An issue of Tallgrass Energy Partners LP (NYSE:TEP) bonds rose 1.5% as a percentage of their face value during trading on Wednesday. The high-yield issue of debt has a 5.5% coupon and is set to mature on January 15, 2028. The bonds in the issue are now trading at $99.50 and were trading at $97.47 last week. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its stock price.
A number of research analysts have weighed in on TEP shares. Royal Bank of Canada reaffirmed a “buy” rating and set a $55.00 price target on shares of Tallgrass Energy Partners in a research report on Tuesday, January 16th. Citigroup raised shares of Tallgrass Energy Partners from a “neutral” rating to a “buy” rating in a research report on Tuesday, January 9th. Zacks Investment Research raised shares of Tallgrass Energy Partners from a “sell” rating to a “hold” rating in a research report on Friday, November 10th. Morgan Stanley dropped their price objective on shares of Tallgrass Energy Partners from $52.00 to $48.00 and set an “equal weight” rating on the stock in a research note on Friday, February 9th. Finally, Robert W. Baird reiterated a “buy” rating on shares of Tallgrass Energy Partners in a research note on Thursday, December 7th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. Tallgrass Energy Partners currently has an average rating of “Hold” and an average target price of $53.33.
Tallgrass Energy Partners LP (NYSE TEP) traded up $2.24 on Wednesday, hitting $40.30. 1,132,815 shares of the stock were exchanged, compared to its average volume of 518,378. The stock has a market capitalization of $2,980.00, a price-to-earnings ratio of 10.78 and a beta of 0.92. Tallgrass Energy Partners LP has a 12 month low of $35.37 and a 12 month high of $55.50. The company has a debt-to-equity ratio of 1.35, a current ratio of 0.55 and a quick ratio of 0.50.
Tallgrass Energy Partners (NYSE:TEP) last posted its quarterly earnings data on Tuesday, February 13th. The pipeline company reported $0.67 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.67. The company had revenue of $174.80 million for the quarter, compared to analyst estimates of $185.17 million. Tallgrass Energy Partners had a net margin of 64.13% and a return on equity of 27.58%. The business’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.51 earnings per share. analysts forecast that Tallgrass Energy Partners LP will post 3.89 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 14th. Stockholders of record on Wednesday, January 31st will be paid a dividend of $0.965 per share. The ex-dividend date is Tuesday, January 30th. This represents a $3.86 dividend on an annualized basis and a dividend yield of 9.58%. This is a positive change from Tallgrass Energy Partners’s previous quarterly dividend of $0.95. Tallgrass Energy Partners’s dividend payout ratio (DPR) is currently 103.21%.
In related news, insider David G. Dehaemers, Jr. purchased 31,501 shares of the company’s stock in a transaction that occurred on Monday, November 27th. The stock was acquired at an average price of $42.50 per share, for a total transaction of $1,338,792.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider David G. Dehaemers, Jr. purchased 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 21st. The stock was bought at an average price of $42.97 per share, with a total value of $644,550.00. The disclosure for this purchase can be found here. Insiders have bought 64,605 shares of company stock worth $2,753,188 in the last quarter.
Several large investors have recently modified their holdings of TEP. Prime Capital Investment Advisors LLC bought a new stake in shares of Tallgrass Energy Partners in the fourth quarter worth $101,000. The Manufacturers Life Insurance Company increased its stake in shares of Tallgrass Energy Partners by 7.2% in the second quarter. The Manufacturers Life Insurance Company now owns 2,140 shares of the pipeline company’s stock worth $107,000 after buying an additional 143 shares during the last quarter. Captrust Financial Advisors bought a new stake in shares of Tallgrass Energy Partners in the fourth quarter worth $133,000. Koch Industries Inc. bought a new stake in shares of Tallgrass Energy Partners in the fourth quarter worth $222,000. Finally, Whalerock Point Partners LLC bought a new stake in shares of Tallgrass Energy Partners in the fourth quarter worth $229,000. Institutional investors and hedge funds own 61.82% of the company’s stock.
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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.
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