Parkside Financial Bank & Trust lowered its stake in Tallgrass Energy LP (NYSE:TGE) by 6.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 24,476 shares of the company’s stock after selling 1,587 shares during the quarter. Parkside Financial Bank & Trust’s holdings in Tallgrass Energy were worth $493,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Alps Advisors Inc. lifted its stake in Tallgrass Energy by 36.0% in the third quarter. Alps Advisors Inc. now owns 18,985,835 shares of the company’s stock valued at $382,375,000 after buying an additional 5,023,031 shares in the last quarter. SG Americas Securities LLC lifted its stake in Tallgrass Energy by 15.9% in the third quarter. SG Americas Securities LLC now owns 36,667 shares of the company’s stock valued at $738,000 after buying an additional 5,040 shares in the last quarter. Creative Planning lifted its stake in Tallgrass Energy by 20.5% in the third quarter. Creative Planning now owns 96,734 shares of the company’s stock valued at $1,948,000 after buying an additional 16,426 shares in the last quarter. Gabelli Funds LLC bought a new position in Tallgrass Energy in the third quarter valued at approximately $2,491,000. Finally, GABELLI & Co INVESTMENT ADVISERS INC. bought a new position in Tallgrass Energy in the third quarter valued at approximately $2,425,000. 55.20% of the stock is currently owned by hedge funds and other institutional investors.
Shares of TGE stock traded up $0.07 during trading on Friday, reaching $18.13. The company’s stock had a trading volume of 2,440,942 shares, compared to its average volume of 1,497,538. The company has a quick ratio of 0.63, a current ratio of 0.73 and a debt-to-equity ratio of 1.53. The business has a fifty day moving average price of $19.33 and a 200-day moving average price of $20.71. Tallgrass Energy LP has a one year low of $14.28 and a one year high of $25.96. The company has a market cap of $5.08 billion, a price-to-earnings ratio of 14.28 and a beta of 0.68.
Tallgrass Energy (NYSE:TGE) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.40 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.42 by ($0.02). Tallgrass Energy had a return on equity of 11.24% and a net margin of 29.74%. The firm had revenue of $226.71 million for the quarter, compared to the consensus estimate of $229.80 million. Research analysts anticipate that Tallgrass Energy LP will post 1.46 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.55 per share. This is a positive change from Tallgrass Energy’s previous quarterly dividend of $0.54. This represents a $2.20 annualized dividend and a yield of 12.13%. The ex-dividend date of this dividend is Wednesday, October 30th. Tallgrass Energy’s dividend payout ratio is 173.23%.
A number of research analysts have weighed in on the stock. Citigroup lowered shares of Tallgrass Energy from a “buy” rating to a “neutral” rating and cut their price target for the company from $23.00 to $19.50 in a research note on Tuesday, October 15th. TheStreet lowered shares of Tallgrass Energy from a “b-” rating to a “c+” rating in a research report on Thursday, August 8th. Stifel Nicolaus lowered shares of Tallgrass Energy from a “buy” rating to a “hold” rating and set a $20.00 price objective on the stock. in a research report on Friday, October 11th. Zacks Investment Research lowered shares of Tallgrass Energy from a “buy” rating to a “hold” rating and set a $22.00 price objective on the stock. in a research report on Saturday, November 2nd. Finally, ValuEngine lowered shares of Tallgrass Energy from a “hold” rating to a “sell” rating in a research report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating and twelve have issued a hold rating to the company. The company presently has an average rating of “Hold” and an average price target of $21.73.
About Tallgrass Energy
Tallgrass Energy, LP, through its subsidiaries, provides crude oil transportation services to customers in Wyoming, Colorado, Kansas, and the surrounding regions of the United States. The company operates through three segments: Natural Gas Transportation; Crude Oil Transportation; and Gathering, Processing & Terminalling.
Read More: Consumer Price Index (CPI)
Want to see what other hedge funds are holding TGE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tallgrass Energy LP (NYSE:TGE).
Receive News & Ratings for Tallgrass Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tallgrass Energy and related companies with MarketBeat.com's FREE daily email newsletter.