Wall Street brokerages predict that Tallgrass Energy LP (NYSE:TGE) will report earnings of $0.42 per share for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Tallgrass Energy’s earnings, with estimates ranging from $0.35 to $0.47. Tallgrass Energy posted earnings of $0.13 per share in the same quarter last year, which suggests a positive year over year growth rate of 223.1%. The firm is expected to report its next quarterly earnings report on Tuesday, February 12th.
According to Zacks, analysts expect that Tallgrass Energy will report full year earnings of $1.25 per share for the current financial year, with EPS estimates ranging from $0.90 to $1.59. For the next fiscal year, analysts expect that the business will report earnings of $1.75 per share, with EPS estimates ranging from $1.48 to $2.01. Zacks’ EPS averages are a mean average based on a survey of analysts that that provide coverage for Tallgrass Energy.
TGE has been the subject of several recent research reports. Citigroup boosted their price target on Tallgrass Energy from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday, September 25th. Stifel Nicolaus boosted their price target on Tallgrass Energy from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Monday, August 6th. ValuEngine upgraded Tallgrass Energy from a “hold” rating to a “buy” rating in a research note on Monday, August 20th. Goldman Sachs Group initiated coverage on Tallgrass Energy in a research note on Monday, October 8th. They issued a “buy” rating and a $27.00 price target for the company. Finally, Zacks Investment Research upgraded Tallgrass Energy from a “hold” rating to a “buy” rating and set a $27.00 price target for the company in a research note on Tuesday, October 23rd. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $26.86.
In related news, Director Jeffrey A. Ball acquired 25,000 shares of the company’s stock in a transaction on Thursday, November 1st. The stock was purchased at an average cost of $21.41 per share, with a total value of $535,250.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, insider David G. Dehaemers, Jr. acquired 16,777 shares of the company’s stock in a transaction on Thursday, November 1st. The stock was bought at an average cost of $21.24 per share, with a total value of $356,343.48. The disclosure for this purchase can be found here. Insiders acquired a total of 56,777 shares of company stock valued at $1,224,743 over the last ninety days.
A number of hedge funds and other institutional investors have recently made changes to their positions in TGE. BNP Paribas Arbitrage SA acquired a new position in shares of Tallgrass Energy during the 2nd quarter worth $115,000. Baldwin Brothers Inc. MA acquired a new position in shares of Tallgrass Energy during the 2nd quarter worth $173,000. Bank of Montreal Can acquired a new position in shares of Tallgrass Energy during the 2nd quarter worth $186,000. Eagle Ridge Investment Management acquired a new position in shares of Tallgrass Energy during the 2nd quarter worth $232,000. Finally, Spirit of America Management Corp NY acquired a new position in shares of Tallgrass Energy during the 2nd quarter worth $275,000. 27.72% of the stock is owned by hedge funds and other institutional investors.
TGE traded up $0.70 during trading on Wednesday, hitting $23.42. The stock had a trading volume of 41,155 shares, compared to its average volume of 858,211. The company has a market capitalization of $6.05 billion, a PE ratio of 30.83 and a beta of 1.73. Tallgrass Energy has a one year low of $17.14 and a one year high of $26.70. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.73 and a quick ratio of 0.66.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 14th. Shareholders of record on Wednesday, October 31st will be issued a $0.51 dividend. The ex-dividend date is Tuesday, October 30th. This is a boost from Tallgrass Energy’s previous quarterly dividend of $0.50. This represents a $2.04 annualized dividend and a yield of 8.71%. Tallgrass Energy’s payout ratio is currently 268.42%.
About Tallgrass Energy
Tallgrass Energy, 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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