Tallgrass Energy GP (NYSE:TEGP) announced its quarterly earnings results on Tuesday. The pipeline company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.08), Morningstar.com reports. The company had revenue of $174.77 million during the quarter, compared to the consensus estimate of $187.26 million. Tallgrass Energy GP had a return on equity of 2.46% and a net margin of 7.07%.
Tallgrass Energy GP (TEGP) traded down $0.57 on Wednesday, hitting $22.54. 610,994 shares of the company’s stock were exchanged, compared to its average volume of 441,121. The company has a market capitalization of $3,547.10, a price-to-earnings ratio of 27.94, a P/E/G ratio of 2.85 and a beta of 1.75. Tallgrass Energy GP has a fifty-two week low of $21.66 and a fifty-two 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 company also recently declared a quarterly dividend, which will be paid on Wednesday, February 14th. Shareholders of record on Wednesday, January 31st will be given a $0.3675 dividend. This is a positive change from Tallgrass Energy GP’s previous quarterly dividend of $0.36. This represents a $1.47 dividend on an annualized basis and a dividend yield of 6.52%. The ex-dividend date is Tuesday, January 30th. Tallgrass Energy GP’s dividend payout ratio is presently 183.75%.
TEGP has been the subject of several recent research reports. Credit Suisse Group initiated coverage on shares of Tallgrass Energy GP in a research report on Thursday, January 4th. They set an “underperform” rating and a $21.00 target price for the company. Robert W. Baird restated a “buy” rating and set a $32.00 target price on shares of Tallgrass Energy GP in a research report on Wednesday, November 1st. Stifel Nicolaus restated a “buy” rating and set a $31.00 target price on shares of Tallgrass Energy GP in a research report on Sunday, October 29th. BidaskClub lowered shares of Tallgrass Energy GP from a “hold” rating to a “sell” rating in a research report on Saturday, October 21st. Finally, Morgan Stanley cut their target price on shares of Tallgrass Energy GP from $30.00 to $29.00 and set an “equal weight” rating for the company in a research report on Friday, November 17th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. Tallgrass Energy GP presently has a consensus rating of “Hold” and a consensus price target of $28.67.
Several institutional investors and hedge funds have recently bought and sold shares of the business. The Manufacturers Life Insurance Company lifted its holdings in shares of Tallgrass Energy GP by 7.3% in the second quarter. The Manufacturers Life Insurance Company now owns 4,858 shares of the pipeline company’s stock worth $124,000 after buying an additional 330 shares in the last quarter. Tiedemann Wealth Management LLC purchased a new position in shares of Tallgrass Energy GP in the third quarter worth $148,000. Cubist Systematic Strategies LLC lifted its holdings in shares of Tallgrass Energy GP by 816.8% in the second quarter. Cubist Systematic Strategies LLC now owns 6,234 shares of the pipeline company’s stock worth $159,000 after buying an additional 5,554 shares in the last quarter. Summit Asset Management LLC purchased a new position in shares of Tallgrass Energy GP in the third quarter worth $215,000. Finally, BlueCrest Capital Management Ltd purchased a new position in shares of Tallgrass Energy GP in the second quarter worth $219,000. Institutional investors and hedge funds own 36.25% of the company’s stock.
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About Tallgrass Energy GP
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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