Tallgrass Energy Partners (TEP) Receives Buy Rating from Royal Bank of Canada
Tallgrass Energy Partners (NYSE:TEP)‘s stock had its “buy” rating restated by equities research analysts at Royal Bank of Canada in a research report issued to clients and investors on Tuesday. They presently have a $55.00 price objective on the pipeline company’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 18.92% from the stock’s current price.
Other analysts also recently issued research reports about the stock. Zacks Investment Research downgraded shares of Tallgrass Energy Partners from a “hold” rating to a “strong sell” rating in a research report on Wednesday, January 10th. Scotiabank reissued a “buy” rating on shares of Tallgrass Energy Partners in a research report on Wednesday, October 25th. Barclays reissued a “hold” rating and issued a $55.00 price target on shares of Tallgrass Energy Partners in a research report on Thursday, October 19th. US Capital Advisors downgraded shares of Tallgrass Energy Partners from an “overweight” rating to a “hold” rating in a research report on Thursday, January 4th. Finally, ValuEngine downgraded shares of Tallgrass Energy Partners from a “buy” rating to a “hold” rating in a research report on Sunday, December 31st. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $58.56.
Shares of Tallgrass Energy Partners (NYSE TEP) traded down $0.07 during mid-day trading on Tuesday, hitting $46.25. 405,166 shares of the stock traded hands, compared to its average volume of 353,249. Tallgrass Energy Partners has a one year low of $41.13 and a one year high of $55.50. The company has a current ratio of 0.55, a quick ratio of 0.50 and a debt-to-equity ratio of 1.35. The firm has a market cap of $3,420.00, a P/E ratio of 12.37 and a beta of 1.01.
In related news, CEO David G. Dehaemers, Jr. acquired 1,688 shares of the company’s stock in a transaction on Friday, November 10th. The shares were acquired at an average cost of $44.99 per share, for a total transaction of $75,943.12. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, CEO David G. Dehaemers, Jr. acquired 10,426 shares of the company’s stock in a transaction on Monday, November 13th. The shares were bought at an average price of $44.17 per share, for a total transaction of $460,516.42. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 86,719 shares of company stock worth $3,753,147.
Large investors have recently modified their holdings of the business. The Manufacturers Life Insurance Company lifted its stake in Tallgrass Energy Partners by 7.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,140 shares of the pipeline company’s stock valued at $107,000 after acquiring an additional 143 shares in the last quarter. Doliver Capital Advisors LP bought a new stake in shares of Tallgrass Energy Partners during the 2nd quarter worth $216,000. Whalerock Point Partners LLC bought a new stake in shares of Tallgrass Energy Partners during the 4th quarter worth $229,000. Green Square Capital LLC bought a new stake in shares of Tallgrass Energy Partners during the 2nd quarter worth $258,000. Finally, Bank of New York Mellon Corp raised its stake in shares of Tallgrass Energy Partners by 19.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,794 shares of the pipeline company’s stock worth $341,000 after purchasing an additional 1,117 shares during the period. Institutional investors and hedge funds own 62.09% of the company’s stock.
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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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