Tallgrass Energy Partners LP (NYSE:TEP) has tumbled 3.04% during the past week and has dropped 9.52% in the last 4 week period. The stocks are negative as compared to the S&P 500 for the past week with a loss of 1.87%. Tallgrass Energy Partners LP (NYSE:TEP) has underperformed the index by 10.34% in the last 4 weeks. Investors should watch out for further signals and trade with caution.
Tallgrass Energy Partners LP (NYSE:TEP): The stock opened at $46.55 on Friday but the bulls could not build on the opening and the stock topped out at $47.20 for the day. The stock traded down to $45.11 during the day, due to lack of any buying support eventually closed down at $45.64 with a loss of -0.70% for the day. The stock had closed at $45.96 on the previous day. The total traded volume was 4,527,926 shares.
The company shares have dropped -9.62% from its 1 Year high price. On Jun 23, 2015, the shares registered one year high at $51.79 and the one year low was seen on Feb 12, 2016. The 50-Day Moving Average price is $45.76 and the 200 Day Moving Average price is recorded at $38.73.
On the companys insider trading activities, Dehaemers David G Jr, CEO of Tallgrass Energy Partners, Lp, executed a transaction worth $325,875 on May 27, 2016. A total of 7,500 shares were purchased at an average price of $43.45. The Insider information was divulged by the Securities and Exchange Commission in a Form 4 filing. The information is based on open market trades at the market prices.Option exercises are not covered.
Many analysts have stated their opinion on the company shares. Equity Analysts at the Credit Suisse maintains the rating on Tallgrass Energy Partners LP (NYSE:TEP). The brokerage firm has issued a Outperform rating on the shares. The Analysts at the ratings agency raises the price target from $54 per share to $60 per share. The rating by the firm was issued on May 19, 2016. Institutional Investors own 44.88% of Tallgrass Energy Partners LP shares. During last six month period, the net percent change held by insiders has seen a change of 25%.
Tallgrass Energy Partners, LP owns, operates, acquires and develops midstream energy assets in North America. The Company provides natural gas transportation and storage services for customers in the Rocky Mountain and Midwest regions of the United States through Tallgrass Interstate Gas Transmission system and the Trailblazer Pipeline. The Companys business segments include Natural Gas Transportation & Logistics, which includes the ownership and operation of Federal Energy Regulatory Commission(FERC)-regulated interstate natural gas pipelines and integrated natural gas storage facilities; Crude Oil Transportation & Logistics, which includes the ownership and operation of a crude oil pipeline system, and Processing & Logistics, which includes the ownership and operation of natural gas processing, treating and fractionation facilities, as well as water business services provided to the oil and gas exploration and production industry.