Tallgrass Energy Partners, LP (TEP) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of Tallgrass Energy Partners, LP (NYSE:TEP) from a hold rating to a buy rating in a research report released on Thursday. Zacks Investment Research currently has $54.00 price target on the pipeline company’s stock.

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. “

A number of other brokerages have also issued reports on TEP. Stifel Nicolaus reaffirmed a buy rating and set a $69.00 price objective on shares of Tallgrass Energy Partners, in a report on Friday, July 14th. BidaskClub lowered shares of Tallgrass Energy Partners, from a sell rating to a strong sell rating in a report on Wednesday, August 23rd. Scotiabank set a $56.00 price objective on shares of Tallgrass Energy Partners, and gave the company a buy rating in a report on Friday, July 21st. Barclays PLC increased 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 report on Friday, August 4th. Finally, Morgan Stanley reaffirmed an equal weight rating and set a $59.00 price objective (up from $57.00) on shares of Tallgrass Energy Partners, in a report on Friday, July 14th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. The stock has a consensus rating of Buy and an average target price of $60.56.

Tallgrass Energy Partners, (TEP) traded down 0.08% during trading on Thursday, hitting $48.59. 91,168 shares of the stock were exchanged. The firm has a market capitalization of $3.55 billion, a price-to-earnings ratio of 21.93 and a beta of 1.04. Tallgrass Energy Partners, has a 1-year low of $42.59 and a 1-year high of $55.50. The company has a 50-day moving average price of $46.87 and a 200 day moving average price of $49.37.

Tallgrass Energy Partners, (NYSE:TEP) last released its earnings results on Wednesday, August 2nd. The pipeline company reported $0.72 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 firm had revenue of $160.86 million during the quarter, compared to analysts’ expectations of $158.93 million. During the same period in the prior year, the company posted $0.92 earnings per share. The company’s revenue was up 7.9% compared to the same quarter last year. Equities analysts predict that Tallgrass Energy Partners, will post $4.01 earnings per share for the current fiscal year.

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In other news, insider David G. Dehaemers, Jr. bought 17,350 shares of the stock in a transaction dated Monday, August 21st. The stock was purchased at an average cost of $44.64 per share, for a total transaction of $774,504.00. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Gary J. Brauchle bought 3,000 shares of the stock in a transaction dated Tuesday, August 15th. The shares were purchased at an average price of $46.10 per share, with a total value of $138,300.00. The disclosure for this purchase can be found here. Insiders have bought a total of 30,350 shares of company stock valued at $1,364,104 over the last quarter.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Suncoast Equity Management boosted its position in shares of Tallgrass Energy Partners, by 19.9% during the 2nd quarter. Suncoast Equity Management now owns 6,710 shares of the pipeline company’s stock valued at $336,000 after acquiring an additional 1,115 shares during the last quarter. Boyer & Corporon Wealth Management LLC bought a new position in shares of Tallgrass Energy Partners, during the 2nd quarter valued at approximately $2,165,000. BP Capital Fund Advisors LLC boosted its position in shares of Tallgrass Energy Partners, by 135.6% during the 1st quarter. BP Capital Fund Advisors LLC now owns 39,321 shares of the pipeline company’s stock valued at $2,092,000 after acquiring an additional 22,633 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Tallgrass Energy Partners, by 14.4% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 1,058,904 shares of the pipeline company’s stock valued at $53,041,000 after acquiring an additional 133,102 shares during the last quarter. Finally, Penserra Capital Management LLC boosted its position in shares of 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 last quarter. Hedge funds and other institutional investors 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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