Tallgrass Energy Partners LP (TEP) Increases Dividend to $0.97 Per Share

Tallgrass Energy Partners LP (NYSE:TEP) announced a quarterly dividend on Wednesday, January 10th, Wall Street Journal reports. Investors of record on Wednesday, January 31st will be given 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 8.46%. 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% 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 $2.87 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%.

Tallgrass Energy Partners (TEP) traded up $0.44 during midday trading on Wednesday, reaching $45.65. The company had a trading volume of 398,700 shares, compared to its average volume of 502,400. The company has a market cap of $3,410.00, a price-to-earnings ratio of 12.21 and a beta of 1.01. Tallgrass Energy Partners has a 1-year low of $41.13 and a 1-year high of $55.50. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.50 and a current ratio of 0.55.

In related news, CEO David G. Dehaemers, Jr. purchased 10,000 shares of the business’s stock in a transaction dated Wednesday, November 8th. The shares were bought at an average price of $46.35 per share, with a total value of $463,500.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO David G. Dehaemers, Jr. purchased 1,688 shares of the business’s stock in a transaction dated Friday, November 10th. The stock was bought 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. Insiders acquired a total of 86,719 shares of company stock worth $3,753,147 over the last quarter.

An institutional investor recently raised its position in Tallgrass Energy Partners stock. The Manufacturers Life Insurance Company grew its stake in Tallgrass Energy Partners LP (NYSE:TEP) by 7.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,140 shares of the pipeline company’s stock after purchasing an additional 143 shares during the quarter. The Manufacturers Life Insurance Company ‘s holdings in Tallgrass Energy Partners were worth $107,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 62.09% of the company’s stock.

A number of equities research analysts recently commented on the company. Citigroup upgraded Tallgrass Energy Partners from a “neutral” rating to a “buy” rating in a research report on Tuesday. Zacks Investment Research lowered Tallgrass Energy Partners from a “hold” rating to a “strong sell” rating in a research report on Wednesday. Scotiabank reiterated a “buy” rating on shares of Tallgrass Energy Partners in a research report on Wednesday, October 25th. Barclays reiterated a “hold” rating and issued a $55.00 price objective on shares of Tallgrass Energy Partners in a research report on Thursday, October 19th. Finally, US Capital Advisors lowered Tallgrass Energy Partners from an “overweight” rating to a “hold” rating in a research report on Thursday, January 4th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. Tallgrass Energy Partners has a consensus 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.

Dividend History for Tallgrass Energy Partners (NYSE:TEP)

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