Boyer & Corporon Wealth Management LLC lifted its holdings in shares of Tallgrass Energy Partners LP (NYSE:TEP) by 2.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 54,104 shares of the pipeline company’s stock after buying an additional 1,505 shares during the period. Boyer & Corporon Wealth Management LLC owned approximately 0.07% of Tallgrass Energy Partners worth $2,343,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of TEP. Ladenburg Thalmann Financial Services Inc. boosted its position in shares of Tallgrass Energy Partners by 59.5% during the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,020 shares of the pipeline company’s stock worth $153,000 after buying an additional 1,500 shares during the period. BNP Paribas Arbitrage SA acquired a new position in shares of Tallgrass Energy Partners during the first quarter worth approximately $154,000. Baldwin Brothers Inc. MA acquired a new position in shares of Tallgrass Energy Partners during the second quarter worth approximately $197,000. Eagle Global Advisors LLC acquired a new position in shares of Tallgrass Energy Partners during the first quarter worth approximately $221,000. Finally, Commonwealth Equity Services LLC boosted its position in shares of Tallgrass Energy Partners by 33.7% during the first quarter. Commonwealth Equity Services LLC now owns 7,446 shares of the pipeline company’s stock worth $282,000 after buying an additional 1,876 shares during the period. Institutional investors and hedge funds own 57.01% of the company’s stock.
In other news, major shareholder Tallgrass Energy Holdings, Llc bought 25,645 shares of the company’s stock in a transaction that occurred on Thursday, June 28th. The shares were purchased at an average price of $44.53 per share, with a total value of $1,141,971.85. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
Several brokerages have recently issued reports on TEP. Barclays set a $26.00 price objective on Tallgrass Energy Partners and gave the stock a “hold” rating in a research report on Thursday. Citigroup boosted their price objective on Tallgrass Energy Partners from $41.00 to $49.00 and gave the stock a “buy” rating in a research report on Monday, June 25th. Royal Bank of Canada downgraded Tallgrass Energy Partners from an “outperform” rating to a “sector perform” rating in a research report on Thursday, May 17th. Finally, ValuEngine downgraded Tallgrass Energy Partners from a “hold” rating to a “sell” rating in a research report on Saturday, June 2nd. Two analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $45.50.
Shares of NYSE:TEP opened at $43.31 on Friday. Tallgrass Energy Partners LP has a 12 month low of $34.37 and a 12 month high of $52.84. The company has a market cap of $3.17 billion, a P/E ratio of 11.49 and a beta of 1.01. The company has a current ratio of 0.63, a quick ratio of 0.52 and a debt-to-equity ratio of 1.46.
Tallgrass Energy Partners Profile
Tallgrass Energy Partners, LP acquires, owns, develops, and operates midstream energy assets in North America. It operates through Natural Gas Transportation; Crude Oil Transportation; and Gathering, Processing & Terminalling segments. The Natural Gas Transportation segment engages in the ownership and operation of interstate natural gas pipelines and integrated natural gas storage facilities with approximately 4,641 miles of transportation pipelines in Wyoming, Colorado, Kansas, Missouri, and Nebraska.
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