Bank of New York Mellon Corp decreased its stake in Tallgrass Energy GP LP (NYSE:TEGP) by 54.9% during the second quarter, Holdings Channel reports. The firm owned 55,931 shares of the company’s stock after selling 68,074 shares during the period. Bank of New York Mellon Corp owned approximately 0.12% of Tallgrass Energy GP worth $1,262,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TEGP. BlackRock Fund Advisors raised its position in Tallgrass Energy GP by 14.6% in the first quarter. BlackRock Fund Advisors now owns 11,963 shares of the company’s stock valued at $221,000 after buying an additional 1,520 shares during the period. Avalon Advisors LLC bought a new position in shares of Tallgrass Energy GP during the first quarter valued at $263,000. Nordea Investment Management AB bought a new position in shares of Tallgrass Energy GP during the second quarter valued at $491,000. First Republic Investment Management Inc. bought a new position in shares of Tallgrass Energy GP during the first quarter valued at $565,000. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Tallgrass Energy GP by 89.5% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 36,000 shares of the company’s stock valued at $813,000 after buying an additional 17,000 shares during the period.
Tallgrass Energy GP LP (NYSE:TEGP) traded down 2.92% during mid-day trading on Thursday, hitting $23.97. The company had a trading volume of 85,307 shares. The stock’s 50 day moving average price is $23.91 and its 200 day moving average price is $22.65. Tallgrass Energy GP LP has a 52-week low of $9.66 and a 52-week high of $26.81. The firm has a market cap of $1.14 billion, a P/E ratio of 34.54 and a beta of 2.28.
Tallgrass Energy GP (NYSE:TEGP) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $0.07 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by $0.16. Tallgrass Energy GP had a net margin of 5.70% and a return on equity of 2.05%. On average, equities research analysts predict that Tallgrass Energy GP LP will post $0.45 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 14th. Investors of record on Monday, October 31st will be given a $0.2625 dividend. This is a boost from Tallgrass Energy GP’s previous quarterly dividend of $0.25. This represents a $1.05 annualized dividend and a yield of 4.25%. The ex-dividend date of this dividend is Thursday, October 27th. Tallgrass Energy GP’s dividend payout ratio (DPR) is currently 142.03%.
Several brokerages have weighed in on TEGP. Credit Suisse Group AG set a $28.00 target price on Tallgrass Energy GP and gave the company a “buy” rating in a research note on Saturday, August 6th. Barclays PLC lifted their target price on Tallgrass Energy GP from $23.00 to $28.00 and gave the company an “overweight” rating in a research note on Thursday, July 28th. Finally, Zacks Investment Research downgraded Tallgrass Energy GP from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 9th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $24.75.
Tallgrass Energy GP Company Profile
Tallgrass Energy GP, LP is a limited partnership company. The Company, through Tallgrass Energy Partners, LP (TEP), provides crude oil transportation to customers in Wyoming, Colorado, and the surrounding regions through Pony Express. Its business segments include Crude Oil Transportation & Logistics Segment, which is engaged in the ownership and operation of a crude oil pipeline system; Natural Gas Transportation & Logistics Segment, which is engaged in ownership and operation of FERC-regulated interstate natural gas pipelines and integrated natural gas storage facilities, and Processing & Logistics Segment, which is engaged in the ownership and operation of natural gas processing, treating and fractionation facilities, the provision of water business services primarily to the oil and gas exploration and production industry and the transportation of natural gas liquids (NGL).
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