Bank of New York Mellon Corp boosted its stake in Tallgrass Energy GP LP (NYSE:TEGP) by 140.6% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 131,369 shares of the pipeline company’s stock after purchasing an additional 76,775 shares during the period. Bank of New York Mellon Corp’s holdings in Tallgrass Energy GP were worth $2,911,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Financial Counselors Inc. increased its position in Tallgrass Energy GP by 43.8% during the 2nd quarter. Financial Counselors Inc. now owns 14,775 shares of the pipeline company’s stock worth $327,000 after purchasing an additional 4,500 shares during the period. Mariner LLC acquired a new position in Tallgrass Energy GP during the 1st quarter worth approximately $214,000. Alps Advisors Inc. increased its position in Tallgrass Energy GP by 23.8% during the 2nd quarter. Alps Advisors Inc. now owns 59,653 shares of the pipeline company’s stock worth $1,535,000 after purchasing an additional 11,472 shares during the period. Guggenheim Capital LLC acquired a new position in Tallgrass Energy GP during the 1st quarter worth approximately $255,000. Finally, Kayne Anderson Capital Advisors LP increased its position in Tallgrass Energy GP by 0.3% during the 1st quarter. Kayne Anderson Capital Advisors LP now owns 4,557,342 shares of the pipeline company’s stock worth $86,670,000 after purchasing an additional 14,100 shares during the period. Institutional investors own 31.75% of the company’s stock.
TEGP has been the topic of several research analyst reports. Citigroup boosted their price target on Tallgrass Energy GP from $22.00 to $24.00 and gave the stock a “buy” rating in a research note on Monday, June 25th. ValuEngine raised Tallgrass Energy GP from a “sell” rating to a “hold” rating in a research note on Tuesday, June 26th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $23.14.
Shares of NYSE:TEGP opened at $22.16 on Tuesday. The company has a market cap of $4.10 billion, a PE ratio of 29.16 and a beta of 1.88. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.52 and a current ratio of 0.63. Tallgrass Energy GP LP has a 12 month low of $17.14 and a 12 month high of $28.94.
About Tallgrass Energy GP
Tallgrass Energy GP, 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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