Stock Traders Buy High Volume of Tallgrass Energy Put Options (TGE)
Tallgrass Energy LP (NYSE:TGE) was the target of some unusual options trading activity on Monday. Stock investors purchased 1,064 put options on the stock. This represents an increase of approximately 1,282% compared to the average daily volume of 77 put options.
TGE stock opened at $24.51 on Wednesday. Tallgrass Energy has a one year low of $19.59 and a one year high of $26.35. The firm has a market capitalization of $6.81 billion, a PE ratio of 19.30 and a beta of 0.96. The company has a quick ratio of 0.59, a current ratio of 0.67 and a debt-to-equity ratio of 1.45.
Tallgrass Energy (NYSE:TGE) last released its earnings results on Friday, February 8th. The company reported $0.38 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.42 by ($0.04). Tallgrass Energy had a return on equity of 6.15% and a net margin of 17.29%. The firm had revenue of $220.26 million during the quarter, compared to analyst estimates of $210.60 million. As a group, research analysts expect that Tallgrass Energy will post 1.76 EPS for the current year.
In other Tallgrass Energy news, major shareholder Enagas U.S.A. Llc purchased 130,320 shares of the firm’s stock in a transaction that occurred on Thursday, April 18th. The stock was purchased at an average price of $24.40 per share, for a total transaction of $3,179,808.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John T. Raymond sold 46,386,232 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $10.52, for a total transaction of $487,983,160.64. The disclosure for this sale can be found here. In the last 90 days, insiders bought 908,106 shares of company stock valued at $21,844,200 and sold 46,405,689 shares valued at $488,446,299. Corporate insiders own 28.59% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. FTB Advisors Inc. acquired a new stake in shares of Tallgrass Energy in the 4th quarter worth $30,000. Ffcm LLC acquired a new stake in shares of Tallgrass Energy in the 4th quarter worth $38,000. Lindbrook Capital LLC acquired a new stake in shares of Tallgrass Energy in the 1st quarter worth $38,000. Bessemer Group Inc. acquired a new stake in shares of Tallgrass Energy in the 4th quarter worth $45,000. Finally, Rare Infrastructure Ltd acquired a new stake in shares of Tallgrass Energy in the 4th quarter worth $51,000. Institutional investors own 49.93% of the company’s stock.
A number of brokerages recently weighed in on TGE. Zacks Investment Research cut shares of Tallgrass Energy from a “buy” rating to a “hold” rating in a research note on Saturday. Goldman Sachs Group cut shares of Tallgrass Energy from a “buy” rating to a “neutral” rating and set a $26.00 price target for the company. in a research note on Tuesday, April 2nd. TheStreet upgraded shares of Tallgrass Energy from a “c” rating to a “b-” rating in a research note on Thursday, April 4th. Bank of America began coverage on shares of Tallgrass Energy in a research note on Friday, January 11th. They set an “underperform” rating and a $22.00 price target for the company. Finally, Credit Suisse Group cut shares of Tallgrass Energy from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $26.00 to $25.00 in a research note on Thursday, February 21st. 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 stock. The company presently 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.
Further Reading: Cost of Capital Explained
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