Tallgrass Energy Partners LP (NYSE:TEP) announced a quarterly dividend on Monday, March 26th, Zacks reports. Investors of record on Monday, April 30th will be paid a dividend of 0.975 per share by the pipeline company on Tuesday, May 15th. This represents a $3.90 annualized dividend and a yield of 8.70%. The ex-dividend date is Friday, April 27th. This is an increase from Tallgrass Energy Partners’s previous quarterly dividend of $0.97.
Tallgrass Energy Partners has increased its dividend by an average of 35.0% annually over the last three years and has raised its dividend annually for the last 4 consecutive years. Tallgrass Energy Partners has a payout ratio of 98.7% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities research analysts expect Tallgrass Energy Partners to earn $2.38 per share next year, which means the company may not be able to cover its $3.86 annual dividend with an expected future payout ratio of 162.2%.
Shares of TEP stock opened at $44.83 on Friday. The company has a market capitalization of $3,281.56, a P/E ratio of 11.89 and a beta of 1.02. Tallgrass Energy Partners has a 12-month low of $34.37 and a 12-month high of $52.96. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.52 and a current ratio of 0.60.
A hedge fund recently raised its stake in Tallgrass Energy Partners stock. The Manufacturers Life Insurance Company raised its stake in Tallgrass Energy Partners LP (NYSE:TEP) by 7.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,140 shares of the pipeline company’s stock after acquiring an additional 143 shares during the period. The Manufacturers Life Insurance Company’s holdings in Tallgrass Energy Partners were worth $107,000 as of its most recent SEC filing. 61.13% of the stock is currently owned by hedge funds and other institutional investors.
TEP has been the topic of several recent analyst reports. ValuEngine downgraded shares of Tallgrass Energy Partners from a “buy” rating to a “hold” rating in a research report on Sunday, December 31st. US Capital Advisors downgraded shares of Tallgrass Energy Partners from an “overweight” rating to a “hold” rating in a research report on Thursday, January 4th. Credit Suisse Group initiated coverage on shares of Tallgrass Energy Partners in a research report on Thursday, January 4th. They set a “neutral” rating on the stock. Citigroup upgraded shares of Tallgrass Energy Partners from a “neutral” rating to a “buy” rating in a research report on Tuesday, January 9th. Finally, Zacks Investment Research downgraded shares of Tallgrass Energy Partners from a “hold” rating to a “strong sell” rating in a research report on Wednesday, January 10th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $46.63.
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About Tallgrass Energy Partners
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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