Tallgrass Energy (TGE) Price Target Cut to $25.00 by Analysts at Morgan Stanley

Tallgrass Energy (NYSE:TGE) had its price objective cut by Morgan Stanley from $26.00 to $25.00 in a research report sent to investors on Friday. They currently have an equal weight rating on the stock.

Several other research firms have also recently commented on TGE. ValuEngine upgraded Tallgrass Energy from a hold rating to a buy rating in a research report on Monday, August 20th. Zacks Investment Research cut Tallgrass Energy from a hold rating to a sell rating in a report on Friday, August 24th. Barclays began coverage on Tallgrass Energy in a report on Thursday, August 16th. They issued an equal weight rating and a $26.00 price objective for the company. They noted that the move was a valuation call. Stifel Nicolaus upped their price objective on Tallgrass Energy from $23.00 to $26.00 and gave the stock a buy rating in a report on Monday, August 6th. Finally, TheStreet upgraded Tallgrass Energy from a d+ rating to a c- rating in a report on Thursday, August 2nd. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $26.43.

Tallgrass Energy stock traded up $0.29 during midday trading on Friday, hitting $20.95. 547,957 shares of the company’s stock were exchanged, compared to its average volume of 730,791. Tallgrass Energy has a 52-week low of $17.14 and a 52-week high of $26.70. The company has a quick ratio of 0.66, a current ratio of 0.73 and a debt-to-equity ratio of 1.37. The stock has a market cap of $6.09 billion, a price-to-earnings ratio of 27.57 and a beta of 1.73.

Tallgrass Energy (NYSE:TGE) last posted its earnings results on Wednesday, October 31st. The company reported $0.38 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.42 by ($0.04). Tallgrass Energy had a positive return on equity of 4.03% and a negative net margin of 11.77%. The business had revenue of $200.32 million for the quarter, compared to analysts’ expectations of $207.70 million. On average, research analysts anticipate that Tallgrass Energy will post 1.11 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 14th. Stockholders of record on Wednesday, October 31st were issued a $0.51 dividend. This is a boost from Tallgrass Energy’s previous quarterly dividend of $0.50. This represents a $2.04 dividend on an annualized basis and a dividend yield of 9.74%. The ex-dividend date of this dividend was Tuesday, October 30th. Tallgrass Energy’s dividend payout ratio is presently 268.42%.

In other news, insider David G. Dehaemers, Jr. acquired 15,000 shares of the business’s stock in a transaction dated Monday, September 24th. The stock was purchased at an average cost of $22.21 per share, for a total transaction of $333,150.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Jeffrey A. Ball acquired 25,000 shares of the business’s stock in a transaction dated Thursday, November 1st. The stock was purchased at an average price of $21.41 per share, with a total value of $535,250.00. The disclosure for this purchase can be found here. Insiders bought a total of 76,777 shares of company stock valued at $1,635,143 over the last quarter. Company insiders own 28.59% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Alps Advisors Inc. purchased a new stake in Tallgrass Energy during the 2nd quarter valued at about $1,535,000. BNP Paribas Arbitrage SA purchased a new stake in Tallgrass Energy during the 2nd quarter valued at about $115,000. Finally, Bank of Montreal Can purchased a new stake in Tallgrass Energy during the 2nd quarter valued at about $186,000. Institutional investors own 47.03% of the company’s stock.

About Tallgrass Energy

Tallgrass Energy, LP, through its interests in Tallgrass Equity, LLC, provides crude oil transportation services to customers in Wyoming, Colorado, and the surrounding regions of the United States. The company operates through three segments: Natural Gas Transportation; Crude Oil Transportation; and Gathering, Processing & Terminalling.

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