Tallgrass Energy GP LP (NYSE:TEGP)’s share price dropped 5.9% during trading on Thursday . The company traded as low as $18.75 and last traded at $18.99. Approximately 562,367 shares were traded during mid-day trading, an increase of 26% from the average daily volume of 445,331 shares. The stock had previously closed at $20.17.
TEGP has been the subject of a number of analyst reports. Credit Suisse Group initiated coverage on Tallgrass Energy GP in a report on Thursday, January 4th. They issued an “underperform” rating and a $21.00 price target for the company. Robert W. Baird reaffirmed a “buy” rating and issued a $36.00 price target on shares of Tallgrass Energy GP in a report on Thursday, February 8th. Zacks Investment Research lowered Tallgrass Energy GP from a “hold” rating to a “strong sell” rating in a research note on Wednesday, February 14th. TheStreet lowered Tallgrass Energy GP from a “c-” rating to a “d” rating in a research note on Wednesday, February 14th. Finally, Stifel Nicolaus set a $26.00 price objective on Tallgrass Energy GP and gave the company a “buy” rating in a research note on Thursday, February 8th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. Tallgrass Energy GP has a consensus rating of “Hold” and a consensus price target of $28.22.
The firm has a market cap of $3,509.24, a P/E ratio of 24.99 and a beta of 1.91. The company has a current ratio of 0.61, a quick ratio of 0.52 and a debt-to-equity ratio of 1.33.
Tallgrass Energy GP (NYSE:TEGP) last posted its quarterly earnings data on Tuesday, February 13th. The pipeline company reported $0.13 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by ($0.08). The business had revenue of $174.77 million for the quarter, compared to the consensus estimate of $187.26 million. Tallgrass Energy GP had a negative net margin of 19.63% and a positive return on equity of 2.43%. research analysts anticipate that Tallgrass Energy GP LP will post 1.12 EPS for the current year.
Hedge funds have recently modified their holdings of the business. The Manufacturers Life Insurance Company lifted its stake in Tallgrass Energy GP by 7.3% during the second quarter. The Manufacturers Life Insurance Company now owns 4,858 shares of the pipeline company’s stock worth $124,000 after purchasing an additional 330 shares during the last quarter. Summit Asset Management LLC bought a new stake in Tallgrass Energy GP during the third quarter worth about $215,000. HBK Investments L P bought a new stake in Tallgrass Energy GP during the fourth quarter worth about $206,000. Geode Capital Management LLC bought a new stake in Tallgrass Energy GP during the fourth quarter worth about $225,000. Finally, Amundi Pioneer Asset Management Inc. bought a new stake in Tallgrass Energy GP during the fourth quarter worth about $278,000. 30.98% of the stock is owned by hedge funds and other institutional investors.
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About Tallgrass Energy GP
Tallgrass Energy GP, LP is a limited partnership company, which includes the operations of Tallgrass Equity, LLC (Tallgrass Equity), Tallgrass MLP GP, LLC, Tallgrass Energy Partners, LP (TEP), and TEP’s subsidiaries. TEP owns, operates, acquires and develops midstream energy assets in North America. TEP’s segments include Crude Oil Transportation & Logistics, which is engaged in the ownership and operation of a crude oil pipeline system, and crude oil storage and terminaling facilities; Natural Gas Transportation & Logistics, which is engaged in the ownership and operation of interstate natural gas pipelines and integrated natural gas storage facilities; Processing & Logistics, which is engaged in the ownership and operation of natural gas processing, treating and fractionation facilities, and the provision of water business services to the oil and gas exploration and production industry, and Corporate and Other.
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