Credit Suisse AG decreased its position in Tallgrass Energy GP, LP (NYSE:TEGP) by 39.9% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 40,221 shares of the pipeline company’s stock after selling 26,698 shares during the period. Credit Suisse AG owned approximately 0.07% of Tallgrass Energy GP, worth $1,158,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TEGP. BNP Paribas Arbitrage SA purchased a new position in Tallgrass Energy GP, during the first quarter worth approximately $115,000. SG Americas Securities LLC bought a new stake in shares of Tallgrass Energy GP, during the first quarter valued at about $119,000. Summit Asset Management LLC bought a new stake in shares of Tallgrass Energy GP, during the first quarter valued at about $201,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Tallgrass Energy GP, during the first quarter valued at about $329,000. Finally, Texas Yale Capital Corp. boosted its stake in shares of Tallgrass Energy GP, by 23.7% in the first quarter. Texas Yale Capital Corp. now owns 11,750 shares of the pipeline company’s stock valued at $338,000 after buying an additional 2,250 shares during the last quarter. Institutional investors own 99.71% of the company’s stock.
Shares of Tallgrass Energy GP, LP (NYSE TEGP) traded down 0.50% during mid-day trading on Friday, hitting $23.76. The stock had a trading volume of 144,773 shares. The stock has a market cap of $1.38 billion, a P/E ratio of 35.15 and a beta of 2.17. Tallgrass Energy GP, LP has a 12-month low of $21.74 and a 12-month high of $29.50. The company’s 50 day moving average price is $25.36 and its 200 day moving average price is $26.54.
Tallgrass Energy GP, (NYSE:TEGP) last issued its earnings results on Wednesday, August 2nd. The pipeline company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by $0.08. The company had revenue of $160.86 million during the quarter, compared to analyst estimates of $166.78 million. Tallgrass Energy GP, had a net margin of 5.91% and a return on equity of 2.01%. Equities research analysts predict that Tallgrass Energy GP, LP will post $0.94 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, August 14th. Stockholders of record on Friday, July 28th were paid a $0.3425 dividend. This represents a $1.37 dividend on an annualized basis and a dividend yield of 5.77%. The ex-dividend date was Wednesday, July 26th. This is a positive change from Tallgrass Energy GP,’s previous quarterly dividend of $0.29. Tallgrass Energy GP,’s dividend payout ratio is 201.47%.
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TEGP has been the topic of several analyst reports. Scotiabank set a $28.00 price objective on Tallgrass Energy GP, and gave the company a “hold” rating in a research note on Saturday, July 22nd. Zacks Investment Research upgraded Tallgrass Energy GP, from a “hold” rating to a “strong-buy” rating and set a $28.00 price objective on the stock in a research note on Friday, June 16th. Royal Bank Of Canada reiterated a “hold” rating and issued a $30.00 price objective on shares of Tallgrass Energy GP, in a research note on Monday, July 31st. BidaskClub upgraded Tallgrass Energy GP, from a “sell” rating to a “hold” rating in a research note on Thursday, July 6th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $31.00 price objective on shares of Tallgrass Energy GP, in a research note on Friday, July 14th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $29.78.
About Tallgrass Energy GP,
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