Cushing Asset Management LP lessened its stake in shares of Tallgrass Energy Partners LP (NYSE:TEP) by 28.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 550,000 shares of the pipeline company’s stock after selling 219,650 shares during the quarter. Cushing Asset Management LP owned approximately 0.75% of Tallgrass Energy Partners worth $25,217,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Prime Capital Investment Advisors LLC purchased a new stake in shares of Tallgrass Energy Partners during the 4th quarter valued at $101,000. The Manufacturers Life Insurance Company lifted its holdings in shares of 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 purchasing an additional 143 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its holdings in shares of Tallgrass Energy Partners by 207.3% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,520 shares of the pipeline company’s stock valued at $116,000 after purchasing an additional 1,700 shares during the last quarter. Captrust Financial Advisors purchased a new stake in shares of Tallgrass Energy Partners during the 4th quarter valued at $133,000. Finally, Koch Industries Inc. purchased a new stake in shares of Tallgrass Energy Partners during the 4th quarter valued at $222,000. 61.14% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have recently commented on the company. Zacks Investment Research upgraded Tallgrass Energy Partners from a “sell” rating to a “hold” rating in a report on Thursday, March 8th. Stifel Nicolaus set a $48.00 price objective on Tallgrass Energy Partners and gave the company a “buy” rating in a report on Wednesday, February 14th. Robert W. Baird set a $44.00 price objective on Tallgrass Energy Partners and gave the company a “buy” rating in a report on Tuesday, February 27th. Scotiabank reiterated a “buy” rating and set a $50.00 price objective on shares of Tallgrass Energy Partners in a report on Thursday, February 15th. Finally, ValuEngine lowered Tallgrass Energy Partners from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. Tallgrass Energy Partners has an average rating of “Hold” and a consensus price target of $50.11.
Tallgrass Energy Partners (NYSE:TEP) last issued its earnings results on Tuesday, February 13th. The pipeline company reported $0.67 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.67. The company had revenue of $174.80 million during the quarter, compared to analyst estimates of $185.17 million. Tallgrass Energy Partners had a return on equity of 28.25% and a net margin of 66.17%. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter last year, the business posted $0.51 EPS. analysts forecast that Tallgrass Energy Partners LP will post 2.49 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, February 14th. Investors of record on Wednesday, January 31st were paid a $0.965 dividend. This is a positive change from Tallgrass Energy Partners’s previous quarterly dividend of $0.95. The ex-dividend date was Tuesday, January 30th. This represents a $3.86 dividend on an annualized basis and a yield of 9.31%. Tallgrass Energy Partners’s dividend payout ratio (DPR) is 98.97%.
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Tallgrass Energy Partners 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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