Tallgrass Energy Partners, LP (NYSE:TEP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The brokerage currently has a $54.00 price objective on the pipeline company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 11.82% from the stock’s previous close.

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 research analysts also recently issued reports about the stock. 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. Scotiabank set a $56.00 price objective on shares of Tallgrass Energy Partners, and gave the company a “buy” rating in a research report on Friday, July 21st. Stifel Nicolaus reissued a “buy” rating and set a $69.00 price objective on shares of Tallgrass Energy Partners, in a research report on Friday, July 14th. Robert W. Baird reissued a “buy” rating and set a $67.00 price objective on shares of Tallgrass Energy Partners, in a research report on Thursday, August 24th. Finally, Barclays PLC boosted their price objective on shares of 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. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $60.56.

Shares of Tallgrass Energy Partners, (NYSE TEP) opened at 48.29 on Thursday. The firm has a 50-day moving average of $46.78 and a 200-day moving average of $49.38. Tallgrass Energy Partners, has a 12-month low of $42.59 and a 12-month high of $55.50. The firm has a market capitalization of $3.53 billion, a PE ratio of 21.79 and a beta of 1.04.

Tallgrass Energy Partners, (NYSE:TEP) last issued its quarterly earnings data on Wednesday, August 2nd. The pipeline company reported $0.72 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.73 by ($0.01). The company had revenue of $160.86 million for the quarter, compared to analysts’ expectations of $158.93 million. Tallgrass Energy Partners, had a net margin of 46.63% and a return on equity of 20.47%. The firm’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.92 earnings per share. Equities analysts anticipate that Tallgrass Energy Partners, will post $4.01 earnings per share for the current year.

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In related news, insider David G. Dehaemers, Jr. bought 10,000 shares of the stock in a transaction on Friday, August 18th. The shares were acquired at an average price of $45.13 per share, for a total transaction of $451,300.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider David G. Dehaemers, Jr. bought 17,350 shares of the stock in a transaction on Monday, August 21st. The shares were bought at an average price of $44.64 per share, for a total transaction of $774,504.00. The disclosure for this purchase can be found here. Insiders bought a total of 30,350 shares of company stock worth $1,364,104 over the last ninety days.

Institutional investors and hedge funds have recently bought and sold shares of the business. The Manufacturers Life Insurance Company lifted its stake in Tallgrass Energy Partners, by 7.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,140 shares of the pipeline company’s stock valued at $107,000 after acquiring an additional 143 shares during the period. Ffcm LLC lifted its stake in Tallgrass Energy Partners, by 217.7% during the 2nd quarter. Ffcm LLC now owns 2,259 shares of the pipeline company’s stock valued at $115,000 after acquiring an additional 1,548 shares during the period. Penserra Capital Management LLC lifted its stake in Tallgrass Energy Partners, by 300.3% during the 2nd quarter. Penserra Capital Management LLC now owns 2,858 shares of the pipeline company’s stock valued at $142,000 after acquiring an additional 2,144 shares during the period. Doliver Capital Advisors LP bought a new position in Tallgrass Energy Partners, during the 2nd quarter valued at about $216,000. Finally, Franklin Square Holdings L.P. bought a new position in Tallgrass Energy Partners, during the 1st quarter valued at about $239,000. Institutional investors and hedge funds own 62.09% of the company’s stock.

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.

Analyst Recommendations for Tallgrass Energy Partners, (NYSE:TEP)

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