Tallgrass Energy GP, LP (NYSE:TEGP) Announces Dividend Increase – $0.34 Per Share

Tallgrass Energy GP, LP (NYSE:TEGP) announced a quarterly dividend on Thursday, July 6th, Wall Street Journal reports. Stockholders of record on Friday, July 28th will be paid a dividend of 0.3425 per share by the pipeline company on Monday, August 14th. This represents a $1.37 dividend on an annualized basis and a dividend yield of 5.66%. The ex-dividend date of this dividend is Wednesday, July 26th. This is a positive change from Tallgrass Energy GP,’s previous quarterly dividend of $0.29.

Tallgrass Energy GP, has a payout ratio of 147.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Tallgrass Energy GP, to earn $1.07 per share next year, which means the company may not be able to cover its $1.37 annual dividend with an expected future payout ratio of 128.0%.

Shares of Tallgrass Energy GP, (TEGP) opened at 24.21 on Friday. The stock’s 50 day moving average is $25.37 and its 200-day moving average is $26.66. Tallgrass Energy GP, has a 52 week low of $21.74 and a 52 week high of $29.50. The firm has a market cap of $1.41 billion, a PE ratio of 35.81 and a beta of 2.17.

Tallgrass Energy GP, (NYSE:TEGP) last announced its earnings results on Wednesday, August 2nd. The pipeline company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.23 by $0.08. The business had revenue of $160.86 million for the quarter, compared to the consensus estimate of $166.78 million. Tallgrass Energy GP, had a net margin of 5.91% and a return on equity of 2.01%. On average, equities analysts predict that Tallgrass Energy GP, will post $0.94 EPS for the current fiscal year.

TEGP has been the topic of a number of research reports. Zacks Investment Research downgraded Tallgrass Energy GP, from a “buy” rating to a “hold” rating in a research note on Wednesday, July 26th. TheStreet raised Tallgrass Energy GP, from an “e+” rating to a “c” rating in a research note on Wednesday, May 17th. Scotiabank reissued a “hold” rating and issued a $28.00 price objective on shares of Tallgrass Energy GP, in a research note on Thursday, April 27th. Stifel Nicolaus reissued a “buy” rating and issued a $31.00 price objective on shares of Tallgrass Energy GP, in a research note on Friday, July 14th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $29.00 price objective (up previously from $28.00) on shares of Tallgrass Energy GP, in a research note on Friday, July 14th. Three analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $29.78.

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Tallgrass Energy GP, Company Profile

Dividend History for Tallgrass Energy GP, (NYSE:TEGP)

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