CIBC Private Wealth Group LLC Purchases New Position in Tallgrass Energy LP (TGE)

CIBC Private Wealth Group LLC purchased a new position in shares of Tallgrass Energy LP (NYSE:TGE) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 958,143 shares of the company’s stock, valued at approximately $23,322,000. CIBC Private Wealth Group LLC owned 0.34% of Tallgrass Energy at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the stock. Alps Advisors Inc. acquired a new stake in shares of Tallgrass Energy in the fourth quarter valued at about $359,154,000. Duff & Phelps Investment Management Co. acquired a new stake in shares of Tallgrass Energy in the fourth quarter valued at about $49,510,000. Eagle Global Advisors LLC acquired a new stake in shares of Tallgrass Energy in the fourth quarter valued at about $46,641,000. Miller Howard Investments Inc. NY acquired a new stake in shares of Tallgrass Energy in the fourth quarter valued at about $32,872,000. Finally, MAI Capital Management acquired a new stake in shares of Tallgrass Energy in the fourth quarter valued at about $4,019,000. Hedge funds and other institutional investors own 49.98% of the company’s stock.

NYSE:TGE opened at $22.92 on Wednesday. The company has a quick ratio of 0.66, a current ratio of 0.73 and a debt-to-equity ratio of 1.37. Tallgrass Energy LP has a twelve month low of $17.14 and a twelve month high of $26.35. The stock has a market cap of $6.42 billion, a price-to-earnings ratio of 18.05 and a beta of 0.98.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 14th. Shareholders of record on Thursday, January 31st will be issued a dividend of $0.52 per share. This is an increase from Tallgrass Energy’s previous quarterly dividend of $0.51. This represents a $2.08 annualized dividend and a yield of 9.08%. The ex-dividend date of this dividend is Wednesday, January 30th. Tallgrass Energy’s dividend payout ratio (DPR) is 163.78%.

In other Tallgrass Energy news, insider David G. Dehaemers, Jr. bought 20,000 shares of the company’s stock in a transaction on Wednesday, November 28th. The stock was purchased at an average cost of $20.52 per share, for a total transaction of $410,400.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 28.59% of the company’s stock.

TGE has been the subject of several recent analyst reports. Bank of America initiated coverage on shares of Tallgrass Energy in a research note on Friday, January 11th. They issued an “underperform” rating and a $22.00 price objective for the company. Zacks Investment Research upgraded shares of Tallgrass Energy from a “hold” rating to a “buy” rating and set a $26.00 price objective for the company in a research note on Saturday, January 19th. US Capital Advisors reiterated a “hold” rating on shares of Tallgrass Energy in a research note on Wednesday, January 16th. Finally, Morgan Stanley reduced their price objective on shares of Tallgrass Energy from $26.00 to $25.00 and set an “equal weight” rating for the company in a research note on Friday, November 30th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $26.00.

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Tallgrass Energy Company Profile

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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Institutional Ownership by Quarter for Tallgrass Energy (NYSE:TGE)

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