Tallgrass Energy GP LP (TEGP) Position Raised by JPMorgan Chase & Co.
JPMorgan Chase & Co. increased its stake in shares of Tallgrass Energy GP LP (NYSE:TEGP) by 13,883.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 233,240 shares of the company’s stock after buying an additional 231,572 shares during the period. JPMorgan Chase & Co. owned approximately 0.49% of Tallgrass Energy GP worth $5,265,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of the stock. Kayne Anderson Capital Advisors LP raised its stake in shares of Tallgrass Energy GP by 52.0% in the second quarter. Kayne Anderson Capital Advisors LP now owns 4,737,352 shares of the company’s stock worth $106,909,000 after buying an additional 1,621,152 shares in the last quarter. SL Advisors LLC purchased a new stake in shares of Tallgrass Energy GP during the second quarter worth approximately $2,823,000. GSA Capital Partners LLP purchased a new stake in shares of Tallgrass Energy GP during the second quarter worth approximately $1,887,000. Alps Advisors Inc. purchased a new stake in shares of Tallgrass Energy GP during the second quarter worth approximately $1,392,000. Finally, Dividend Assets Capital LLC raised its stake in shares of Tallgrass Energy GP by 3.9% in the second quarter. Dividend Assets Capital LLC now owns 1,234,990 shares of the company’s stock worth $27,874,000 after buying an additional 45,805 shares in the last quarter.
Tallgrass Energy GP LP (NYSE:TEGP) traded down 2.92% during midday trading on Thursday, reaching $23.97. The company’s stock had a trading volume of 69,865 shares. The stock has a market cap of $1.14 billion, a P/E ratio of 34.54 and a beta of 2.28. Tallgrass Energy GP LP has a 12-month low of $9.66 and a 12-month high of $26.81. The stock’s 50 day moving average is $23.91 and its 200 day moving average is $22.65.
Tallgrass Energy GP (NYSE:TEGP) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by $0.16. Tallgrass Energy GP had a net margin of 5.70% and a return on equity of 2.05%. Analysts anticipate that Tallgrass Energy GP LP will post $0.45 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 14th. Stockholders of record on Monday, October 31st will be paid a $0.2625 dividend. This represents a $1.05 annualized dividend and a dividend yield of 4.25%. The ex-dividend date is Thursday, October 27th. This is a boost from Tallgrass Energy GP’s previous quarterly dividend of $0.25. Tallgrass Energy GP’s dividend payout ratio (DPR) is presently 142.03%.
A number of equities research analysts recently commented on the company. Zacks Investment Research lowered Tallgrass Energy GP from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 9th. Credit Suisse Group AG set a $28.00 target price on Tallgrass Energy GP and gave the company a “buy” rating in a research report on Saturday, August 6th. Finally, Barclays PLC upped their target price on Tallgrass Energy GP from $23.00 to $28.00 and gave the company an “overweight” rating in a research report on Thursday, July 28th. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $24.75.
Tallgrass Energy GP Company Profile
Tallgrass Energy GP, LP is a limited partnership company. The Company, through Tallgrass Energy Partners, LP (TEP), provides crude oil transportation to customers in Wyoming, Colorado, and the surrounding regions through Pony Express. Its business segments include Crude Oil Transportation & Logistics Segment, which is engaged in the ownership and operation of a crude oil pipeline system; Natural Gas Transportation & Logistics Segment, which is engaged in ownership and operation of FERC-regulated interstate natural gas pipelines and integrated natural gas storage facilities, and Processing & Logistics Segment, which is engaged in the ownership and operation of natural gas processing, treating and fractionation facilities, the provision of water business services primarily to the oil and gas exploration and production industry and the transportation of natural gas liquids (NGL).
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