Zacks Investment Research downgraded shares of Tallgrass Energy (NYSE:TGE) from a buy rating to a hold rating in a report released on Wednesday.
According to Zacks, “Tallgrass Energy GP, LP is a limited partnership company. The company is engaged in the transportation, storage and processing of natural gas, the transportation of crude oil and the provision of water business services primarily to the oil and gas exploration and production industry through its subsidiary. Tallgrass Energy GP, LP is based in LEAWOOD, United States. “
A number of other equities analysts also recently commented on TGE. ValuEngine upgraded Tallgrass Energy from a sell rating to a hold rating in a report on Friday, August 3rd. US Capital Advisors restated a hold rating on shares of Tallgrass Energy in a report on Tuesday, July 17th. Stifel Nicolaus increased 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. 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 on the stock. They noted that the move was a valuation call. Finally, TheStreet upgraded Tallgrass Energy from a d+ rating to a c- rating in a report on Thursday, August 2nd. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $26.86.
Tallgrass Energy (NYSE:TGE) last released its quarterly earnings data on Thursday, August 2nd. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.36). Tallgrass Energy had a positive return on equity of 2.03% and a negative net margin of 18.21%. The firm had revenue of $193.59 million during the quarter, compared to analyst estimates of $200.50 million. On average, sell-side analysts anticipate that Tallgrass Energy will post 1.25 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 14th. Shareholders of record on Wednesday, October 31st will be issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 9.02%. The ex-dividend date of this dividend is Tuesday, October 30th. This is an increase from Tallgrass Energy’s previous quarterly dividend of $0.50. Tallgrass Energy’s dividend payout ratio (DPR) is 261.84%.
In related news, insider David G. Dehaemers, Jr. purchased 15,000 shares of the stock in a transaction on Monday, September 24th. The shares were bought at an average price of $22.21 per share, for a total transaction of $333,150.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 28.59% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. BNP Paribas Arbitrage SA acquired a new position in Tallgrass Energy during the second quarter valued at approximately $115,000. Baldwin Brothers Inc. MA acquired a new position in Tallgrass Energy during the second quarter valued at approximately $173,000. Bank of Montreal Can acquired a new position in Tallgrass Energy during the second quarter valued at approximately $186,000. Eagle Ridge Investment Management acquired a new position in Tallgrass Energy during the second quarter valued at approximately $232,000. Finally, Spirit of America Management Corp NY acquired a new position in Tallgrass Energy during the second quarter valued at approximately $275,000. Institutional investors own 23.56% of the company’s stock.
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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