OppenheimerFunds Inc. lifted its holdings in shares of Tallgrass Energy GP LP (NYSE:TEGP) by 1.2% in the 4th quarter, HoldingsChannel reports. The firm owned 12,310,643 shares of the pipeline company’s stock after acquiring an additional 140,233 shares during the period. OppenheimerFunds Inc. owned about 0.08% of Tallgrass Energy GP worth $316,876,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. The Manufacturers Life Insurance Company grew its holdings in shares of 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 worth $124,000 after purchasing an additional 330 shares in the last quarter. Cubist Systematic Strategies LLC grew its holdings in shares of 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 worth $159,000 after purchasing an additional 5,554 shares in the last quarter. Summit Asset Management LLC purchased a new position in shares of Tallgrass Energy GP during the third quarter worth about $215,000. SG Americas Securities LLC purchased a new stake in Tallgrass Energy GP in the fourth quarter worth approximately $283,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Tallgrass Energy GP in the second quarter worth approximately $317,000. 35.81% of the stock is owned by institutional investors.
Several brokerages have issued reports on TEGP. Stifel Nicolaus set a $26.00 target price on Tallgrass Energy GP and gave the stock a “buy” rating in a research note on Thursday, February 8th. Robert W. Baird reaffirmed a “buy” rating and issued a $35.00 target price on shares of Tallgrass Energy GP in a research note on Friday, February 16th. TheStreet lowered Tallgrass Energy GP from a “c-” rating to a “d” rating in a research note on Wednesday, February 14th. Zacks Investment Research lowered Tallgrass Energy GP from a “hold” rating to a “strong sell” rating in a research note on Tuesday, November 7th. Finally, Barclays lowered Tallgrass Energy GP from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $30.00 to $25.00 in a research note on Monday, February 12th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $28.56.
Shares of Tallgrass Energy GP LP (TEGP) opened at $21.76 on Wednesday. The stock has a market capitalization of $3,997.09, a P/E ratio of -9.80, a price-to-earnings-growth ratio of 2.63 and a beta of 1.76. The company has a debt-to-equity ratio of 1.33, a current ratio of 0.61 and a quick ratio of 0.52. Tallgrass Energy GP LP has a 52 week low of $21.45 and a 52 week high of $29.50.
Tallgrass Energy GP (NYSE:TEGP) last released its quarterly earnings data on Tuesday, February 13th. The pipeline company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.08). The company had revenue of $174.77 million for the quarter, compared to analysts’ expectations of $187.26 million. Tallgrass Energy GP had a negative net margin of 19.63% and a positive return on equity of 2.43%. equities analysts expect that Tallgrass Energy GP LP will post 0.91 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 14th. Stockholders of record on Wednesday, January 31st were paid a dividend of $0.3675 per share. This represents a $1.47 dividend on an annualized basis and a dividend yield of 6.76%. The ex-dividend date of this dividend was Tuesday, January 30th. This is a positive change from Tallgrass Energy GP’s previous quarterly dividend of $0.36. Tallgrass Energy GP’s dividend payout ratio is -66.22%.
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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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