Tallgrass Energy GP (TEGP) Price Target Cut to $29.00 by Analysts at Morgan Stanley

Tallgrass Energy GP (NYSE:TEGP) had its price objective dropped by equities researchers at Morgan Stanley from $30.00 to $29.00 in a research report issued to clients and investors on Friday, November 17th. The firm presently has an “equal weight” rating on the pipeline company’s stock. Morgan Stanley’s price objective would indicate a potential upside of 23.51% from the stock’s previous close.

Several other equities research analysts also recently commented on TEGP. Royal Bank Of Canada reiterated a “hold” rating and set a $30.00 price objective on shares of Tallgrass Energy GP in a research note on Monday, July 31st. Robert W. Baird reiterated a “buy” rating and set a $32.00 price objective on shares of Tallgrass Energy GP in a research note on Tuesday, September 26th. BidaskClub downgraded shares of Tallgrass Energy GP from a “hold” rating to a “sell” rating in a research note on Wednesday, August 9th. Barclays lifted their price objective on shares of Tallgrass Energy GP from $33.00 to $35.00 and gave the stock an “overweight” rating in a research note on Friday, August 4th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $31.00 price objective on shares of Tallgrass Energy GP in a research note on Friday, August 18th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $30.11.

Shares of Tallgrass Energy GP (NYSE TEGP) traded up $0.15 on Friday, reaching $23.48. 252,290 shares of the company’s stock traded hands, compared to its average volume of 211,691. Tallgrass Energy GP has a 52 week low of $21.79 and a 52 week high of $29.50. The company has a current ratio of 0.55, a quick ratio of 0.50 and a debt-to-equity ratio of 1.18. The firm has a market capitalization of $3,700.00 and a P/E ratio of 29.16.

In other news, Director Thomas A. Gerke acquired 9,800 shares of the business’s stock in a transaction on Wednesday, November 8th. The stock was bought at an average price of $25.50 per share, with a total value of $249,900.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider David G. Dehaemers, Jr. acquired 5,428 shares of the business’s stock in a transaction on Thursday, November 9th. The stock was purchased at an average cost of $25.04 per share, with a total value of $135,917.12. The disclosure for this purchase can be found here.

Hedge funds have recently added to or reduced their stakes in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in shares of Tallgrass Energy GP by 3.0% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 1,200,216 shares of the pipeline company’s stock worth $30,521,000 after purchasing an additional 34,654 shares in the last quarter. Financial Counselors Inc. increased its stake in shares of Tallgrass Energy GP by 23.9% during the second quarter. Financial Counselors Inc. now owns 96,957 shares of the pipeline company’s stock worth $2,466,000 after purchasing an additional 18,710 shares in the last quarter. Clinton Group Inc. purchased a new stake in shares of Tallgrass Energy GP during the second quarter worth about $1,249,000. Global X MANAGEMENT CO LLC increased its stake in shares of Tallgrass Energy GP by 28.9% during the third quarter. Global X MANAGEMENT CO LLC now owns 528,568 shares of the pipeline company’s stock worth $14,932,000 after purchasing an additional 118,595 shares in the last quarter. Finally, Wells Fargo & Company MN increased its stake in shares of Tallgrass Energy GP by 117.2% during the second quarter. Wells Fargo & Company MN now owns 111,071 shares of the pipeline company’s stock worth $2,825,000 after purchasing an additional 59,925 shares in the last quarter. 36.32% of the stock is owned by institutional investors and hedge funds.

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