Wall Street brokerages expect that Tallgrass Energy LP (NYSE:TGE) will announce earnings of $0.40 per share for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Tallgrass Energy’s earnings. The highest EPS estimate is $0.48 and the lowest is $0.29. Tallgrass Energy posted earnings of $0.27 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 48.1%. The business is expected to announce its next earnings report on Thursday, November 1st.
On average, analysts expect that Tallgrass Energy will report full year earnings of $1.25 per share for the current financial year, with EPS estimates ranging from $0.90 to $1.59. For the next year, analysts forecast that the business will report earnings of $1.74 per share, with EPS estimates ranging from $1.48 to $1.99. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side research firms that cover Tallgrass Energy.
Tallgrass Energy (NYSE:TGE) last released its quarterly earnings data on Thursday, August 2nd. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.36). The firm had revenue of $193.59 million for the quarter, compared to the consensus estimate of $200.50 million. Tallgrass Energy had a negative net margin of 18.21% and a positive return on equity of 2.03%.
A number of analysts have recently commented on TGE shares. Citigroup raised their price objective on shares of Tallgrass Energy from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, September 25th. Stifel Nicolaus raised their price objective on shares of Tallgrass Energy from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Monday, August 6th. ValuEngine raised shares of Tallgrass Energy from a “hold” rating to a “buy” rating in a report on Monday, August 20th. Goldman Sachs Group assumed coverage on shares of Tallgrass Energy in a report on Monday, October 8th. They issued a “buy” rating and a $27.00 price objective on the stock. Finally, TheStreet raised shares of Tallgrass Energy from a “d+” rating to a “c-” rating in a report on Thursday, August 2nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. Tallgrass Energy currently has a consensus rating of “Hold” and an average price target of $26.71.
In other news, insider David G. Dehaemers, Jr. purchased 15,000 shares of the stock in a transaction on Monday, September 24th. The shares were acquired at an average price of $22.21 per share, with a total value of $333,150.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
Hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA purchased a new position in shares of Tallgrass Energy in the second quarter worth $115,000. Baldwin Brothers Inc. MA purchased a new position in shares of Tallgrass Energy in the second quarter worth $173,000. Bank of Montreal Can purchased a new position in shares of Tallgrass Energy in the second quarter worth $186,000. Eagle Ridge Investment Management purchased a new position in shares of Tallgrass Energy in the second quarter worth $232,000. Finally, Spirit of America Management Corp NY purchased a new position in shares of Tallgrass Energy in the second quarter worth $275,000. 23.35% of the stock is currently owned by hedge funds and other institutional investors.
Shares of TGE stock traded up $0.09 during trading hours on Friday, reaching $23.55. The company had a trading volume of 1,092,959 shares, compared to its average volume of 838,393. Tallgrass Energy has a one year low of $17.14 and a one year high of $28.94. The firm has a market capitalization of $6.61 billion, a PE ratio of 30.99 and a beta of 1.91. The company has a quick ratio of 0.60, a current ratio of 0.66 and a debt-to-equity ratio of 1.14.
About Tallgrass Energy
Tallgrass Energy, 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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