PNC Financial Services Group Inc. trimmed its holdings in Tallgrass Energy GP LP (NYSE:TEGP) by 79.1% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 12,827 shares of the pipeline company’s stock after selling 48,679 shares during the period. PNC Financial Services Group Inc.’s holdings in Tallgrass Energy GP were worth $283,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. OppenheimerFunds Inc. raised its holdings in shares of Tallgrass Energy GP by 14.3% in the first quarter. OppenheimerFunds Inc. now owns 14,071,783 shares of the pipeline company’s stock valued at $267,646,000 after buying an additional 1,761,140 shares during the last quarter. Tortoise Capital Advisors L.L.C. increased its stake in shares of Tallgrass Energy GP by 37.5% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 5,407,201 shares of the pipeline company’s stock worth $119,824,000 after acquiring an additional 1,475,290 shares during the period. Kayne Anderson Capital Advisors LP increased its stake in shares of Tallgrass Energy GP by 0.5% during the second quarter. Kayne Anderson Capital Advisors LP now owns 4,578,042 shares of the pipeline company’s stock worth $101,438,000 after acquiring an additional 20,700 shares during the period. Alps Advisors Inc. increased its stake in shares of Tallgrass Energy GP by 9,099.2% during the second quarter. Alps Advisors Inc. now owns 4,432,263 shares of the pipeline company’s stock worth $98,219,000 after acquiring an additional 4,384,082 shares during the period. Finally, Jennison Associates LLC increased its stake in shares of Tallgrass Energy GP by 0.7% during the second quarter. Jennison Associates LLC now owns 2,694,780 shares of the pipeline company’s stock worth $59,716,000 after acquiring an additional 19,694 shares during the period. 31.75% of the stock is owned by institutional investors and hedge funds.

Shares of Tallgrass Energy GP stock opened at $22.16 on Friday. Tallgrass Energy GP LP has a 52-week low of $17.14 and a 52-week high of $28.94. The company has a current ratio of 0.63, a quick ratio of 0.52 and a debt-to-equity ratio of 1.08. The stock has a market cap of $4.10 billion, a PE ratio of 29.16 and a beta of 1.88.

A number of research analysts have recently issued reports on TEGP shares. Citigroup boosted their price target on shares of Tallgrass Energy GP from $22.00 to $24.00 and gave the stock a “buy” rating in a research note on Monday, June 25th. ValuEngine upgraded shares of Tallgrass Energy GP from a “sell” rating to a “hold” rating in a research note on Tuesday, June 26th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. Tallgrass Energy GP presently has a consensus rating of “Hold” and a consensus price target of $23.14.

Tallgrass Energy GP Profile

Tallgrass Energy GP, LP, through its interests in Tallgrass Equity, LLC, provides crude oil transportation services to customers in Wyoming, Colorado, and the surrounding regions of the United States. The company operates through three segments: Natural Gas Transportation; Crude Oil Transportation; and Gathering, Processing & Terminalling.

Further Reading: Why do company’s buyback their stock?

Institutional Ownership by Quarter for Tallgrass Energy GP (NYSE:TEGP)

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