Zacks Investment Research cut shares of Tallgrass Energy Partners (NYSE:TEP) from a hold rating to a strong sell rating in a research note issued to investors on Wednesday, January 10th.
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 analysts also recently issued reports on the company. Credit Suisse Group initiated coverage on Tallgrass Energy Partners in a report on Thursday, January 4th. They issued a neutral rating on the stock. Barclays reissued a hold rating and issued a $55.00 price target on shares of Tallgrass Energy Partners in a report on Thursday, October 19th. Robert W. Baird reissued a buy rating on shares of Tallgrass Energy Partners in a report on Thursday, December 7th. US Capital Advisors downgraded Tallgrass Energy Partners from an overweight rating to a hold rating in a report on Thursday, January 4th. Finally, Scotiabank reissued a buy rating on shares of Tallgrass Energy Partners in a report on Wednesday, October 25th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $58.56.
Tallgrass Energy Partners (NYSE:TEP) opened at $42.27 on Wednesday. The company has a current ratio of 0.55, a quick ratio of 0.50 and a debt-to-equity ratio of 1.35. Tallgrass Energy Partners has a 1-year low of $41.13 and a 1-year high of $55.50. The company has a market capitalization of $3,166.62, a P/E ratio of 11.69 and a beta of 0.90.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, February 14th. Stockholders of record on Wednesday, January 31st will be given a dividend of $0.965 per share. The ex-dividend date of this dividend is Tuesday, January 30th. This is a boost from Tallgrass Energy Partners’s previous quarterly dividend of $0.95. This represents a $3.86 annualized dividend and a dividend yield of 9.13%. Tallgrass Energy Partners’s dividend payout ratio (DPR) is 103.21%.
In related news, CEO David G. Dehaemers, Jr. acquired 10,000 shares of Tallgrass Energy Partners stock in a transaction dated Wednesday, November 8th. The stock was acquired at an average cost of $46.35 per share, with a total value of $463,500.00. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO David G. Dehaemers, Jr. acquired 10,426 shares of Tallgrass Energy Partners stock in a transaction dated Monday, November 13th. The shares were bought at an average cost of $44.17 per share, with a total value of $460,516.42. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 86,719 shares of company stock worth $3,753,147.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company boosted its stake 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 worth $107,000 after acquiring an additional 143 shares in the last quarter. Doliver Capital Advisors LP bought a new stake in shares of Tallgrass Energy Partners during the 2nd quarter worth $216,000. Whalerock Point Partners LLC bought a new stake in shares of Tallgrass Energy Partners during the 4th quarter worth $229,000. Green Square Capital LLC acquired a new stake in shares of Tallgrass Energy Partners in the second quarter worth $258,000. Finally, Bank of New York Mellon Corp boosted its position in shares of Tallgrass Energy Partners by 19.7% in the second quarter. Bank of New York Mellon Corp now owns 6,794 shares of the pipeline company’s stock worth $341,000 after buying an additional 1,117 shares during the period. 61.79% of the stock is owned by institutional investors and hedge funds.
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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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