Tallgrass Energy GP LP (NYSE:TEGP) announced a quarterly dividend on Friday, October 7th. Stockholders of record on Monday, October 31st will be given a dividend of 0.2625 per share on Monday, November 14th. This represents a $1.05 annualized dividend and a dividend yield of 4.35%. The ex-dividend date of this dividend is Thursday, October 27th. This is a boost from Tallgrass Energy GP’s previous quarterly dividend of $0.25.
Shares of Tallgrass Energy GP (NYSE:TEGP) opened at 24.14 on Monday. Tallgrass Energy GP has a 12-month low of $9.66 and a 12-month high of $26.81. The stock has a market capitalization of $1.15 billion, a P/E ratio of 34.78 and a beta of 2.28. The stock has a 50 day moving average of $23.87 and a 200 day moving average of $22.50.
Tallgrass Energy GP (NYSE:TEGP) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported $0.07 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by $0.16. Tallgrass Energy GP had a net margin of 5.70% and a return on equity of 2.05%. Equities research analysts anticipate that Tallgrass Energy GP will post $0.45 EPS for the current fiscal year.
Several analysts recently weighed in on TEGP shares. Zacks Investment Research cut shares of Tallgrass Energy GP from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 9th. Barclays PLC raised their target price on shares of Tallgrass Energy GP from $23.00 to $28.00 and gave the company an “overweight” rating in a report on Thursday, July 28th. Finally, Credit Suisse Group AG set a $28.00 target price on shares of Tallgrass Energy GP and gave the company a “buy” rating in a report on Saturday, August 6th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $24.75.
Hedge funds have recently added to or reduced their stakes in the company. Texas Yale Capital Corp. bought a new stake in Tallgrass Energy GP during the second quarter worth $214,000. BlackRock Fund Advisors boosted its position in shares of Tallgrass Energy GP by 13.3% in the second quarter. BlackRock Fund Advisors now owns 13,554 shares of the company’s stock worth $306,000 after buying an additional 1,591 shares during the last quarter. A.R.T. Advisors LLC acquired a new position in shares of Tallgrass Energy GP during the second quarter worth approximately $701,000. Van ECK Associates Corp boosted its position in shares of Tallgrass Energy GP by 1.0% in the second quarter. Van ECK Associates Corp now owns 57,945 shares of the company’s stock worth $1,308,000 after buying an additional 601 shares during the last quarter. Finally, Clinton Group Inc. acquired a new position in shares of Tallgrass Energy GP during the second quarter worth approximately $2,150,000.
About Tallgrass Energy GP
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).
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