Tallgrass Energy GP (NYSE:TEGP) declared a quarterly dividend on Monday, March 26th, Zacks reports. Investors of record on Monday, April 30th will be paid a dividend of 0.488 per share by the pipeline company on Tuesday, May 15th. This represents a $1.95 annualized dividend and a yield of 8.97%. The ex-dividend date is Friday, April 27th. This is an increase from Tallgrass Energy GP’s previous quarterly dividend of $0.37.
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 $1.13 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 130.1%.
Shares of NYSE:TEGP opened at $21.77 on Friday. The company has a market cap of $4,022.97, a P/E ratio of 28.64 and a beta of 1.89. Tallgrass Energy GP has a 12 month low of $17.14 and a 12 month high of $28.94. 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 (NYSE:TEGP) last issued its quarterly earnings data on Tuesday, February 13th. The pipeline company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.08). The firm 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 research analysts anticipate that Tallgrass Energy GP will post 1.08 earnings per share for the current year.
A hedge fund recently raised its stake in Tallgrass Energy GP stock. The Manufacturers Life Insurance Company grew its stake in Tallgrass Energy GP (NYSE:TEGP) by 7.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 reporting period. 30.97% of the stock is owned by hedge funds and other institutional investors.
TEGP has been the subject of several recent analyst reports. Citigroup reduced their price objective on shares of Tallgrass Energy GP from $28.00 to $22.00 and set a “buy” rating for the company in a research note on Tuesday, March 27th. Morgan Stanley reduced their price objective on shares of Tallgrass Energy GP from $29.00 to $21.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 28th. Stifel Nicolaus reduced their price objective on shares of Tallgrass Energy GP from $25.00 to $24.00 and set a “buy” rating for the company in a research note on Wednesday, March 28th. Robert W. Baird set a $32.00 price objective on shares of Tallgrass Energy GP and gave the company a “buy” rating in a research note on Tuesday, February 27th. Finally, Zacks Investment Research cut shares of Tallgrass Energy GP from a “hold” rating to a “strong sell” rating in a research note on Wednesday, February 14th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $24.22.
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About Tallgrass Energy GP
Tallgrass Energy GP, LP, through its interests in Tallgrass Equity, LLC, provides crude oil transportation services to customers in Wyoming, Colorado, and the surrounding regions of the United States. The company operates through three segments: Natural Gas Transportation; Crude Oil Transportation; and Gathering, Processing & Terminalling.
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