Tallgrass Energy Partners LP (NYSE:TEP) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report issued on Thursday.
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. “
Several other research firms also recently weighed in on TEP. Credit Suisse Group AG restated a “neutral” rating on shares of Tallgrass Energy Partners in a research report on Tuesday, August 16th. Barclays PLC upped their price target on shares of Tallgrass Energy Partners from $49.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 28th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $52.78.
Tallgrass Energy Partners (NYSE:TEP) opened at 46.90 on Thursday. The firm’s 50 day moving average price is $46.97 and its 200 day moving average price is $44.98. The stock has a market cap of $3.38 billion, a price-to-earnings ratio of 21.22 and a beta of 0.99. Tallgrass Energy Partners has a 12 month low of $25.82 and a 12 month high of $50.78.
Tallgrass Energy Partners (NYSE:TEP) last posted its earnings results on Wednesday, August 3rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.35. The firm had revenue of $146.90 million for the quarter, compared to analysts’ expectations of $147.34 million. During the same period in the previous year, the company earned $0.55 earnings per share. The company’s revenue was up 10.5% compared to the same quarter last year. On average, equities research analysts predict that Tallgrass Energy Partners will post $2.51 EPS for the current fiscal year.
The firm also recently disclosed 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 is an increase from Tallgrass Energy Partners’s previous quarterly dividend of $0.76. The ex-dividend date is Thursday, October 27th. This represents a $3.18 dividend on an annualized basis and a yield of 6.78%.
Hedge funds have recently added to or reduced their stakes in the stock. Balentine LLC acquired a new stake in Tallgrass Energy Partners during the second quarter worth approximately $101,000. Acrospire Investment Management LLC increased its stake in 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 during the last quarter. BNP Paribas Arbitrage SA acquired a new stake in Tallgrass Energy Partners during the third quarter worth approximately $200,000. US Bancorp DE increased its stake in Tallgrass Energy Partners by 377.1% in the second quarter. US Bancorp DE now owns 5,678 shares of the company’s stock worth $262,000 after buying an additional 4,488 shares during the last quarter. Finally, Alliancebernstein L.P. increased its stake in 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 during the last quarter.
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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