Tallgrass Energy GP LP (NYSE:TEGP) announced a quarterly dividend on Wednesday, January 10th, Wall Street Journal reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 5.77%. The ex-dividend date of this dividend is Tuesday, January 30th. This is a boost from Tallgrass Energy GP’s previous quarterly dividend of $0.36.
Tallgrass Energy GP has a dividend payout ratio of 169.0% indicating that 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 $1.47 annual dividend with an expected future payout ratio of 163.3%.
Tallgrass Energy GP (NYSE:TEGP) traded down $0.33 during midday trading on Thursday, reaching $25.49. 236,100 shares of the company were exchanged, compared to its average volume of 327,909. The firm has a market capitalization of $4,059.66, a P/E ratio of 31.86, a PEG ratio of 3.20 and a beta of 1.97. Tallgrass Energy GP has a 52 week low of $21.79 and a 52 week high of $29.50. The company has a quick ratio of 0.50, a current ratio of 0.55 and a debt-to-equity ratio of 1.18.
Tallgrass Energy GP (NYSE:TEGP) last issued its quarterly earnings data on Thursday, November 2nd. The pipeline company reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.09). Tallgrass Energy GP had a return on equity of 2.46% and a net margin of 7.07%. equities analysts predict that Tallgrass Energy GP will post 0.87 earnings per share for the current year.
In other news, insider David G. Dehaemers, Jr. acquired 5,428 shares of Tallgrass Energy GP stock in a transaction dated Thursday, November 9th. The shares were acquired at an average cost of $25.04 per share, for a total transaction of $135,917.12. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Thomas A. Gerke acquired 9,800 shares of Tallgrass Energy GP stock in a transaction dated Wednesday, November 8th. The stock was purchased at an average price of $25.50 per share, for a total transaction 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 lifted its stake in Tallgrass Energy GP LP (NYSE:TEGP) by 7.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,858 shares of the pipeline company’s stock after buying an additional 330 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Tallgrass Energy GP were worth $124,000 at the end of the most recent quarter. Institutional investors own 36.31% of the company’s stock.
A number of research firms have recently commented on TEGP. Robert W. Baird reissued a “buy” rating and set a $32.00 target price on shares of Tallgrass Energy GP in a research note on Tuesday, September 26th. Barclays reaffirmed a “buy” rating and set a $34.00 price objective on shares of Tallgrass Energy GP in a research note on Thursday, October 19th. Zacks Investment Research cut shares of Tallgrass Energy GP from a “hold” rating to a “strong sell” rating in a research note on Tuesday, November 7th. Morgan Stanley dropped their price objective on shares of Tallgrass Energy GP from $30.00 to $29.00 and set an “equal weight” rating for the company in a research note on Friday, November 17th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $31.00 price target on shares of Tallgrass Energy GP in a research note on Sunday, October 29th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $30.00.
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Tallgrass Energy GP Company Profile
Tallgrass Energy GP, LP is a limited partnership company, which includes the operations of Tallgrass Equity, LLC (Tallgrass Equity), Tallgrass MLP GP, LLC, Tallgrass Energy Partners, LP (TEP), and TEP’s subsidiaries. TEP owns, operates, acquires and develops midstream energy assets in North America. TEP’s segments include Crude Oil Transportation & Logistics, which is engaged in the ownership and operation of a crude oil pipeline system, and crude oil storage and terminaling facilities; Natural Gas Transportation & Logistics, which is engaged in the ownership and operation of interstate natural gas pipelines and integrated natural gas storage facilities; Processing & Logistics, which is engaged in the ownership and operation of natural gas processing, treating and fractionation facilities, and the provision of water business services to the oil and gas exploration and production industry, and Corporate and Other.
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