Tallgrass Energy GP LP (TEGP) Plans Dividend Increase – $0.26 Per Share
Tallgrass Energy GP LP (NYSE:TEGP) declared a quarterly dividend on Friday, October 7th. Stockholders of record on Monday, October 31st will be given a dividend of 0.2625 per share on Monday, November 14th. This represents a $1.05 annualized dividend and a dividend yield of 4.35%. The ex-dividend date is Thursday, October 27th. This is a boost from Tallgrass Energy GP’s previous quarterly dividend of $0.25.
Tallgrass Energy GP (NYSE:TEGP) traded down 1.39% on Friday, hitting $24.14. 79,856 shares of the stock traded hands. Tallgrass Energy GP has a 12-month low of $9.66 and a 12-month high of $26.81. The company’s 50 day moving average price is $23.89 and its 200-day moving average price is $22.45. The stock has a market capitalization of $1.15 billion, a P/E ratio of 34.78 and a beta of 2.28.
Tallgrass Energy GP (NYSE:TEGP) last posted its earnings results on Wednesday, August 3rd. The company reported $0.07 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by $0.16. Tallgrass Energy GP had a return on equity of 2.05% and a net margin of 5.70%. Analysts predict that Tallgrass Energy GP will post $0.45 EPS for the current year.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/07/tallgrass-energy-gp-lp-tegp-plans-dividend-increase-0-26-per-share.html
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TEGP. Texas Yale Capital Corp. acquired a new position in Tallgrass Energy GP during the second quarter worth about $214,000. BlackRock Fund Advisors increased its position in Tallgrass Energy GP by 13.3% in the second quarter. BlackRock Fund Advisors now owns 13,554 shares of the company’s stock worth $306,000 after buying an additional 1,591 shares during the last quarter. A.R.T. Advisors LLC acquired a new position in Tallgrass Energy GP during the second quarter worth about $701,000. Van ECK Associates Corp increased its position in Tallgrass Energy GP by 1.0% in the second quarter. Van ECK Associates Corp now owns 57,945 shares of the company’s stock worth $1,308,000 after buying an additional 601 shares during the last quarter. Finally, Clinton Group Inc. acquired a new position in Tallgrass Energy GP during the second quarter worth about $2,150,000.
Several equities research analysts have recently weighed in on TEGP shares. Credit Suisse Group AG set a $28.00 target price on shares of Tallgrass Energy GP and gave the stock a “buy” rating in a report on Saturday, August 6th. Barclays PLC upped their target price on shares of Tallgrass Energy GP from $23.00 to $28.00 and gave the stock an “overweight” rating in a report on Thursday, July 28th. Finally, Zacks Investment Research downgraded shares of Tallgrass Energy GP from a “hold” rating to a “strong sell” rating in a research report on Wednesday, September 28th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target 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).
Receive News & Ratings for Tallgrass Energy GP LP Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tallgrass Energy GP LP and related companies with MarketBeat.com's FREE daily email newsletter.