Zacks Investment Research lowered shares of Tallgrass Energy GP, LP (NYSE:TEGP) from a buy rating to a hold rating in a report issued on Wednesday.

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. “

Several other research firms have also weighed in on TEGP. Mitsubishi UFJ Financial Group reaffirmed a neutral rating and issued a $32.00 price objective on shares of Tallgrass Energy GP, in a research note on Thursday, April 20th. Macquarie assumed coverage on Tallgrass Energy GP, in a research note on Friday, April 21st. They issued an outperform rating and a $32.00 price objective on the stock. Scotiabank reaffirmed a hold rating and issued a $28.00 price objective on shares of Tallgrass Energy GP, in a research note on Thursday, April 27th. TheStreet raised Tallgrass Energy GP, from an e+ rating to a c rating in a research note on Wednesday, May 17th. Finally, Stifel Nicolaus reaffirmed a buy rating and issued a $31.00 price objective on shares of Tallgrass Energy GP, in a research note on Friday, July 14th. One analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $29.00.

Tallgrass Energy GP, (NYSE TEGP) opened at 25.99 on Wednesday. The company has a 50 day moving average price of $24.94 and a 200-day moving average price of $26.76. The company has a market capitalization of $1.51 billion, a PE ratio of 42.82 and a beta of 2.17. Tallgrass Energy GP, has a 12-month low of $21.74 and a 12-month high of $29.50.

Tallgrass Energy GP, (NYSE:TEGP) last released its quarterly earnings data on Wednesday, May 3rd. The pipeline company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.05. The business had revenue of $144.40 million for the quarter, compared to analyst estimates of $165.67 million. Tallgrass Energy GP, had a return on equity of 1.69% and a net margin of 5.17%. On average, analysts anticipate that Tallgrass Energy GP, will post $0.90 EPS for the current year.

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The company also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Stockholders 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 5.27%. This is a positive change from Tallgrass Energy GP,’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Wednesday, July 26th. Tallgrass Energy GP,’s dividend payout ratio (DPR) is presently 228.34%.

Several hedge funds have recently made changes to their positions in the stock. Virginia Retirement Systems ET AL raised its stake in shares of Tallgrass Energy GP, by 211.1% in the first quarter. Virginia Retirement Systems ET AL now owns 23,640 shares of the pipeline company’s stock worth $680,000 after buying an additional 16,040 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of Tallgrass Energy GP, by 10.5% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 1,165,562 shares of the pipeline company’s stock worth $33,522,000 after buying an additional 110,370 shares during the last quarter. HITE Hedge Asset Management LLC raised its stake in shares of Tallgrass Energy GP, by 973.5% in the first quarter. HITE Hedge Asset Management LLC now owns 88,574 shares of the pipeline company’s stock worth $2,547,000 after buying an additional 80,323 shares during the last quarter. Swiss National Bank raised its stake in shares of Tallgrass Energy GP, by 3.6% in the first quarter. Swiss National Bank now owns 86,100 shares of the pipeline company’s stock worth $2,476,000 after buying an additional 3,000 shares during the last quarter. Finally, Texas Yale Capital Corp. raised 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 worth $338,000 after buying an additional 2,250 shares during the last quarter.

Tallgrass Energy GP, Company Profile

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

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