Tallgrass Energy Partners, LP (NYSE:TEP) declared a quarterly dividend on Thursday, July 6th, Wall Street Journal reports. Investors of record on Friday, July 28th will be given a dividend of 0.925 per share by the pipeline company on Monday, August 14th. This represents a $3.70 dividend on an annualized basis and a yield of 8.17%. The ex-dividend date is Wednesday, July 26th. This is a positive change from Tallgrass Energy Partners,’s previous quarterly dividend of $0.84.
Tallgrass Energy Partners, has raised its dividend by an average of 87.4% per year over the last three years and has raised its dividend every year for the last 3 years. Tallgrass Energy Partners, has a payout ratio of 95.9% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities research analysts expect Tallgrass Energy Partners, to earn $3.17 per share next year, which means the company may not be able to cover its $3.70 annual dividend with an expected future payout ratio of 116.7%.
Tallgrass Energy Partners, (TEP) traded down 0.98% during trading on Friday, reaching $45.30. 206,498 shares of the company were exchanged. The firm’s 50 day moving average is $49.95 and its 200 day moving average is $50.68. The stock has a market capitalization of $3.31 billion, a PE ratio of 20.44 and a beta of 1.03. Tallgrass Energy Partners, has a 52-week low of $42.59 and a 52-week high of $55.50.
Tallgrass Energy Partners, (NYSE:TEP) last released its earnings results on Wednesday, August 2nd. The pipeline company reported $0.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by $0.01. Tallgrass Energy Partners, had a return on equity of 20.47% and a net margin of 46.63%. The company had revenue of $160.86 million for the quarter, compared to the consensus estimate of $158.93 million. During the same quarter in the previous year, the company posted $0.92 EPS. The business’s revenue was up 7.9% on a year-over-year basis. Analysts expect that Tallgrass Energy Partners, will post $3.51 EPS for the current year.
Several research firms recently issued reports on TEP. BidaskClub upgraded Tallgrass Energy Partners, from a “sell” rating to a “hold” rating in a report on Saturday, July 1st. Barclays PLC upped their price objective on Tallgrass Energy Partners, from $58.00 to $61.00 and gave the company an “equal weight” rating in a research note on Friday, August 4th. Royal Bank Of Canada restated a “buy” rating and issued a $60.00 price objective on shares of Tallgrass Energy Partners, in a research note on Monday, July 31st. Scotiabank set a $56.00 price objective on Tallgrass Energy Partners, and gave the company a “buy” rating in a research note on Friday, July 21st. Finally, Zacks Investment Research lowered Tallgrass Energy Partners, from a “buy” rating to a “hold” rating in a research note on Friday, April 28th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. Tallgrass Energy Partners, has a consensus rating of “Hold” and a consensus price target of $60.50.
In related news, insider David G. Dehaemers, Jr. purchased 35,783 shares of Tallgrass Energy Partners, stock in a transaction that occurred on Wednesday, June 7th. The shares were acquired at an average price of $46.47 per share, with a total value of $1,662,836.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Gary J. Brauchle purchased 3,000 shares of Tallgrass Energy Partners, stock in a transaction that occurred on Tuesday, August 15th. The shares were bought at an average cost of $46.10 per share, for a total transaction of $138,300.00. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 63,274 shares of company stock worth $3,000,096.
An institutional investor recently raised its position in Tallgrass Energy Partners, stock. The Manufacturers Life Insurance Company increased its position in Tallgrass Energy Partners, LP (NYSE:TEP) by 7.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,140 shares of the pipeline company’s stock after buying an additional 143 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Tallgrass Energy Partners, were worth $107,000 at the end of the most recent reporting period. 66.46% of the stock is currently owned by hedge funds and other institutional investors.
Tallgrass Energy Partners, Company 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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