Tallgrass Energy Partners, LP (TEP) said Tuesday its board set out a quarterly cash distribution of $0.815 per common unit for Q4, or $3.26 on an annualized basis. That’s up 2.5% sequentially and 27.3% from a year ago.
The payout is TEP’s 14th consecutive increase since an IPO in May 2013. Shares climbed less than 1% intraday, trading near the top end of their 52-week price range of $25.82 – $50.78.
Additionally, Tallgrass Energy GP (TEGP) also said its board set out a quarterly cash distribution of $0.2775 per class A share for Q4, or $1.11 on an annualized basis. This represents a 5.7% sequential increase and a surge of 60.4% from a year ago. The payout is TEGP’s sixth consecutive increase since its IPO in May 2015.