Tallgrass Energy GP, LP (NYSE:TEGP) announced a quarterly dividend on Wednesday, October 11th, Wall Street Journal reports. Shareholders of record on Tuesday, October 31st will be given a dividend of 0.355 per share by the pipeline company on Tuesday, November 14th. This represents a $1.42 annualized dividend and a yield of 5.03%. The ex-dividend date of this dividend is Monday, October 30th. This is a positive change from Tallgrass Energy GP,’s previous quarterly dividend of $0.34.

Tallgrass Energy GP, has a dividend payout ratio of 147.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Tallgrass Energy GP, to earn $1.10 per share next year, which means the company may not be able to cover its $1.37 annual dividend with an expected future payout ratio of 124.5%.

Tallgrass Energy GP, (TEGP) traded up 0.53% during midday trading on Wednesday, reaching $28.23. 91,191 shares of the company’s stock traded hands. The firm has a market cap of $1.64 billion, a price-to-earnings ratio of 41.76 and a beta of 2.17. The stock’s 50 day moving average price is $27.58 and its 200 day moving average price is $27.58. Tallgrass Energy GP, has a 1-year low of $21.74 and a 1-year high of $29.50.

Tallgrass Energy GP, (NYSE:TEGP) last posted its quarterly earnings data on Wednesday, August 2nd. The pipeline company reported $0.15 EPS for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.08). The firm had revenue of $160.86 million during the quarter, compared to the consensus estimate of $166.78 million. Tallgrass Energy GP, had a net margin of 5.91% and a return on equity of 2.01%. Equities research analysts anticipate that Tallgrass Energy GP, will post $0.93 EPS for the current year.

Several brokerages recently issued reports on TEGP. Robert W. Baird reissued a “buy” rating and set a $32.00 target price on shares of Tallgrass Energy GP, in a research note on Tuesday, September 26th. Zacks Investment Research raised shares of Tallgrass Energy GP, from a “strong sell” rating to a “hold” rating in a research note on Thursday, September 21st. Stifel Nicolaus reissued a “buy” rating and set a $31.00 target price on shares of Tallgrass Energy GP, in a research note on Friday, July 14th. Royal Bank Of Canada reissued a “hold” rating and set a $30.00 target price on shares of Tallgrass Energy GP, in a research note on Monday, July 31st. Finally, Scotiabank set a $28.00 target price on shares of Tallgrass Energy GP, and gave the stock a “hold” rating in a research note on Saturday, July 22nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $30.22.

An institutional investor recently raised its position in Tallgrass Energy GP, stock. State Street Corp boosted its holdings in shares of Tallgrass Energy GP, LP (NYSE:TEGP) by 15.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 67,276 shares of the pipeline company’s stock after buying an additional 8,828 shares during the period. State Street Corp owned approximately 0.12% of Tallgrass Energy GP, worth $1,711,000 as of its most recent SEC filing. 36.84% of the stock is currently owned by institutional investors.

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Tallgrass Energy GP, Company Profile

Dividend History for Tallgrass Energy GP, (NYSE:TEGP)

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