Cushing Asset Management LP trimmed its holdings in Tallgrass Energy GP LP (NYSE:TEGP) by 8.3% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 331,000 shares of the pipeline company’s stock after selling 29,800 shares during the period. Cushing Asset Management LP’s holdings in Tallgrass Energy GP were worth $8,520,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. OppenheimerFunds Inc. raised its holdings in shares of Tallgrass Energy GP by 1.2% in the fourth quarter. OppenheimerFunds Inc. now owns 12,310,643 shares of the pipeline company’s stock worth $316,876,000 after buying an additional 140,233 shares during the period. Tortoise Capital Advisors L.L.C. raised its holdings in shares of Tallgrass Energy GP by 5.8% in the third quarter. Tortoise Capital Advisors L.L.C. now owns 3,303,355 shares of the pipeline company’s stock worth $93,320,000 after buying an additional 180,570 shares during the period. Harvest Fund Advisors LLC raised its holdings in shares of Tallgrass Energy GP by 82.2% in the third quarter. Harvest Fund Advisors LLC now owns 3,266,244 shares of the pipeline company’s stock worth $92,271,000 after buying an additional 1,473,761 shares during the period. Clearbridge Investments LLC raised its holdings in shares of Tallgrass Energy GP by 9.3% in the fourth quarter. Clearbridge Investments LLC now owns 2,663,837 shares of the pipeline company’s stock worth $68,567,000 after buying an additional 226,300 shares during the period. Finally, Jennison Associates LLC raised its holdings in shares of Tallgrass Energy GP by 1.1% in the fourth quarter. Jennison Associates LLC now owns 2,628,511 shares of the pipeline company’s stock worth $67,658,000 after buying an additional 27,580 shares during the period. Hedge funds and other institutional investors own 30.98% of the company’s stock.

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Tallgrass Energy GP LP (NYSE TEGP) opened at $20.53 on Wednesday. Tallgrass Energy GP LP has a 52 week low of $19.27 and a 52 week high of $29.50. The stock has a market capitalization of $3,814.15, a P/E ratio of 27.16 and a beta of 1.91. The company has a quick ratio of 0.52, a current ratio of 0.61 and a debt-to-equity ratio of 1.33.

Tallgrass Energy GP (NYSE:TEGP) last announced its quarterly earnings data on Tuesday, February 13th. The pipeline company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.08). The firm had revenue of $174.77 million during the quarter, compared to the consensus estimate of $187.26 million. Tallgrass Energy GP had a positive return on equity of 2.43% and a negative net margin of 19.63%. analysts expect that Tallgrass Energy GP LP will post 1.12 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 14th. Shareholders of record on Wednesday, January 31st were given a dividend of $0.3675 per share. This represents a $1.47 annualized dividend and a yield of 7.16%. The ex-dividend date of this dividend was Tuesday, January 30th. This is a boost from Tallgrass Energy GP’s previous quarterly dividend of $0.36. Tallgrass Energy GP’s dividend payout ratio (DPR) is -66.22%.

Several research analysts recently issued reports on the company. Credit Suisse Group assumed coverage on Tallgrass Energy GP in a research note on Thursday, January 4th. They issued an “underperform” rating and a $21.00 price objective on the stock. Robert W. Baird reissued a “buy” rating and issued a $36.00 price objective on shares of Tallgrass Energy GP in a research note on Thursday, February 8th. Morgan Stanley dropped their price objective on Tallgrass Energy GP from $30.00 to $29.00 and set an “equal weight” rating on the stock in a research note on Friday, November 17th. Barclays cut Tallgrass Energy GP from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $30.00 to $25.00 in a research note on Monday, February 12th. Finally, TheStreet cut Tallgrass Energy GP from a “c-” rating to a “d” rating in a research note on Wednesday, February 14th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $28.22.

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Tallgrass Energy GP Profile

Tallgrass Energy GP, LP is a limited partnership company, which includes the operations of Tallgrass Equity, LLC (Tallgrass Equity), Tallgrass MLP GP, LLC, Tallgrass Energy Partners, LP (TEP), and TEP’s subsidiaries. TEP owns, operates, acquires and develops midstream energy assets in North America. TEP’s segments include Crude Oil Transportation & Logistics, which is engaged in the ownership and operation of a crude oil pipeline system, and crude oil storage and terminaling facilities; Natural Gas Transportation & Logistics, which is engaged in the ownership and operation of interstate natural gas pipelines and integrated natural gas storage facilities; Processing & Logistics, which is engaged in the ownership and operation of natural gas processing, treating and fractionation facilities, and the provision of water business services to the oil and gas exploration and production industry, and Corporate and Other.

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

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