Tortoise Capital Advisors L.L.C. trimmed its position in shares of Tallgrass Energy LP (NYSE:TGE) by 61.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,504,455 shares of the company’s stock after selling 11,751,943 shares during the period. Tallgrass Energy accounts for approximately 1.0% of Tortoise Capital Advisors L.L.C.’s portfolio, making the stock its 25th largest holding. Tortoise Capital Advisors L.L.C. owned 2.67% of Tallgrass Energy worth $165,999,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Alliancebernstein L.P. bought a new position in Tallgrass Energy during the fourth quarter valued at $2,270,000. Alberta Investment Management Corp boosted its holdings in shares of Tallgrass Energy by 125.0% in the fourth quarter. Alberta Investment Management Corp now owns 360,000 shares of the company’s stock worth $7,963,000 after acquiring an additional 200,000 shares during the period. Glazer Capital LLC bought a new position in shares of Tallgrass Energy in the fourth quarter worth $21,567,000. Gabelli Funds LLC boosted its holdings in shares of Tallgrass Energy by 2,060.2% in the fourth quarter. Gabelli Funds LLC now owns 2,764,868 shares of the company’s stock worth $61,159,000 after acquiring an additional 2,636,875 shares during the period. Finally, Orion Portfolio Solutions LLC bought a new position in shares of Tallgrass Energy in the fourth quarter worth $25,000. 55.59% of the stock is owned by institutional investors and hedge funds.
NYSE:TGE traded up $0.81 during trading hours on Thursday, hitting $16.85. 6,565,228 shares of the company’s stock traded hands, compared to its average volume of 4,825,670. The firm has a market cap of $4.78 billion, a P/E ratio of 11.95 and a beta of 0.66. Tallgrass Energy LP has a 52 week low of $10.93 and a 52 week high of $25.76. The business’s fifty day simple moving average is $19.82 and its two-hundred day simple moving average is $19.99. The company has a quick ratio of 0.66, a current ratio of 0.75 and a debt-to-equity ratio of 1.57.
Tallgrass Energy (NYSE:TGE) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.31 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.32 by ($0.01). Tallgrass Energy had a net margin of 28.65% and a return on equity of 11.02%. The firm had revenue of $232.96 million for the quarter, compared to analysts’ expectations of $229.50 million. On average, analysts expect that Tallgrass Energy LP will post 0.89 EPS for the current year.
A number of equities analysts have recently commented on the company. Wells Fargo & Co lowered Tallgrass Energy from an “equal weight” rating to an “underweight” rating in a report on Tuesday, January 7th. Zacks Investment Research lowered Tallgrass Energy from a “buy” rating to a “sell” rating in a report on Saturday, March 21st. Finally, ValuEngine raised Tallgrass Energy from a “sell” rating to a “hold” rating in a report on Friday, December 13th. Two equities research analysts have rated the stock with a sell rating and nine have given a hold rating to the company. Tallgrass Energy presently has a consensus rating of “Hold” and an average target price of $20.88.
About Tallgrass Energy
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.
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