MAI Capital Management lessened its stake in shares of Tallgrass Energy GP LP (NYSE:TEGP) by 8.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 173,008 shares of the pipeline company’s stock after selling 16,269 shares during the quarter. MAI Capital Management owned about 0.09% of Tallgrass Energy GP worth $4,080,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in TEGP. Mariner LLC purchased a new stake in shares of Tallgrass Energy GP during the 1st quarter valued at about $214,000. First Allied Advisory Services Inc. purchased a new stake in shares of Tallgrass Energy GP during the 2nd quarter valued at about $221,000. Guggenheim Capital LLC purchased a new stake in shares of Tallgrass Energy GP during the 1st quarter valued at about $255,000. WINTON GROUP Ltd purchased a new stake in shares of Tallgrass Energy GP during the 1st quarter valued at about $270,000. Finally, Stokes Capital Advisors LLC purchased a new stake in shares of Tallgrass Energy GP during the 3rd quarter valued at about $317,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:TEGP opened at $22.16 on Friday. Tallgrass Energy GP LP has a twelve month low of $17.14 and a twelve month high of $28.94. The company has a current ratio of 0.63, a quick ratio of 0.52 and a debt-to-equity ratio of 1.08. The company has a market capitalization of $4.10 billion, a PE ratio of 29.16 and a beta of 1.88.
TEGP has been the topic of a number of recent analyst reports. ValuEngine downgraded shares of Tallgrass Energy GP from a “hold” rating to a “sell” rating in a report on Monday, July 2nd. Citigroup increased their price objective on shares of Tallgrass Energy GP from $22.00 to $24.00 and gave the stock a “buy” rating in a research note on Monday, June 25th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $23.14.
Tallgrass Energy GP Profile
Tallgrass Energy GP, LP, through its interests in Tallgrass Equity, LLC, provides crude oil transportation services to customers in Wyoming, Colorado, 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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