Tallgrass Energy GP, LP (NYSE:TEGP) announced a quarterly dividend on Thursday, July 6th, Wall Street Journal reports. Shareholders of record on Friday, July 28th will be given a dividend of 0.3425 per share by the pipeline company on Monday, August 14th. This represents a $1.37 annualized dividend and a yield of 5.77%. The ex-dividend date is Wednesday, July 26th. This is a boost 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 analysts expect Tallgrass Energy GP, to earn $0.91 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 150.5%.
Shares of Tallgrass Energy GP, (NYSE TEGP) traded down 0.50% during trading on Friday, hitting $23.76. 144,773 shares of the stock traded hands. Tallgrass Energy GP, has a 12 month low of $21.74 and a 12 month high of $29.50. The firm’s 50-day moving average price is $25.36 and its 200-day moving average price is $26.54. The stock has a market cap of $1.38 billion, a PE ratio of 35.15 and a beta of 2.17.
Tallgrass Energy GP, (NYSE:TEGP) last released its quarterly earnings results on Wednesday, August 2nd. The pipeline company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by $0.08. Tallgrass Energy GP, had a return on equity of 2.01% and a net margin of 5.91%. The firm had revenue of $160.86 million for the quarter, compared to analysts’ expectations of $166.78 million. Analysts anticipate that Tallgrass Energy GP, will post $0.94 EPS for the current year.
TEGP has been the subject of a number of recent analyst reports. Macquarie began coverage on shares of Tallgrass Energy GP, in a research note on Friday, April 21st. They set an “outperform” rating and a $32.00 price target for the company. Scotiabank reiterated a “hold” rating and set a $28.00 price objective on shares of Tallgrass Energy GP, in a report on Thursday, April 27th. Zacks Investment Research lowered shares of Tallgrass Energy GP, from a “strong-buy” rating to a “hold” rating in a report on Friday, April 28th. TheStreet upgraded shares of Tallgrass Energy GP, from an “e+” rating to a “c” rating in a report on Wednesday, May 17th. Finally, BidaskClub upgraded shares of Tallgrass Energy GP, from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 27th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. Tallgrass Energy GP, currently has an average rating of “Hold” and an average target price of $29.78.
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A hedge fund recently raised its stake in Tallgrass Energy GP, stock. The Manufacturers Life Insurance Company boosted its stake in Tallgrass Energy GP, LP (NYSE:TEGP) by 7.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund 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 as of its most recent filing with the SEC. Institutional investors and hedge funds own 99.71% of the company’s stock.
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