Traders Sell Tallgrass Energy (TGE) on Strength (TGE)
Investors sold shares of Tallgrass Energy LP (NYSE:TGE) on strength during trading on Friday. $6.61 million flowed into the stock on the tick-up and $67.24 million flowed out of the stock on the tick-down, for a money net flow of $60.63 million out of the stock. Of all equities tracked, Tallgrass Energy had the 0th highest net out-flow for the day. Tallgrass Energy traded up $0.39 for the day and closed at $24.74
Several research firms have weighed in on TGE. Stifel Nicolaus lifted their price target on Tallgrass Energy from $23.00 to $26.00 and gave the company a “buy” rating in a report on Monday, August 6th. ValuEngine raised Tallgrass Energy from a “sell” rating to a “hold” rating in a research report on Friday, August 3rd. TheStreet raised Tallgrass Energy from a “d+” rating to a “c-” rating in a research report on Thursday, August 2nd. US Capital Advisors reaffirmed a “hold” rating on shares of Tallgrass Energy in a research report on Tuesday, July 17th. Finally, Zacks Investment Research cut Tallgrass Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 17th. Three analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Tallgrass Energy currently has a consensus rating of “Hold” and an average target price of $26.00.
The stock has a market cap of $3.77 billion, a price-to-earnings ratio of 34.30 and a beta of 1.90. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.52 and a current ratio of 0.66.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 14th. Shareholders of record on Tuesday, July 31st will be given a $0.4975 dividend. This is an increase from Tallgrass Energy’s previous quarterly dividend of $0.49. The ex-dividend date is Monday, July 30th. This represents a $1.99 annualized dividend and a yield of 8.04%. Tallgrass Energy’s dividend payout ratio (DPR) is 261.84%.
A number of large investors have recently modified their holdings of TGE. Alps Advisors Inc. bought a new position in Tallgrass Energy in the second quarter valued at approximately $1,535,000. Eagle Ridge Investment Management bought a new stake in Tallgrass Energy in the 2nd quarter worth approximately $232,000. BNP Paribas Arbitrage SA bought a new stake in Tallgrass Energy in the 2nd quarter worth approximately $115,000. Baldwin Brothers Inc. MA bought a new stake in Tallgrass Energy in the 2nd quarter worth approximately $173,000. Finally, Ballentine Partners LLC bought a new stake in Tallgrass Energy in the 2nd quarter worth approximately $494,000. 37.56% of the stock is owned by institutional investors.
About Tallgrass Energy
Tallgrass Energy, LP, through its interests in Tallgrass Equity, LLC, provides crude oil transportation services to customers in Wyoming, Colorado, 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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