Cushing Asset Management LP reduced its position in Tallgrass Energy GP LP (NYSE:TEGP) by 8.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 331,000 shares of the pipeline company’s stock after selling 29,800 shares during the period. Cushing Asset Management LP owned 0.21% of Tallgrass Energy GP worth $8,520,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. Evergreen Capital Management LLC purchased a new stake in shares of Tallgrass Energy GP in the third quarter worth about $4,493,000. Catalyst Capital Advisors LLC lifted its position in shares of Tallgrass Energy GP by 81.3% in the third quarter. Catalyst Capital Advisors LLC now owns 438,584 shares of the pipeline company’s stock worth $12,390,000 after buying an additional 196,686 shares in the last quarter. Tortoise Capital Advisors L.L.C. lifted its position in shares of Tallgrass Energy GP by 5.8% in the third quarter. Tortoise Capital Advisors L.L.C. now owns 3,303,355 shares of the pipeline company’s stock worth $93,320,000 after buying an additional 180,570 shares in the last quarter. OxFORD Asset Management LLP lifted its position in shares of Tallgrass Energy GP by 75.1% in the third quarter. OxFORD Asset Management LLP now owns 194,710 shares of the pipeline company’s stock worth $5,463,000 after buying an additional 83,513 shares in the last quarter. Finally, Cadence Capital Management LLC purchased a new stake in shares of Tallgrass Energy GP in the third quarter worth about $1,105,000. Institutional investors own 30.98% of the company’s stock.
Shares of Tallgrass Energy GP LP (TEGP) opened at $20.53 on Wednesday. Tallgrass Energy GP LP has a 52-week low of $19.27 and a 52-week high of $29.50. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.52 and a current ratio of 0.61. The stock has a market capitalization of $3,814.15, a P/E ratio of 27.16 and a beta of 1.91.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 14th. Stockholders of record on Wednesday, January 31st were issued a $0.3675 dividend. This represents a $1.47 annualized dividend and a dividend yield of 7.16%. This is an increase from Tallgrass Energy GP’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Tuesday, January 30th. Tallgrass Energy GP’s dividend payout ratio is presently -66.22%.
A number of equities research analysts have issued reports on TEGP shares. Credit Suisse Group started coverage on Tallgrass Energy GP in a research report on Thursday, January 4th. They set an “underperform” rating and a $21.00 price objective on the stock. Morgan Stanley decreased their price objective on Tallgrass Energy GP from $30.00 to $29.00 and set an “equal weight” rating on the stock in a research report on Friday, November 17th. Robert W. Baird restated a “buy” rating and set a $35.00 price objective on shares of Tallgrass Energy GP in a research report on Friday, February 16th. Zacks Investment Research downgraded Tallgrass Energy GP from a “hold” rating to a “strong sell” rating in a research report on Wednesday, February 14th. Finally, Barclays downgraded Tallgrass Energy GP from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $30.00 to $25.00 in a research report on Monday, February 12th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. Tallgrass Energy GP currently has a consensus rating of “Hold” and a consensus target price of $28.22.
TRADEMARK VIOLATION WARNING: This article was originally reported by American Banking News and is the property of of American Banking News. If you are viewing this article on another website, it was stolen and republished in violation of U.S. & international trademark and copyright laws. The correct version of this article can be accessed at https://www.americanbankingnews.com/2018/03/14/tallgrass-energy-gp-lp-tegp-shares-sold-by-cushing-asset-management-lp.html.
Tallgrass Energy GP Company Profile
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.
Receive News & Ratings for Tallgrass Energy GP Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tallgrass Energy GP and related companies with MarketBeat.com's FREE daily email newsletter.