Tallgrass Energy GP LP (NYSE:TEGP) Raises Dividend to $0.37 Per Share

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 given 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 6.15%. The ex-dividend date of this dividend is Tuesday, January 30th. This is an increase from Tallgrass Energy GP’s previous quarterly dividend of $0.36.

Tallgrass Energy GP has a payout ratio of 169.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Tallgrass Energy GP to earn $0.92 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 159.8%.

Tallgrass Energy GP (NYSE TEGP) traded down $0.63 on Friday, reaching $23.89. 187,294 shares of the company traded hands, compared to its average volume of 284,100. The company has a market capitalization of $3,848.98 and a price-to-earnings ratio of 29.86. 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 one year low of $21.79 and a one year high of $29.50.

Tallgrass Energy GP (NYSE:TEGP) last posted its quarterly earnings results on Thursday, November 2nd. The pipeline company reported $0.27 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.09). Tallgrass Energy GP had a net margin of 7.07% and a return on equity of 2.46%. equities analysts predict that Tallgrass Energy GP will post 0.88 EPS for the current year.

Several research firms recently weighed in on TEGP. Zacks Investment Research lowered shares of Tallgrass Energy GP from a “hold” rating to a “strong sell” rating in a research report 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 on the stock in a report on Friday, November 17th. Barclays reaffirmed a “buy” rating and set a $34.00 price objective on shares of Tallgrass Energy GP in a report on Thursday, October 19th. Robert W. Baird reaffirmed a “buy” rating and set a $33.00 price objective on shares of Tallgrass Energy GP in a report on Thursday, December 7th. Finally, BidaskClub raised shares of Tallgrass Energy GP from a “strong sell” rating to a “sell” rating in a report on Wednesday, November 8th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $30.00.

In related news, insider David G. Dehaemers, Jr. acquired 5,428 shares of the firm’s stock in a transaction that occurred on Thursday, November 9th. The shares were bought at an average cost of $25.04 per share, for a total transaction of $135,917.12. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thomas A. Gerke acquired 9,800 shares of the firm’s stock in a transaction that occurred on Wednesday, November 8th. The stock was bought 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 raised its holdings in shares of Tallgrass Energy GP LP (NYSE:TEGP) by 7.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,858 shares of the pipeline company’s stock after acquiring 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 reporting period. Institutional investors and hedge funds own 36.27% of the company’s stock.

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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.

Dividend History for Tallgrass Energy GP (NYSE:TEGP)

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