Tallgrass Energy GP (TEGP) Cut to “Strong Sell” at Zacks Investment Research

Tallgrass Energy GP (NYSE:TEGP) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued 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. “

TEGP has been the subject of a number of other reports. Stifel Nicolaus set a $26.00 price target on shares of Tallgrass Energy GP and gave the company a “buy” rating in a research report on Thursday, February 8th. BidaskClub cut shares of Tallgrass Energy GP from a “hold” rating to a “sell” rating in a research report on Saturday, October 21st. Robert W. Baird reissued a “buy” rating and set a $33.00 price target on shares of Tallgrass Energy GP in a research report on Thursday, December 7th. Barclays cut shares of Tallgrass Energy GP from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $30.00 to $25.00 in a research report on Monday. Finally, Morgan Stanley lowered their price target on shares of Tallgrass Energy GP from $30.00 to $29.00 and set an “equal weight” rating for the company in a research report on Friday, November 17th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $28.67.

Shares of Tallgrass Energy GP (TEGP) traded down $0.81 during midday trading on Wednesday, reaching $22.30. 330,744 shares of the company were exchanged, compared to its average volume of 434,939. Tallgrass Energy GP has a one year low of $21.66 and a one year high of $29.50. The stock has a market cap of $3,547.10, a PE ratio of 27.94, a P/E/G ratio of 2.85 and a beta of 1.75. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.50 and a current ratio of 0.55.

A number of institutional investors have recently modified their holdings of the business. OppenheimerFunds Inc. raised its holdings in Tallgrass Energy GP by 1.2% in the fourth quarter. OppenheimerFunds Inc. now owns 12,310,643 shares of the pipeline company’s stock worth $316,876,000 after buying an additional 140,233 shares during the last quarter. Cohen & Steers Inc. grew its position in Tallgrass Energy GP by 1,981.9% during the second quarter. Cohen & Steers Inc. now owns 6,109,509 shares of the pipeline company’s stock valued at $342,010,000 after buying an additional 5,816,050 shares during the period. Kayne Anderson Capital Advisors LP grew its position in Tallgrass Energy GP by 4.8% during the first quarter. Kayne Anderson Capital Advisors LP now owns 5,691,172 shares of the pipeline company’s stock valued at $163,663,000 after buying an additional 261,453 shares during the period. Capital World Investors grew its position in Tallgrass Energy GP by 56.7% during the fourth quarter. Capital World Investors now owns 3,805,000 shares of the pipeline company’s stock valued at $60,766,000 after buying an additional 1,376,196 shares during the period. Finally, Tortoise Capital Advisors L.L.C. grew its position in Tallgrass Energy GP by 5.8% during the third quarter. Tortoise Capital Advisors L.L.C. now owns 3,303,355 shares of the pipeline company’s stock valued at $93,320,000 after buying an additional 180,570 shares during the period. 36.25% of the stock is owned by institutional investors and hedge funds.

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About Tallgrass Energy GP

Tallgrass Energy GP, LP is a limited partnership company, which includes the operations of Tallgrass Equity, LLC (Tallgrass Equity), Tallgrass MLP GP, LLC, Tallgrass Energy Partners, LP (TEP), and TEP’s subsidiaries. TEP owns, operates, acquires and develops midstream energy assets in North America. TEP’s segments include Crude Oil Transportation & Logistics, which is engaged in the ownership and operation of a crude oil pipeline system, and crude oil storage and terminaling facilities; Natural Gas Transportation & Logistics, which is engaged in the ownership and operation of interstate natural gas pipelines and integrated natural gas storage facilities; Processing & Logistics, which is engaged in the ownership and operation of natural gas processing, treating and fractionation facilities, and the provision of water business services to the oil and gas exploration and production industry, and Corporate and Other.

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