Tallgrass Energy Partners (NYSE:TEP) Rating Increased to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Tallgrass Energy Partners (NYSE:TEP) from a sell rating to a hold rating in a research report sent to investors on Friday, November 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. “

Other analysts also recently issued reports about the company. BidaskClub downgraded Tallgrass Energy Partners from a sell rating to a strong sell rating in a research note on Wednesday, August 23rd. Barclays raised their price objective on Tallgrass Energy Partners from $58.00 to $61.00 and gave the stock an equal weight rating in a research report on Friday, August 4th. Scotiabank reissued a buy rating on shares of Tallgrass Energy Partners in a research report on Wednesday, October 25th. Morgan Stanley reissued an equal weight rating and set a $59.00 price objective (up from $57.00) on shares of Tallgrass Energy Partners in a research report on Friday, July 14th. Finally, Royal Bank Of Canada reissued a buy rating and set a $60.00 price objective on shares of Tallgrass Energy Partners in a research report on Monday, July 31st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $59.11.

Shares of Tallgrass Energy Partners (NYSE:TEP) traded up $0.15 on Friday, hitting $41.79. The company’s stock had a trading volume of 274,900 shares, compared to its average volume of 227,359. Tallgrass Energy Partners has a twelve month low of $41.13 and a twelve month high of $55.50. The firm has a market cap of $3,050.00, a P/E ratio of 11.63 and a beta of 1.03. The company has a quick ratio of 0.50, a current ratio of 0.55 and a debt-to-equity ratio of 1.35.

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 14th. Shareholders of record on Tuesday, October 31st were given a $0.945 dividend. This is an increase from Tallgrass Energy Partners’s previous quarterly dividend of $0.93. This represents a $3.78 annualized dividend and a yield of 9.05%. The ex-dividend date of this dividend was Monday, October 30th. Tallgrass Energy Partners’s payout ratio is currently 98.93%.

In other news, CEO David G. Dehaemers, Jr. bought 10,426 shares of the company’s stock in a transaction on Monday, November 13th. The stock was bought at an average cost of $44.17 per share, with a total value of $460,516.42. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO David G. Dehaemers, Jr. acquired 10,000 shares of the firm’s stock in a transaction dated Wednesday, November 8th. The stock was bought at an average price of $46.35 per share, with a total value of $463,500.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 75,369 shares of company stock valued at $3,263,508.

Several institutional investors and hedge funds have recently made changes to their positions in TEP. The Manufacturers Life Insurance Company boosted 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 buying an additional 143 shares during the period. Ffcm LLC boosted its stake in shares of Tallgrass Energy Partners by 217.7% in the 2nd quarter. Ffcm LLC now owns 2,259 shares of the pipeline company’s stock valued at $115,000 after buying an additional 1,548 shares during the period. Penserra Capital Management LLC boosted its stake in shares of Tallgrass Energy Partners by 300.3% in the 2nd quarter. Penserra Capital Management LLC now owns 2,858 shares of the pipeline company’s stock valued at $142,000 after buying an additional 2,144 shares during the period. Doliver Capital Advisors LP purchased a new position in shares of Tallgrass Energy Partners in the 2nd quarter valued at about $216,000. Finally, Gilman Hill Asset Management LLC purchased a new position in shares of Tallgrass Energy Partners in the 2nd quarter valued at about $225,000. Institutional investors and hedge funds own 62.09% of the company’s stock.

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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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