Gabelli Funds LLC bought a new stake in shares of Tallgrass Energy LP (NYSE:TGE) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 127,993 shares of the company’s stock, valued at approximately $2,491,000.
Several other hedge funds and other institutional investors have also made changes to their positions in TGE. Invesco Ltd. increased its stake in shares of Tallgrass Energy by 124,475.5% during the second quarter. Invesco Ltd. now owns 25,063,342 shares of the company’s stock valued at $529,087,000 after purchasing an additional 25,043,223 shares in the last quarter. Blackstone Group Inc increased its stake in shares of Tallgrass Energy by 5.8% during the second quarter. Blackstone Group Inc now owns 23,652,463 shares of the company’s stock valued at $499,303,000 after purchasing an additional 1,305,670 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Tallgrass Energy during the third quarter valued at approximately $11,842,000. Amundi Pioneer Asset Management Inc. bought a new position in shares of Tallgrass Energy during the first quarter valued at approximately $11,580,000. Finally, CIBC Private Wealth Group LLC increased its stake in shares of Tallgrass Energy by 58.6% during the second quarter. CIBC Private Wealth Group LLC now owns 1,107,285 shares of the company’s stock valued at $23,375,000 after purchasing an additional 408,955 shares in the last quarter. 55.20% of the stock is owned by institutional investors and hedge funds.
TGE has been the subject of a number of analyst reports. Scotiabank initiated coverage on shares of Tallgrass Energy in a research note on Tuesday, September 3rd. They set a “sector perform” rating and a $19.50 target price for the company. Stifel Nicolaus downgraded shares of Tallgrass Energy from a “buy” rating to a “hold” rating and set a $20.00 target price for the company. in a research note on Friday, October 11th. Zacks Investment Research downgraded shares of Tallgrass Energy from a “buy” rating to a “hold” rating and set a $22.00 target price for the company. in a research note on Saturday, November 2nd. Piper Jaffray Companies set a $20.00 target price on shares of Tallgrass Energy and gave the company a “hold” rating in a research note on Friday, November 1st. Finally, Citigroup downgraded shares of Tallgrass Energy from a “buy” rating to a “neutral” rating and decreased their target price for the company from $23.00 to $19.50 in a research note on Tuesday, October 15th. One research analyst has rated the stock with a sell rating and twelve have issued a hold rating to the company. The stock has an average rating of “Hold” and a consensus target price of $21.73.
Shares of TGE traded up $0.07 on Friday, hitting $18.13. 2,440,942 shares of the stock traded hands, compared to its average volume of 1,497,538. The company has a market capitalization of $5.08 billion, a PE ratio of 14.28 and a beta of 0.68. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.63 and a current ratio of 0.73. The business has a 50 day simple moving average of $19.33 and a 200 day simple moving average of $20.71. Tallgrass Energy LP has a one year low of $14.28 and a one year high of $25.96.
Tallgrass Energy (NYSE:TGE) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.40 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.42 by ($0.02). The firm had revenue of $226.71 million for the quarter, compared to the consensus estimate of $229.80 million. Tallgrass Energy had a net margin of 29.74% and a return on equity of 11.24%. On average, equities analysts expect that Tallgrass Energy LP will post 1.46 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be given a dividend of $0.55 per share. The ex-dividend date of this dividend is Wednesday, October 30th. This represents a $2.20 annualized dividend and a dividend yield of 12.13%. This is an increase from Tallgrass Energy’s previous quarterly dividend of $0.54. Tallgrass Energy’s dividend payout ratio (DPR) is 173.23%.
Tallgrass Energy Company Profile
Tallgrass Energy, LP, through its subsidiaries, provides crude oil transportation services to customers in Wyoming, Colorado, Kansas, and the surrounding regions of the United States. The company operates through three segments: Natural Gas Transportation; Crude Oil Transportation; and Gathering, Processing & Terminalling.
Featured Story: Capital gains and your 401(k) or IRA
Want to see what other hedge funds are holding TGE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tallgrass Energy LP (NYSE:TGE).
Receive News & Ratings for Tallgrass Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tallgrass Energy and related companies with MarketBeat.com's FREE daily email newsletter.