Tallgrass Energy Partners LP (TEP) Announces Quarterly Dividend of $0.80
Tallgrass Energy Partners LP (NYSE:TEP) announced a quarterly dividend on Friday, October 7th. Stockholders of record on Monday, October 31st will be paid a dividend of 0.795 per share on Monday, November 14th. This represents a $3.18 annualized dividend and a dividend yield of 6.73%. The ex-dividend date is Thursday, October 27th. This is a boost from Tallgrass Energy Partners’s previous quarterly dividend of $0.76.
Shares of Tallgrass Energy Partners (NYSE:TEP) opened at 47.25 on Monday. Tallgrass Energy Partners has a one year low of $25.82 and a one year high of $50.78. The firm has a market cap of $3.41 billion, a price-to-earnings ratio of 21.38 and a beta of 0.99. The stock’s 50 day moving average price is $46.91 and its 200 day moving average price is $44.65.
Tallgrass Energy Partners (NYSE:TEP) last released its earnings results on Wednesday, August 3rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.35. The company had revenue of $146.90 million for the quarter, compared to the consensus estimate of $147.34 million. During the same quarter in the previous year, the company posted $0.55 EPS. The business’s revenue was up 10.5% on a year-over-year basis. On average, equities analysts anticipate that Tallgrass Energy Partners will post $2.51 earnings per share for the current fiscal year.
TEP has been the topic of several analyst reports. Credit Suisse Group AG reiterated a “neutral” rating on shares of Tallgrass Energy Partners in a report on Tuesday, August 16th. Zacks Investment Research lowered Tallgrass Energy Partners from a “buy” rating to a “hold” rating in a report on Saturday, July 23rd. Finally, Barclays PLC upped their target price on Tallgrass Energy Partners from $49.00 to $52.00 and gave the stock an “equal weight” rating in a report on Thursday, July 28th. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $52.78.
Several institutional investors have recently made changes to their positions in the company. US Bancorp DE raised its position in shares of Tallgrass Energy Partners by 377.1% in the second quarter. US Bancorp DE now owns 5,678 shares of the company’s stock worth $262,000 after buying an additional 4,488 shares during the period. Alliancebernstein L.P. raised its position in shares of Tallgrass Energy Partners by 2.5% in the second quarter. Alliancebernstein L.P. now owns 5,720 shares of the company’s stock worth $263,000 after buying an additional 140 shares during the period. Fort Washington Investment Advisors Inc OH purchased a new position in shares of Tallgrass Energy Partners during the second quarter worth $350,000. KCG Holdings Inc. purchased a new position in shares of Tallgrass Energy Partners during the second quarter worth $360,000. Finally, Virtu Financial LLC purchased a new position in shares of Tallgrass Energy Partners during the second quarter worth $592,000.
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, which includes the ownership and operation of a crude oil pipeline system; Natural Gas Transportation & Logistics, which includes the ownership and operation of Federal Energy Regulatory Commission-regulated interstate natural gas pipelines and integrated natural gas storage facilities, and Processing & Logistics, which includes the ownership and operation of natural gas processing, treating and fractionation facilities, the provision of water business services primarily to the oil and gas exploration and production industry and the transportation of natural gas liquid (NGLs).
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