Alliancebernstein L.P. raised its position in Tallgrass Energy GP, LP (NYSE:TEGP) by 34.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,591 shares of the pipeline company’s stock after buying an additional 3,260 shares during the period. Alliancebernstein L.P.’s holdings in Tallgrass Energy GP, were worth $362,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the company. BNP Paribas Arbitrage SA purchased a new stake in shares of Tallgrass Energy GP, during the first quarter valued at approximately $115,000. SG Americas Securities LLC purchased a new stake in shares of Tallgrass Energy GP, during the first quarter valued at approximately $119,000. Summit Asset Management LLC purchased a new stake in shares of Tallgrass Energy GP, during the first quarter valued at approximately $201,000. Texas Yale Capital Corp. increased its stake in shares of Tallgrass Energy GP, by 23.7% in the first quarter. Texas Yale Capital Corp. now owns 11,750 shares of the pipeline company’s stock valued at $338,000 after buying an additional 2,250 shares in the last quarter. Finally, Oxford Asset Management purchased a new stake in shares of Tallgrass Energy GP, during the first quarter valued at approximately $413,000.

Shares of Tallgrass Energy GP, LP (NYSE:TEGP) traded down 1.26% during trading on Friday, reaching $24.21. 186,733 shares of the company traded hands. The firm’s 50 day moving average is $25.37 and its 200-day moving average is $26.66. The stock has a market capitalization of $1.41 billion, a P/E ratio of 35.81 and a beta of 2.17. Tallgrass Energy GP, LP has a 12-month low of $21.74 and a 12-month high of $29.50.

Tallgrass Energy GP, (NYSE:TEGP) last announced its quarterly earnings data on Wednesday, August 2nd. The pipeline company reported $0.15 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.23 by $0.08. The business had revenue of $160.86 million during the quarter, compared to analysts’ expectations of $166.78 million. Tallgrass Energy GP, had a return on equity of 2.01% and a net margin of 5.91%. On average, equities research analysts anticipate that Tallgrass Energy GP, LP will post $0.94 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 14th. Shareholders of record on Friday, July 28th will be issued a $0.3425 dividend. This represents a $1.37 dividend on an annualized basis and a yield of 5.66%. 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 dividend payout ratio is 201.47%.

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TEGP has been the subject of several research reports. Scotiabank set a $28.00 target price on Tallgrass Energy GP, and gave the company a “hold” rating in a research note on Saturday, July 22nd. Zacks Investment Research upgraded Tallgrass Energy GP, from a “hold” rating to a “strong-buy” rating and set a $28.00 target price for the company in a research note on Friday, June 16th. Royal Bank Of Canada restated a “hold” rating and issued a $30.00 target price on shares of Tallgrass Energy GP, in a research note on Monday, July 31st. Mitsubishi UFJ Financial Group restated a “neutral” rating and issued a $32.00 target price on shares of Tallgrass Energy GP, in a research note on Thursday, April 20th. Finally, BidaskClub upgraded Tallgrass Energy GP, from a “sell” rating to a “hold” rating in a research note on Thursday, July 6th. Three analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. Tallgrass Energy GP, has an average rating of “Hold” and an average target price of $29.78.

Tallgrass Energy GP, Company Profile

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

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