Tallgrass Energy Partners LP (TEP) Raises Dividend to $0.97 Per Share
Tallgrass Energy Partners LP (NYSE:TEP) declared a quarterly dividend on Wednesday, January 10th, Wall Street Journal reports. Investors of record on Wednesday, January 31st will be paid a dividend of 0.965 per share by the pipeline company on Wednesday, February 14th. This represents a $3.86 dividend on an annualized basis and a yield of 8.39%. The ex-dividend date of this dividend is Tuesday, January 30th. This is a positive change from Tallgrass Energy Partners’s previous quarterly dividend of $0.95.
Tallgrass Energy Partners has increased its dividend payment by an average of 35.0% per year over the last three years and has raised its dividend every year for the last 4 years. Tallgrass Energy Partners has a payout ratio of 96.9% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Analysts expect Tallgrass Energy Partners to earn $2.87 per share next year, which means the company may not be able to cover its $3.78 annual dividend with an expected future payout ratio of 131.7%.
Shares of Tallgrass Energy Partners (TEP) traded up $0.41 during trading on Thursday, reaching $45.98. The company had a trading volume of 63,021 shares, compared to its average volume of 337,115. Tallgrass Energy Partners has a one year low of $41.13 and a one year high of $55.50. The company has a market cap of $3,400.00, a PE ratio of 12.29 and a beta of 1.01. The company has a current ratio of 0.55, a quick ratio of 0.50 and a debt-to-equity ratio of 1.35.
In other Tallgrass Energy Partners news, CEO David G. Dehaemers, Jr. purchased 10,000 shares of the firm’s stock in a transaction on Wednesday, November 8th. The shares were acquired at an average cost of $46.35 per share, with a total value of $463,500.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO David G. Dehaemers, Jr. purchased 1,688 shares of the firm’s stock in a transaction on Friday, November 10th. The shares were acquired at an average cost of $44.99 per share, for a total transaction of $75,943.12. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 86,719 shares of company stock worth $3,753,147.
An institutional investor recently raised its position in Tallgrass Energy Partners stock. The Manufacturers Life Insurance Company raised its holdings in shares of Tallgrass Energy Partners LP (NYSE:TEP) by 7.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,140 shares of the pipeline company’s stock after acquiring an additional 143 shares during the quarter. The Manufacturers Life Insurance Company ‘s holdings in Tallgrass Energy Partners were worth $107,000 as of its most recent SEC filing. 62.09% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages recently commented on TEP. Stifel Nicolaus reaffirmed a “buy” rating and issued a $64.00 target price on shares of Tallgrass Energy Partners in a report on Thursday, October 12th. ValuEngine raised Tallgrass Energy Partners from a “hold” rating to a “buy” rating in a report on Friday, October 6th. Zacks Investment Research cut Tallgrass Energy Partners from a “buy” rating to a “hold” rating in a report on Saturday, October 14th. US Capital Advisors cut Tallgrass Energy Partners from an “overweight” rating to a “hold” rating in a report on Thursday, January 4th. Finally, Barclays reaffirmed a “hold” rating and issued a $55.00 target price on shares of Tallgrass Energy Partners in a report on Thursday, October 19th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $59.11.
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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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