Tallgrass Energy GP, LP (NYSE:TEGP) announced a quarterly dividend on Wednesday, January 10th, Wall Street Journal reports. Shareholders of record on Wednesday, January 31st will be paid a dividend of 0.3675 per share by the pipeline company on Wednesday, February 14th. This represents a $1.47 annualized dividend and a dividend yield of 5.73%. The ex-dividend date is Tuesday, January 30th. This is a boost from Tallgrass Energy GP’s previous quarterly dividend of $0.36.
Tallgrass Energy GP has a payout ratio of 163.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Tallgrass Energy GP to earn $0.90 per share next year, which means the company may not be able to cover its $1.42 annual dividend with an expected future payout ratio of 157.8%.
Shares of Tallgrass Energy GP (NYSE TEGP) traded up $0.20 on Thursday, hitting $25.66. The company’s stock had a trading volume of 14,785 shares, compared to its average volume of 339,986. The company has a market capitalization of $4,000.00 and a price-to-earnings ratio of 32.08. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.50 and a current ratio of 0.55. Tallgrass Energy GP has a 52-week low of $21.79 and a 52-week high of $29.50.
TEGP has been the topic of several research reports. Zacks Investment Research upgraded Tallgrass Energy GP from a “strong sell” rating to a “hold” rating in a research note on Thursday, September 21st. Robert W. Baird reiterated a “buy” rating and issued a $32.00 price target on shares of Tallgrass Energy GP in a research report on Tuesday, September 26th. Barclays reiterated a “buy” rating and issued a $34.00 price target on shares of Tallgrass Energy GP in a research report on Thursday, October 19th. BidaskClub cut Tallgrass Energy GP from a “hold” rating to a “sell” rating in a research report on Saturday, October 21st. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $31.00 price target on shares of Tallgrass Energy GP in a research report on Sunday, October 29th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $30.00.
In other Tallgrass Energy GP news, insider David G. Dehaemers, Jr. bought 5,428 shares of Tallgrass Energy GP stock in a transaction that occurred on Thursday, November 9th. The stock was acquired at an average cost of $25.04 per share, for a total transaction of $135,917.12. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas A. Gerke bought 9,800 shares of Tallgrass Energy GP stock in a transaction that occurred on Wednesday, November 8th. The shares were acquired at an average price of $25.50 per share, with a total value of $249,900.00. The disclosure for this purchase can be found here.
An institutional investor recently raised its position in Tallgrass Energy GP stock. The Manufacturers Life Insurance Company raised its holdings in shares of Tallgrass Energy GP, LP (NYSE:TEGP) by 7.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,858 shares of the pipeline company’s stock after buying an additional 330 shares during the quarter. The Manufacturers Life Insurance Company ‘s holdings in Tallgrass Energy GP were worth $124,000 as of its most recent filing with the Securities & Exchange Commission. 36.31% of the stock is owned by institutional investors.
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Tallgrass Energy GP Company Profile
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