Stock analysts at Credit Suisse Group assumed coverage on shares of Tallgrass Energy GP (NYSE:TEGP) in a report issued on Thursday, January 4th, Marketbeat.com reports. The firm set an “underperform” rating and a $21.00 price target on the pipeline company’s stock. Credit Suisse Group’s price target would suggest a potential downside of 18.60% from the stock’s previous close.
TEGP has been the subject of several other research reports. Zacks Investment Research upgraded shares of Tallgrass Energy GP from a “strong sell” rating to a “hold” rating in a report on Thursday, September 21st. BidaskClub downgraded shares of Tallgrass Energy GP from a “hold” rating to a “sell” rating in a report on Saturday, October 21st. Stifel Nicolaus restated a “buy” rating and set a $31.00 target price on shares of Tallgrass Energy GP in a report on Sunday, October 29th. Robert W. Baird reaffirmed a “buy” rating and set a $33.00 price target on shares of Tallgrass Energy GP in a research note on Thursday, December 7th. Finally, Morgan Stanley decreased their price target on shares of Tallgrass Energy GP from $30.00 to $29.00 and set an “equal weight” rating on the stock in a research note on Friday, November 17th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $30.00.
Shares of Tallgrass Energy GP (TEGP) traded up $0.34 during trading hours on Thursday, reaching $25.80. 244,059 shares of the company were exchanged, compared to its average volume of 327,995. The firm has a market cap of $4,060.00 and a PE ratio of 32.25. 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 12-month low of $21.79 and a 12-month high of $29.50.
In related news, Director Thomas A. Gerke purchased 9,800 shares of the company’s stock in a transaction that occurred on Wednesday, November 8th. The stock was acquired at an average price of $25.50 per share, for a total transaction of $249,900.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider David G. Dehaemers, Jr. purchased 5,428 shares of the company’s stock in a transaction that occurred on Thursday, November 9th. The stock was bought at an average price 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 business. The Manufacturers Life Insurance Company increased its stake in Tallgrass Energy GP by 7.3% during the second quarter. The Manufacturers Life Insurance Company now owns 4,858 shares of the pipeline company’s stock valued at $124,000 after purchasing an additional 330 shares during the last quarter. Tiedemann Wealth Management LLC bought a new stake in Tallgrass Energy GP during the third quarter valued at $148,000. Cubist Systematic Strategies LLC increased its stake in Tallgrass Energy GP by 816.8% during the second quarter. Cubist Systematic Strategies LLC now owns 6,234 shares of the pipeline company’s stock valued at $159,000 after purchasing an additional 5,554 shares during the last quarter. Summit Asset Management LLC bought a new stake in Tallgrass Energy GP during the third quarter valued at $215,000. Finally, BlueCrest Capital Management Ltd bought a new stake in Tallgrass Energy GP during the second quarter valued at $219,000. Hedge funds and other institutional investors own 36.31% of the company’s stock.
ILLEGAL ACTIVITY WARNING: “Tallgrass Energy GP (TEGP) Earns Underperform Rating from Analysts at Credit Suisse Group” was reported by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are reading this story on another website, it was illegally copied and reposted in violation of international trademark and copyright laws. The correct version of this story can be viewed at https://www.dispatchtribunal.com/2018/01/11/tallgrass-energy-gp-tegp-now-covered-by-analysts-at-credit-suisse-group.html.
About Tallgrass Energy GP
Receive News & Ratings for Tallgrass Energy GP Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tallgrass Energy GP and related companies with MarketBeat.com's FREE daily email newsletter.