Tallgrass Energy Partners, LP (TEP) Hits New 12-Month Low at $42.81

Tallgrass Energy Partners, LP (NYSE:TEP) shares hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $42.81 and last traded at $43.40, with a volume of 227500 shares trading hands. The stock had previously closed at $43.50.

TEP has been the topic of several recent analyst reports. BidaskClub lowered Tallgrass Energy Partners, from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 23rd. Zacks Investment Research raised Tallgrass Energy Partners, from a “hold” rating to a “buy” rating and set a $54.00 target price on the stock in a research report on Thursday, October 5th. Scotiabank reaffirmed a “buy” rating on shares of Tallgrass Energy Partners, in a research report on Wednesday, October 25th. Barclays PLC upped their target price on Tallgrass Energy Partners, from $58.00 to $61.00 and gave the company an “equal weight” rating in a research report on Friday, August 4th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $64.00 target price on shares of Tallgrass Energy Partners, in a research report on Thursday, October 12th. 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. The stock has a consensus rating of “Hold” and an average price target of $59.11.

The company has a current ratio of 0.55, a quick ratio of 0.50 and a debt-to-equity ratio of 1.35. The stock has a market cap of $3,210.00, a P/E ratio of 11.76 and a beta of 1.03.

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 14th. Shareholders of record on Tuesday, October 31st were paid a dividend of $0.945 per share. This represents a $3.78 annualized dividend and a yield of 8.71%. The ex-dividend date of this dividend was Monday, October 30th. This is an increase from Tallgrass Energy Partners,’s previous quarterly dividend of $0.93. Tallgrass Energy Partners,’s payout ratio is presently 98.93%.

In related news, CEO David G. Dehaemers, Jr. bought 1,688 shares of the stock in a transaction dated Friday, November 10th. The shares were purchased at an average price of $44.99 per share, for a total transaction of $75,943.12. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO David G. Dehaemers, Jr. bought 10,426 shares of the stock in a transaction dated Monday, November 13th. The stock was bought at an average price of $44.17 per share, for a total transaction of $460,516.42. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 22,829 shares of company stock worth $1,031,420.

Several institutional investors and hedge funds have recently modified their holdings of the company. Alliancebernstein L.P. boosted its position in Tallgrass Energy Partners, by 5.9% during the second quarter. Alliancebernstein L.P. now owns 9,988 shares of the pipeline company’s stock worth $500,000 after purchasing an additional 559 shares in the last quarter. Suncoast Equity Management boosted its position in Tallgrass Energy Partners, by 19.9% during the second quarter. Suncoast Equity Management now owns 6,710 shares of the pipeline company’s stock worth $336,000 after purchasing an additional 1,115 shares in the last quarter. Boyer & Corporon Wealth Management LLC purchased a new position in Tallgrass Energy Partners, during the second quarter worth approximately $2,165,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in Tallgrass Energy Partners, by 14.4% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 1,058,904 shares of the pipeline company’s stock worth $53,041,000 after purchasing an additional 133,102 shares in the last quarter. Finally, Green Square Capital LLC purchased a new position in Tallgrass Energy Partners, during the second quarter worth approximately $258,000. Hedge funds and other institutional investors own 53.07% 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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