Tallgrass Energy Partners, LP (TEP) Upgraded to “Buy” at ValuEngine

ValuEngine upgraded shares of Tallgrass Energy Partners, LP (NYSE:TEP) from a hold rating to a buy rating in a research note issued to investors on Friday.

Several other research firms have also issued reports on TEP. Stifel Nicolaus reissued a buy rating and set a $69.00 target price on shares of Tallgrass Energy Partners, in a report on Friday, July 14th. Scotiabank set a $56.00 target price on Tallgrass Energy Partners, and gave the stock a buy rating in a report on Friday, July 21st. Morgan Stanley reissued an equal weight rating and set a $59.00 target price (up from $57.00) on shares of Tallgrass Energy Partners, in a report on Friday, July 14th. Royal Bank Of Canada reissued a buy rating and set a $60.00 target price on shares of Tallgrass Energy Partners, in a report on Monday, July 31st. Finally, BidaskClub raised Tallgrass Energy Partners, from a sell rating to a hold rating in a report on Saturday, July 1st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of Buy and an average target price of $60.56.

Shares of Tallgrass Energy Partners, (TEP) traded down 0.08% during midday trading on Friday, hitting $48.59. 91,168 shares of the stock traded hands. The company has a market capitalization of $3.55 billion, a P/E ratio of 21.93 and a beta of 1.04. The stock has a 50 day moving average of $46.95 and a 200 day moving average of $49.35. Tallgrass Energy Partners, has a 1-year low of $42.59 and a 1-year high of $55.50.

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 consensus estimate of $0.73 by ($0.01). The company had revenue of $160.86 million for the quarter, compared to analyst estimates of $158.93 million. Tallgrass Energy Partners, had a return on equity of 20.47% and a net margin of 46.63%. The business’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period last year, the company posted $0.92 earnings per share. Equities research analysts predict that Tallgrass Energy Partners, will post $4.01 earnings per share for the current fiscal year.

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In other Tallgrass Energy Partners, news, insider David G. Dehaemers, Jr. acquired 10,000 shares of Tallgrass Energy Partners, stock in a transaction that occurred on Friday, August 18th. The shares were acquired at an average cost of $45.13 per share, with a total value of $451,300.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David G. Dehaemers, Jr. acquired 17,350 shares of Tallgrass Energy Partners, stock in a transaction that occurred on Monday, August 21st. The stock was acquired at an average cost of $44.64 per share, for a total transaction of $774,504.00. The disclosure for this purchase can be found here. Insiders purchased 30,350 shares of company stock worth $1,364,104 over the last ninety days.

Several hedge funds have recently made changes to their positions in TEP. Tortoise Capital Advisors L.L.C. boosted its stake in shares of Tallgrass Energy Partners, by 15.7% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 7,327,764 shares of the pipeline company’s stock valued at $367,048,000 after purchasing an additional 995,864 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of Tallgrass Energy Partners, by 13.7% during the first quarter. Bank of America Corp DE now owns 1,655,913 shares of the pipeline company’s stock valued at $88,095,000 after purchasing an additional 199,309 shares in the last quarter. Alps Advisors Inc. boosted its stake in shares of Tallgrass Energy Partners, by 4.3% during the second quarter. Alps Advisors Inc. now owns 3,380,112 shares of the pipeline company’s stock valued at $169,310,000 after purchasing an additional 137,800 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of Tallgrass Energy Partners, by 14.4% during the second 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 purchasing an additional 133,102 shares in the last quarter. Finally, Kayne Anderson Capital Advisors LP boosted its stake in shares of Tallgrass Energy Partners, by 3.4% during the second quarter. Kayne Anderson Capital Advisors LP now owns 3,350,309 shares of the pipeline company’s stock valued at $167,808,000 after purchasing an additional 110,060 shares in the last quarter. 62.09% of the stock is currently owned by hedge funds and other institutional investors.

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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