Bank of New York Mellon Corp Cuts Stake in Tallgrass Energy Partners, LP (NYSE:TEP)

Bank of New York Mellon Corp cut its position in shares of Tallgrass Energy Partners, LP (NYSE:TEP) by 0.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,677 shares of the pipeline company’s stock after selling 27 shares during the period. Bank of New York Mellon Corp’s holdings in Tallgrass Energy Partners, were worth $302,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in TEP. Spirit of America Management Corp NY increased its stake in 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. Advisors Asset Management Inc. increased its stake in Tallgrass Energy Partners, by 44.7% in the first quarter. Advisors Asset Management Inc. now owns 6,817 shares of the pipeline company’s stock worth $363,000 after buying an additional 2,105 shares during the last quarter. Bank of Montreal Can increased its stake in 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. Creative Planning increased its stake in 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. Finally, Tocqueville Asset Management L.P. increased its stake in Tallgrass Energy Partners, by 0.3% in the first quarter. Tocqueville Asset Management L.P. now owns 10,031 shares of the pipeline company’s stock worth $534,000 after buying an additional 26 shares during the last quarter. Institutional investors own 66.46% of the company’s stock.

Tallgrass Energy Partners, LP (NYSE:TEP) traded down 0.98% during trading on Friday, hitting $45.30. 206,498 shares of the company were exchanged. The company has a market capitalization of $3.31 billion, a price-to-earnings ratio of 20.44 and a beta of 1.03. The company has a 50-day moving average of $49.95 and a 200-day moving average of $50.68. Tallgrass Energy Partners, LP has a 12 month low of $42.59 and a 12 month high of $55.50.

Tallgrass Energy Partners, (NYSE:TEP) last announced its earnings results on Wednesday, August 2nd. The pipeline company reported $0.72 earnings per share for the quarter, missing the consensus estimate of $0.73 by $0.01. The firm had revenue of $160.86 million during the quarter, compared to analysts’ expectations of $158.93 million. Tallgrass Energy Partners, had a net margin of 46.63% and a return on equity of 20.47%. Tallgrass Energy Partners,’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.92 earnings per share. Analysts forecast that Tallgrass Energy Partners, LP will post $3.51 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, August 14th. Stockholders of record on Friday, July 28th were paid a $0.925 dividend. The ex-dividend date of this dividend was Wednesday, July 26th. This is an increase from Tallgrass Energy Partners,’s previous quarterly dividend of $0.84. This represents a $3.70 annualized dividend and a dividend yield of 8.17%. Tallgrass Energy Partners,’s dividend payout ratio is 165.92%.

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TEP has been the subject of a number of recent research reports. BidaskClub upgraded shares of Tallgrass Energy Partners, from a “strong sell” rating to a “sell” rating in a report on Saturday, June 24th. Stifel Nicolaus restated a “buy” rating and set a $69.00 price target on shares of Tallgrass Energy Partners, in a report on Friday, July 14th. Scotiabank restated a “buy” rating and set a $56.00 price target on shares of Tallgrass Energy Partners, in a report on Thursday, April 27th. Macquarie started coverage on shares of Tallgrass Energy Partners, in a report on Friday, April 21st. They set an “outperform” rating and a $61.00 price target for the company. Finally, Zacks Investment Research downgraded shares of Tallgrass Energy Partners, from a “buy” rating to a “hold” rating in a report on Friday, April 28th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. Tallgrass Energy Partners, has a consensus rating of “Hold” and an average target price of $60.50.

In related news, insider David G. Dehaemers, Jr. acquired 4,021 shares of Tallgrass Energy Partners, stock in a transaction on Tuesday, June 6th. The shares were purchased at an average cost of $47.30 per share, for a total transaction of $190,193.30. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Gary J. Brauchle acquired 3,000 shares of Tallgrass Energy Partners, stock in a transaction on Tuesday, August 15th. The shares were bought at an average price of $46.10 per share, for a total transaction of $138,300.00. The disclosure for this purchase can be found here. Insiders bought 63,274 shares of company stock valued at $3,000,096 over the last 90 days.

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.

Institutional Ownership by Quarter for Tallgrass Energy Partners, (NYSE:TEP)

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