Oppenheimer Asset Management Inc. cut its stake in Tallgrass Energy LP (NYSE:TGE) by 30.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 19,051 shares of the company’s stock after selling 8,523 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Tallgrass Energy were worth $402,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in TGE. Arlington Partners LLC purchased a new stake in Tallgrass Energy during the second quarter valued at about $32,000. Lee Financial Co purchased a new position in shares of Tallgrass Energy during the 2nd quarter worth $44,000. Avestar Capital LLC purchased a new position in shares of Tallgrass Energy during the 1st quarter worth $52,000. Price Wealth Management Inc. purchased a new position in shares of Tallgrass Energy during the 2nd quarter worth $60,000. Finally, Manchester Capital Management LLC purchased a new position in shares of Tallgrass Energy during the 2nd quarter worth $93,000. Institutional investors own 64.41% of the company’s stock.
Shares of TGE stock traded down $0.03 on Thursday, hitting $19.94. 49,975 shares of the stock traded hands, compared to its average volume of 1,366,356. The firm has a market cap of $5.56 billion, a price-to-earnings ratio of 15.71, a PEG ratio of 1.89 and a beta of 0.69. Tallgrass Energy LP has a 52 week low of $14.28 and a 52 week high of $25.96. The firm has a 50 day simple moving average of $18.09 and a two-hundred day simple moving average of $22.08. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.69 and a quick ratio of 0.61.
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Wednesday, July 31st were issued a $0.54 dividend. This is an increase from Tallgrass Energy’s previous quarterly dividend of $0.53. This represents a $2.16 dividend on an annualized basis and a yield of 10.83%. The ex-dividend date was Tuesday, July 30th. Tallgrass Energy’s payout ratio is currently 170.08%.
Several brokerages have recently weighed in on TGE. TheStreet cut shares of Tallgrass Energy from a “b-” rating to a “c+” rating in a research note on Thursday, August 8th. Bank of America upgraded shares of Tallgrass Energy from an “underperform” rating to a “neutral” rating in a research report on Thursday, August 29th. Citigroup assumed coverage on shares of Tallgrass Energy in a research report on Tuesday, June 25th. They set a “buy” rating and a $23.00 price objective on the stock. Scotiabank assumed coverage on shares of Tallgrass Energy in a research report on Tuesday, September 3rd. They set a “sector perform” rating and a $19.50 price objective on the stock. Finally, Robert W. Baird downgraded shares of Tallgrass Energy from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $28.00 to $20.00 in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $23.50.
About Tallgrass Energy
Tallgrass Energy, LP, through its subsidiaries, provides crude oil transportation services to customers in Wyoming, Colorado, Kansas, 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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