Groesbeck Investment Management Corp NJ continued to hold its stake in shares of Tallgrass Energy Partners, LP (NYSE:TEP) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,109 shares of the pipeline company’s stock at the end of the second quarter. Groesbeck Investment Management Corp NJ’s holdings in Tallgrass Energy Partners, were worth $506,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of the company. BP Capital Fund Advisors LLC raised its stake in shares of Tallgrass Energy Partners, by 135.6% in the first quarter. BP Capital Fund Advisors LLC now owns 39,321 shares of the pipeline company’s stock worth $2,092,000 after buying an additional 22,633 shares during the last quarter. Hancock Holding Co. raised its stake in shares of Tallgrass Energy Partners, by 22.8% in the first quarter. Hancock Holding Co. now owns 23,185 shares of the pipeline company’s stock worth $1,233,000 after buying an additional 4,303 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in shares of Tallgrass Energy Partners, during the first quarter worth about $709,000. Pointe Capital Management LLC acquired a new stake in shares of Tallgrass Energy Partners, during the first quarter worth about $1,619,000. Finally, Koch Industries Inc. raised its stake in shares of Tallgrass Energy Partners, by 11.1% in the first quarter. Koch Industries Inc. now owns 5,328 shares of the pipeline company’s stock worth $283,000 after buying an additional 531 shares during the last quarter. Institutional investors and hedge funds own 66.46% of the company’s stock.
Tallgrass Energy Partners, LP (TEP) opened at 45.30 on Friday. Tallgrass Energy Partners, LP has a 12 month low of $42.59 and a 12 month high of $55.50. The stock has a market cap of $3.31 billion, a price-to-earnings ratio of 20.44 and a beta of 1.03. The stock’s 50 day moving average price is $49.95 and its 200-day moving average price is $50.68.
Tallgrass Energy Partners, (NYSE:TEP) last released its quarterly earnings results on Wednesday, August 2nd. The pipeline company reported $0.72 earnings per share for the quarter, missing the consensus estimate of $0.73 by $0.01. Tallgrass Energy Partners, had a return on equity of 20.47% and a net margin of 46.63%. The company had revenue of $160.86 million for the quarter, compared to analyst estimates of $158.93 million. During the same quarter last year, the company earned $0.92 EPS. The firm’s revenue for the quarter was up 7.9% on a year-over-year basis. Equities analysts expect that Tallgrass Energy Partners, LP will post $3.51 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, August 14th. Investors of record on Friday, July 28th were given a dividend of $0.925 per share. This represents a $3.70 annualized dividend and a dividend yield of 8.17%. The ex-dividend date of this dividend was Wednesday, July 26th. This is an increase from Tallgrass Energy Partners,’s previous quarterly dividend of $0.84. Tallgrass Energy Partners,’s dividend payout ratio is 165.92%.
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TEP has been the subject of a number of analyst reports. BidaskClub upgraded Tallgrass Energy Partners, from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 24th. Stifel Nicolaus reiterated a “buy” rating and issued a $69.00 price target on shares of Tallgrass Energy Partners, in a research note on Friday, July 14th. Scotiabank reiterated a “buy” rating and issued a $56.00 price target on shares of Tallgrass Energy Partners, in a research note on Thursday, April 27th. Zacks Investment Research lowered Tallgrass Energy Partners, from a “buy” rating to a “hold” rating in a research note on Friday, April 28th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $59.00 price target (up previously from $57.00) on shares of Tallgrass Energy Partners, in a research note on Friday, July 14th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $60.50.
In other Tallgrass Energy Partners, news, insider David G. Dehaemers, Jr. acquired 4,021 shares of the company’s stock in a transaction that occurred on Tuesday, June 6th. The stock was bought at an average price of $47.30 per share, with a total value of $190,193.30. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Gary J. Brauchle acquired 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 15th. The shares were acquired at an average cost of $46.10 per share, with a total value of $138,300.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 63,274 shares of company stock valued at $3,000,096.
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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