Tallgrass Energy GP, LP (NYSE:TEGP) Stock Rating Reaffirmed by Morgan Stanley

Morgan Stanley reaffirmed their equal weight rating on shares of Tallgrass Energy GP, LP (NYSE:TEGP) in a research note issued to investors on Friday, July 14th. The firm currently has a $29.00 target price on the pipeline company’s stock, up from their prior target price of $28.00.

Several other equities research analysts also recently issued reports on TEGP. Royal Bank Of Canada restated a hold rating and set a $30.00 price objective on shares of Tallgrass Energy GP, in a research report on Friday, March 17th. Zacks Investment Research upgraded shares of Tallgrass Energy GP, from a hold rating to a strong-buy rating and set a $33.00 price target for the company in a research report on Thursday, April 13th. Mitsubishi UFJ Financial Group reiterated a neutral rating and issued a $32.00 price target on shares of Tallgrass Energy GP, in a research report on Thursday, April 20th. Macquarie initiated coverage on shares of Tallgrass Energy GP, in a research report on Friday, April 21st. They issued an outperform rating and a $32.00 price target for the company. Finally, Scotiabank reiterated a hold rating and issued a $28.00 price target on shares of Tallgrass Energy GP, in a research report on Thursday, April 27th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $29.78.

Tallgrass Energy GP, (NYSE TEGP) opened at 24.67 on Friday. The stock has a 50 day moving average price of $25.16 and a 200-day moving average price of $26.73. Tallgrass Energy GP, has a 12-month low of $21.74 and a 12-month high of $29.50. The stock has a market capitalization of $1.43 billion, a P/E ratio of 40.64 and a beta of 2.17.

Tallgrass Energy GP, (NYSE:TEGP) last issued its quarterly earnings data on Wednesday, August 2nd. The pipeline company reported $0.15 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by $0.08. The company had revenue of $160.86 million for the quarter, compared to analyst estimates of $166.78 million. Tallgrass Energy GP, had a return on equity of 2.01% and a net margin of 5.91%. Equities research analysts expect that Tallgrass Energy GP, will post $0.83 EPS for the current year.

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The business also recently announced a quarterly dividend, which will be paid on Monday, August 14th. Shareholders of record on Friday, July 28th will be paid a dividend of $0.3425 per share. This represents a $1.37 dividend on an annualized basis and a dividend yield of 5.55%. The ex-dividend date of this dividend is Wednesday, July 26th. This is a boost from Tallgrass Energy GP,’s previous quarterly dividend of $0.29. Tallgrass Energy GP,’s payout ratio is presently 201.47%.

Hedge funds have recently bought and sold shares of the company. Bank of Montreal Can boosted its stake in Tallgrass Energy GP, by 0.6% in the first quarter. Bank of Montreal Can now owns 22,158 shares of the pipeline company’s stock worth $637,000 after buying an additional 126 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in Tallgrass Energy GP, by 1.6% in the second quarter. Janney Montgomery Scott LLC now owns 18,738 shares of the pipeline company’s stock worth $477,000 after buying an additional 289 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Tallgrass Energy GP, by 1.2% in the first quarter. Bank of New York Mellon Corp now owns 57,562 shares of the pipeline company’s stock worth $1,655,000 after buying an additional 665 shares during the last quarter. Heronetta Management L.P. boosted its stake in Tallgrass Energy GP, by 1.7% in the first quarter. Heronetta Management L.P. now owns 43,100 shares of the pipeline company’s stock worth $1,240,000 after buying an additional 700 shares during the last quarter. Finally, Global Endowment Management LP raised its position in shares of Tallgrass Energy GP, by 5.1% in the first quarter. Global Endowment Management LP now owns 22,760 shares of the pipeline company’s stock worth $654,000 after buying an additional 1,100 shares during the period.

Tallgrass Energy GP, Company Profile

Analyst Recommendations for Tallgrass Energy GP, (NYSE:TEGP)

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