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A number of analysts have recently issued reports on TEP shares. ValuEngine raised Tallgrass Energy Partners, from a “hold” rating to a “buy” rating in a research note on Friday, October 6th. Zacks Investment Research raised Tallgrass Energy Partners, from a “hold” rating to a “buy” rating and set a $54.00 price objective on the stock in a research note on Thursday, October 5th. Robert W. Baird reissued a “buy” rating and set a $67.00 price objective on shares of Tallgrass Energy Partners, in a research note on Thursday, August 24th. Royal Bank Of Canada reissued a “buy” rating and set a $60.00 price objective on shares of Tallgrass Energy Partners, in a research note on Monday, July 31st. Finally, Scotiabank set a $56.00 price objective on Tallgrass Energy Partners, and gave the stock a “buy” rating in a research note on Friday, July 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. Tallgrass Energy Partners, has a consensus rating of “Buy” and a consensus target price of $60.56.
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, 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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