Tallgrass Energy Partners LP (TEP) Sees Unusually-High Trading Volume After Dividend Announcement
Tallgrass Energy Partners LP (NYSE:TEP) saw strong trading volume on Monday after the company announced a dividend. 502,584 shares changed hands during trading, an increase of 83% from the previous session’s volume of 273,992 shares.The stock last traded at $47.88 and had previously closed at $47.25.
The newly announced dividend which will be paid on Monday, November 14th. Investors of record on Monday, October 31st will be paid a dividend of $0.795 per share. The ex-dividend date of this dividend is Thursday, October 27th. This is a boost from Tallgrass Energy Partners’s previous quarterly dividend of $0.76. This represents a $3.18 annualized dividend and a yield of 6.64%.
Several equities analysts recently issued reports on the company. Credit Suisse Group AG restated a “neutral” rating on shares of Tallgrass Energy Partners in a research note on Tuesday, August 16th. Zacks Investment Research cut Tallgrass Energy Partners from a “buy” rating to a “hold” rating in a research note on Saturday, July 23rd. Finally, Barclays PLC raised their target price on Tallgrass Energy Partners from $49.00 to $52.00 and gave the company an “equal weight” rating in a research note on Thursday, July 28th. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $52.78.
The firm has a market cap of $3.45 billion, a P/E ratio of 21.67 and a beta of 0.99. The company’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 quarterly earnings data on Wednesday, August 3rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.35. The firm had revenue of $146.90 million for the quarter, compared to the consensus estimate of $147.34 million. The business’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.55 earnings per share. On average, equities research analysts predict that Tallgrass Energy Partners LP will post $2.51 EPS for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in the stock. ING Groep NV purchased a new stake in Tallgrass Energy Partners during the first quarter worth about $5,188,000. State Street Corp boosted its stake in Tallgrass Energy Partners by 18.8% in the first quarter. State Street Corp now owns 33,108 shares of the company’s stock worth $1,269,000 after buying an additional 5,234 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Tallgrass Energy Partners during the first quarter worth about $1,632,000. TPH Asset Management LLC boosted its stake in Tallgrass Energy Partners by 38.9% in the first quarter. TPH Asset Management LLC now owns 98,075 shares of the company’s stock worth $3,758,000 after buying an additional 27,458 shares in the last quarter. Finally, Williams Jones & Associates LLC boosted its stake in Tallgrass Energy Partners by 18.9% in the first quarter. Williams Jones & Associates LLC now owns 32,390 shares of the company’s stock worth $1,241,000 after buying an additional 5,141 shares in the last quarter.
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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