Tallgrass Energy GP, LP (TEGP) Downgraded to “Strong Sell” at BidaskClub

BidaskClub cut shares of Tallgrass Energy GP, LP (NYSE:TEGP) from a sell rating to a strong sell rating in a research report report published on Thursday.

Several other brokerages have also recently issued reports on TEGP. Stifel Nicolaus reissued a buy rating and set a $31.00 price target on shares of Tallgrass Energy GP, in a research report on Friday, August 18th. Zacks Investment Research cut shares of Tallgrass Energy GP, from a buy rating to a hold rating in a research report on Wednesday, July 26th. Morgan Stanley reissued an equal weight rating and set a $29.00 price target (up previously from $28.00) on shares of Tallgrass Energy GP, in a research report on Friday, July 14th. Barclays PLC reissued a buy rating and set a $34.00 price target on shares of Tallgrass Energy GP, in a research report on Thursday, October 19th. Finally, Robert W. Baird reissued a buy rating and set a $32.00 price target on shares of Tallgrass Energy GP, in a research report on Tuesday, September 26th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. Tallgrass Energy GP, currently has a consensus rating of Hold and an average price target of $30.11.

Tallgrass Energy GP, (TEGP) traded up $0.62 during trading on Thursday, reaching $25.29. The company’s stock had a trading volume of 117,930 shares, compared to its average volume of 188,509. The company has a current ratio of 0.50, a quick ratio of 0.42 and a debt-to-equity ratio of 1.24. The firm has a market capitalization of $3,976.32, a P/E ratio of 31.61, a P/E/G ratio of 3.01 and a beta of 2.08. Tallgrass Energy GP, has a 12 month low of $21.87 and a 12 month high of $29.50.

Tallgrass Energy GP, (NYSE:TEGP) last issued its quarterly earnings results on Wednesday, August 2nd. The pipeline company reported $0.15 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.08). The business had revenue of $160.86 million for the quarter, compared to analyst estimates of $166.78 million. Tallgrass Energy GP, had a return on equity of 2.49% and a net margin of 7.07%. equities analysts anticipate that Tallgrass Energy GP, will post 0.91 EPS for the current fiscal year.

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The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 14th. Investors of record on Tuesday, October 31st will be issued a $0.355 dividend. This is a boost from Tallgrass Energy GP,’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Monday, October 30th. This represents a $1.42 annualized dividend and a yield of 5.61%. Tallgrass Energy GP,’s dividend payout ratio (DPR) is 171.25%.

A number of large investors have recently modified their holdings of TEGP. Bank of New York Mellon Corp raised its holdings in Tallgrass Energy GP, by 1.2% in the first quarter. Bank of New York Mellon Corp now owns 57,562 shares of the pipeline company’s stock valued at $1,655,000 after acquiring an additional 665 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Tallgrass Energy GP, in the first quarter valued at approximately $119,000. Alliancebernstein L.P. raised its holdings in Tallgrass Energy GP, by 34.9% in the first quarter. Alliancebernstein L.P. now owns 12,591 shares of the pipeline company’s stock valued at $362,000 after acquiring an additional 3,260 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Tallgrass Energy GP, by 630.2% in the first quarter. Renaissance Technologies LLC now owns 204,645 shares of the pipeline company’s stock valued at $5,886,000 after acquiring an additional 176,619 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. acquired a new stake in Tallgrass Energy GP, in the first quarter valued at approximately $329,000. 37.17% of the stock is currently owned by hedge funds and other institutional investors.

Tallgrass Energy GP, Company Profile

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