Tallgrass Energy Partners, LP (NYSE:TEP) announced a quarterly dividend on Thursday, July 6th, Wall Street Journal reports. Shareholders of record on Friday, July 28th will be given a dividend of 0.925 per share by the pipeline company on Monday, August 14th. This represents a $3.70 annualized dividend and a yield of 7.20%. The ex-dividend date is Wednesday, July 26th. This is a positive change from Tallgrass Energy Partners,’s previous quarterly dividend of $0.84.
Tallgrass Energy Partners, has increased its dividend payment by an average of 87.4% annually over the last three years and has increased its dividend every year for the last 3 years. Tallgrass Energy Partners, has a dividend payout ratio of 106.9% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Tallgrass Energy Partners, to earn $3.12 per share next year, which means the company may not be able to cover its $3.70 annual dividend with an expected future payout ratio of 118.6%.
Shares of Tallgrass Energy Partners, (TEP) opened at 51.38 on Friday. The stock has a market capitalization of $3.72 billion, a P/E ratio of 21.28 and a beta of 1.03. Tallgrass Energy Partners, has a 12-month low of $42.59 and a 12-month high of $55.50. The firm’s 50-day moving average price is $48.79 and its 200 day moving average price is $50.60.
Tallgrass Energy Partners, (NYSE:TEP) last released its quarterly earnings results on Wednesday, May 3rd. The pipeline company reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by $0.02. Tallgrass Energy Partners, had a return on equity of 18.77% and a net margin of 48.06%. The company had revenue of $144.40 million for the quarter, compared to the consensus estimate of $160.56 million. During the same quarter last year, the company posted $0.35 EPS. The business’s revenue was down 1.9% compared to the same quarter last year. Analysts predict that Tallgrass Energy Partners, will post $3.40 EPS for the current fiscal year.
In other news, insider David G. Dehaemers, Jr. purchased 35,783 shares of the business’s stock in a transaction on Wednesday, June 7th. The stock was purchased at an average price of $46.47 per share, with a total value of $1,662,836.01. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider David G. Dehaemers, Jr. purchased 4,021 shares of the business’s stock in a transaction on Tuesday, June 6th. The stock was purchased at an average cost of $47.30 per share, with a total value of $190,193.30. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 91,290 shares of company stock valued at $4,406,923.
Several analysts recently weighed in on TEP shares. Scotiabank restated a “buy” rating and set a $56.00 target price on shares of Tallgrass Energy Partners, in a research note on Thursday, April 27th. Royal Bank Of Canada restated a “buy” rating and set a $60.00 target price on shares of Tallgrass Energy Partners, in a research note on Friday, April 21st. Stifel Nicolaus restated a “buy” rating and set a $69.00 target price on shares of Tallgrass Energy Partners, in a research note on Friday, July 14th. Morgan Stanley restated an “equal weight” rating and set a $59.00 target price (up previously from $57.00) on shares of Tallgrass Energy Partners, in a research note on Friday, July 14th. Finally, BidaskClub upgraded Tallgrass Energy Partners, from a “sell” rating to a “hold” rating in a research note on Saturday, July 1st. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Tallgrass Energy Partners, presently has an average rating of “Hold” and a consensus price target of $59.56.
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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, 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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