Tallgrass Energy Partners, LP (TEP) Given a $56.00 Price Target at Scotiabank

Tallgrass Energy Partners, LP (NYSE:TEP) has been assigned a $56.00 target price by stock analysts at Scotiabank in a research report issued on Friday, July 21st. The brokerage currently has a “buy” rating on the pipeline company’s stock. Scotiabank’s price objective points to a potential upside of 23.62% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. BidaskClub upgraded shares of Tallgrass Energy Partners, from a “sell” rating to a “hold” rating in a report on Saturday, July 1st. Zacks Investment Research downgraded shares of Tallgrass Energy Partners, from a “buy” rating to a “hold” rating in a report on Friday, April 28th. Royal Bank Of Canada reiterated a “buy” rating and issued a $60.00 price target on shares of Tallgrass Energy Partners, in a report on Friday, April 21st. Morgan Stanley reiterated an “equal weight” rating and issued a $59.00 price target (up previously from $57.00) on shares of Tallgrass Energy Partners, in a report on Friday, July 14th. Finally, Mitsubishi UFJ Financial Group began coverage on shares of Tallgrass Energy Partners, in a report on Wednesday, April 19th. They issued a “hold” rating and a $58.00 price target on the stock. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. Tallgrass Energy Partners, has an average rating of “Hold” and a consensus price target of $60.50.

Tallgrass Energy Partners, (NYSE:TEP) traded down 0.98% during mid-day trading on Friday, hitting $45.30. 206,498 shares of the company traded hands. The firm has a 50 day moving average of $49.95 and a 200 day moving average of $50.68. Tallgrass Energy Partners, has a one year low of $42.59 and a one year high of $55.50. The firm has a market capitalization of $3.31 billion, a P/E ratio of 20.44 and a beta of 1.03.

Tallgrass Energy Partners, (NYSE:TEP) last announced its earnings results on Wednesday, August 2nd. The pipeline company reported $0.72 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 the consensus estimate 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 for the quarter was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.92 earnings per share. Equities research analysts expect that Tallgrass Energy Partners, will post $3.51 earnings per share for the current fiscal year.

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In related news, insider David G. Dehaemers, Jr. bought 5,000 shares of the business’s stock in a transaction on Friday, June 2nd. The stock was acquired at an average cost of $48.26 per share, with a total value of $241,300.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Gary J. Brauchle bought 3,000 shares of the business’s stock in a transaction on Tuesday, August 15th. The stock was bought at an average cost of $46.10 per share, with a total value of $138,300.00. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 63,274 shares of company stock valued at $3,000,096.

Hedge funds have recently modified their holdings of the company. Catawba Capital Management VA increased its stake in shares of Tallgrass Energy Partners, by 19.2% in the first quarter. Catawba Capital Management VA now owns 12,440 shares of the pipeline company’s stock worth $662,000 after buying an additional 2,000 shares during the last quarter. Creative Planning increased its stake in shares of Tallgrass Energy Partners, by 13.2% in the first quarter. Creative Planning now owns 18,039 shares of the pipeline company’s stock worth $960,000 after buying an additional 2,107 shares during the last quarter. Country Club Trust Company n.a. increased its stake in shares of Tallgrass Energy Partners, by 1.0% in the first quarter. Country Club Trust Company n.a. now owns 7,825 shares of the pipeline company’s stock worth $417,000 after buying an additional 77 shares during the last quarter. Bank of Montreal Can increased its stake in shares of Tallgrass Energy Partners, by 2.8% in the first quarter. Bank of Montreal Can now owns 50,285 shares of the pipeline company’s stock worth $2,675,000 after buying an additional 1,372 shares during the last quarter. Finally, Spirit of America Management Corp NY increased its stake in shares of Tallgrass Energy Partners, by 7.4% in the first quarter. Spirit of America Management Corp NY now owns 268,582 shares of the pipeline company’s stock worth $14,289,000 after buying an additional 18,600 shares during the last quarter. 66.46% of the stock is owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for Tallgrass Energy Partners, (NYSE:TEP)

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