Zurcher Kantonalbank Zurich Cantonalbank Purchases New Stake in Tallgrass Energy LP (TGE)
Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Tallgrass Energy LP (NYSE:TGE) in the first quarter, HoldingsChannel reports. The fund purchased 10,052 shares of the company’s stock, valued at approximately $253,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TGE. FTB Advisors Inc. bought a new position in Tallgrass Energy in the 4th quarter valued at $30,000. Ffcm LLC bought a new position in Tallgrass Energy in the 4th quarter valued at $38,000. Lindbrook Capital LLC bought a new position in Tallgrass Energy in the 1st quarter valued at $38,000. Bessemer Group Inc. bought a new position in Tallgrass Energy in the 4th quarter valued at $45,000. Finally, Rare Infrastructure Ltd bought a new position in Tallgrass Energy in the 4th quarter valued at $51,000. 49.03% of the stock is owned by institutional investors and hedge funds.
In other news, insider Gary J. Brauchle sold 7,457 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $23.76, for a total transaction of $177,178.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Infrastructure Asso Blackstone purchased 223,900 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were purchased at an average price of $24.12 per share, with a total value of $5,400,468.00. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 1,973,906 shares of company stock valued at $47,613,357 and have sold 46,405,689 shares valued at $488,446,299. 28.59% of the stock is currently owned by corporate insiders.
Tallgrass Energy (NYSE:TGE) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.09). The firm had revenue of $197.35 million for the quarter, compared to the consensus estimate of $236.40 million. Tallgrass Energy had a return on equity of 7.62% and a net margin of 21.07%. On average, equities analysts forecast that Tallgrass Energy LP will post 1.56 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th were paid a dividend of $0.53 per share. This is an increase from Tallgrass Energy’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend was Monday, April 29th. This represents a $2.12 annualized dividend and a dividend yield of 8.79%. Tallgrass Energy’s dividend payout ratio is presently 166.93%.
A number of research analysts have issued reports on the company. Zacks Investment Research downgraded Tallgrass Energy from a “buy” rating to a “hold” rating in a research note on Saturday, April 20th. TheStreet upgraded Tallgrass Energy from a “c” rating to a “b-” rating in a research note on Thursday, April 4th. Goldman Sachs Group downgraded Tallgrass Energy from a “buy” rating to a “neutral” rating and set a $26.00 price objective for the company. in a research note on Tuesday, April 2nd. Credit Suisse Group downgraded Tallgrass Energy from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $26.00 to $25.00 in a research note on Thursday, February 21st. Finally, US Capital Advisors restated a “hold” rating on shares of Tallgrass Energy in a research note on Wednesday, January 16th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $25.38.
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About Tallgrass Energy
Tallgrass Energy, LP, through its subsidiaries, provides crude oil transportation services to customers in Wyoming, Colorado, Kansas, and the surrounding regions of the United States. The company operates through three segments: Natural Gas Transportation; Crude Oil Transportation; and Gathering, Processing & Terminalling.
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