Tallgrass Energy GP LP (TEGP) Upgraded to Hold at Zacks Investment Research

Posted by ABMN Staff on Feb 24th, 2017

Tallgrass Energy GP LP (NYSE:TEGP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Friday.

According to Zacks, “Tallgrass Energy GP, LP is a limited partnership company. The company is engaged in the transportation, storage and processing of natural gas, the transportation of crude oil and the provision of water business services primarily to the oil and gas exploration and production industry through its subsidiary. Tallgrass Energy GP, LP is based in LEAWOOD, United States. “

A number of other analysts also recently commented on the company. Goldman Sachs Group, Inc. (The) downgraded Tallgrass Energy GP from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $25.00 to $23.00 in a research report on Thursday, December 15th. Howard Weil downgraded Tallgrass Energy GP to a “sector perform” rating in a research report on Thursday, December 15th. They noted that the move was a valuation call. Stifel Nicolaus downgraded Tallgrass Energy GP from a “buy” rating to a “hold” rating and set a $26.00 target price on the stock. in a research report on Wednesday, December 21st. Finally, Scotiabank downgraded Tallgrass Energy GP to a “hold” rating in a research report on Thursday, December 15th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $26.38.

Analyst Recommendations for Tallgrass Energy GP (NYSE:TEGP)

Shares of Tallgrass Energy GP (NYSE:TEGP) traded down 1.19% during mid-day trading on Friday, hitting $28.33. The company had a trading volume of 234,318 shares. The company has a market cap of $1.65 billion, a PE ratio of 51.70 and a beta of 2.21. Tallgrass Energy GP has a 12 month low of $14.32 and a 12 month high of $29.30. The firm has a 50-day moving average of $27.18 and a 200-day moving average of $25.10.

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 14th. Shareholders of record on Friday, February 3rd were given a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a yield of 3.92%. This is an increase from Tallgrass Energy GP’s previous quarterly dividend of $0.26. The ex-dividend date was Wednesday, February 1st. Tallgrass Energy GP’s payout ratio is presently 148.00%.

“Tallgrass Energy GP LP (TEGP) Upgraded to Hold at Zacks Investment Research” was posted by American Market News and is the sole property of of American Market News. If you are accessing this report on another website, it was illegally copied and reposted in violation of U.S. & international trademark & copyright law. The legal version of this report can be read at https://www.americanbankingnews.com/2017/02/24/tallgrass-energy-gp-lp-tegp-upgraded-to-hold-at-zacks-investment-research.html.

A number of hedge funds have recently bought and sold shares of TEGP. Cohen & Steers Inc. increased its stake in Tallgrass Energy GP by 1,981.9% in the second quarter. Cohen & Steers Inc. now owns 6,109,509 shares of the company’s stock worth $342,010,000 after buying an additional 5,816,050 shares during the last quarter. Kayne Anderson Capital Advisors LP increased its stake in shares of Tallgrass Energy GP by 52.0% in the second quarter. Kayne Anderson Capital Advisors LP now owns 4,737,352 shares of the company’s stock valued at $106,909,000 after buying an additional 1,621,152 shares in the last quarter. Advisory Research Inc. increased its stake in shares of Tallgrass Energy GP by 146.7% in the fourth quarter. Advisory Research Inc. now owns 2,674,631 shares of the company’s stock valued at $71,680,000 after buying an additional 1,590,396 shares in the last quarter. Jennison Associates LLC increased its stake in shares of Tallgrass Energy GP by 44.0% in the third quarter. Jennison Associates LLC now owns 2,998,998 shares of the company’s stock valued at $72,126,000 after buying an additional 915,789 shares in the last quarter. Finally, FMR LLC bought a new stake in shares of Tallgrass Energy GP during the fourth quarter valued at about $12,006,000. Institutional investors own 83.30% of the company’s stock.

Tallgrass Energy GP Company Profile

Tallgrass Energy GP, LP is a limited partnership company. The Company, through Tallgrass Energy Partners, LP (TEP), provides crude oil transportation to customers in Wyoming, Colorado, and the surrounding regions through Pony Express. Its business segments include Crude Oil Transportation & Logistics Segment, which is engaged in the ownership and operation of a crude oil pipeline system; Natural Gas Transportation & Logistics Segment, which is engaged in ownership and operation of FERC-regulated interstate natural gas pipelines and integrated natural gas storage facilities, and Processing & Logistics Segment, which is engaged in the ownership and operation of natural gas processing, treating and fractionation facilities, the provision of water business services primarily to the oil and gas exploration and production industry and the transportation of natural gas liquids (NGL).