California Public Employees Retirement System raised its holdings in Tallgrass Energy Partners LP (NYSE:TEP) by 3.1% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 76,950 shares of the pipeline company’s stock after acquiring an additional 2,300 shares during the period. California Public Employees Retirement System owned approximately 0.11% of Tallgrass Energy Partners worth $3,528,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in the business. The Manufacturers Life Insurance Company lifted its stake in shares of Tallgrass Energy Partners by 7.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,140 shares of the pipeline company’s stock valued at $107,000 after purchasing an additional 143 shares during the period. Oppenheimer Asset Management Inc. raised its stake in Tallgrass Energy Partners by 9.7% during the third quarter. Oppenheimer Asset Management Inc. now owns 16,536 shares of the pipeline company’s stock valued at $792,000 after buying an additional 1,462 shares during the last quarter. Allianz Asset Management GmbH increased its holdings in shares of Tallgrass Energy Partners by 5.9% in the 3rd quarter. Allianz Asset Management GmbH now owns 26,176 shares of the pipeline company’s stock worth $1,254,000 after purchasing an additional 1,470 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of Tallgrass Energy Partners by 4.1% in the 3rd quarter. SG Americas Securities LLC now owns 55,914 shares of the pipeline company’s stock worth $2,678,000 after purchasing an additional 2,193 shares in the last quarter. Finally, RR Advisors LLC increased its holdings in shares of Tallgrass Energy Partners by 0.3% in the 3rd quarter. RR Advisors LLC now owns 1,074,000 shares of the pipeline company’s stock worth $51,367,000 after purchasing an additional 3,000 shares in the last quarter. 61.12% of the stock is currently owned by hedge funds and other institutional investors.
TEP traded up $0.19 during midday trading on Friday, hitting $39.24. 196,724 shares of the company were exchanged, compared to its average volume of 459,278. Tallgrass Energy Partners LP has a 1-year low of $34.37 and a 1-year high of $54.08. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.52 and a current ratio of 0.60. The company has a market capitalization of $2,872.37, a P/E ratio of 10.41 and a beta of 1.02.
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, hitting the Thomson Reuters’ consensus estimate of $0.67. The company had revenue of $174.80 million for the quarter, compared to analysts’ expectations of $185.17 million. Tallgrass Energy Partners had a return on equity of 28.25% and a net margin of 66.17%. Tallgrass Energy Partners’s revenue was up 7.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.51 EPS. analysts forecast that Tallgrass Energy Partners LP will post 2.41 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 15th. Investors of record on Monday, April 30th will be issued a $0.975 dividend. This represents a $3.90 annualized dividend and a yield of 9.94%. The ex-dividend date is Friday, April 27th. This is an increase from Tallgrass Energy Partners’s previous quarterly dividend of $0.97. Tallgrass Energy Partners’s dividend payout ratio (DPR) is 102.39%.
TEP has been the subject of several research analyst reports. Royal Bank of Canada reaffirmed a “buy” rating and issued a $55.00 price objective on shares of Tallgrass Energy Partners in a report on Tuesday, January 16th. Citigroup raised Tallgrass Energy Partners from a “neutral” rating to a “buy” rating in a report on Tuesday, January 9th. Robert W. Baird set a $44.00 price objective on Tallgrass Energy Partners and gave the company a “buy” rating in a research report on Tuesday, February 27th. Morgan Stanley decreased their target price on Tallgrass Energy Partners from $48.00 to $42.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 28th. Finally, Credit Suisse Group started coverage on Tallgrass Energy Partners in a research report on Thursday, January 4th. They set a “neutral” rating on the stock. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $49.20.
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Tallgrass Energy Partners 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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