Tallgrass Energy GP LP (TEGP) Plans Dividend Increase – $0.26 Per Share
Tallgrass Energy GP LP (NYSE:TEGP) declared a quarterly dividend on Friday, October 7th. Investors of record on Monday, October 31st will be paid a dividend of 0.2625 per share on Monday, November 14th. This represents a $1.05 annualized dividend and a dividend yield of 4.35%. The ex-dividend date of this dividend is Thursday, October 27th. This is an increase from Tallgrass Energy GP’s previous quarterly dividend of $0.25.
Shares of Tallgrass Energy GP (NYSE:TEGP) traded down 1.39% during trading on Friday, hitting $24.14. 79,856 shares of the company traded hands. Tallgrass Energy GP has a one year low of $9.66 and a one year high of $26.81. The stock has a market cap of $1.15 billion, a price-to-earnings ratio of 34.78 and a beta of 2.28. The firm has a 50 day moving average price of $23.89 and a 200-day moving average price of $22.45.
Tallgrass Energy GP (NYSE:TEGP) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported $0.07 earnings per share for the quarter, missing the Thomson Reuters’ 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 predict that Tallgrass Energy GP will post $0.45 EPS for the current year.
Several research firms have commented on TEGP. Zacks Investment Research cut shares of Tallgrass Energy GP from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 9th. Barclays PLC raised their target price on shares of Tallgrass Energy GP from $23.00 to $28.00 and gave the company an “overweight” rating in a research note on Thursday, July 28th. Finally, Credit Suisse Group AG set a $28.00 target price on shares of Tallgrass Energy GP and gave the company a “buy” rating in a research note on Saturday, August 6th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. Tallgrass Energy GP currently has an average rating of “Buy” and a consensus price target of $24.75.
Several institutional investors have recently made changes to their positions in the company. A.R.T. Advisors LLC purchased a new position in Tallgrass Energy GP during the second quarter valued at $701,000. Clinton Group Inc. purchased a new position in Tallgrass Energy GP during the second quarter valued at $2,150,000. Waddell & Reed Financial Inc. increased its position in Tallgrass Energy GP by 6.2% in the second quarter. Waddell & Reed Financial Inc. now owns 1,480,020 shares of the company’s stock valued at $33,404,000 after buying an additional 85,830 shares during the period. Texas Yale Capital Corp. purchased a new position in Tallgrass Energy GP during the second quarter valued at $214,000. Finally, Van ECK Associates Corp increased its position in Tallgrass Energy GP by 1.0% in the second quarter. Van ECK Associates Corp now owns 57,945 shares of the company’s stock valued at $1,308,000 after buying an additional 601 shares during the period.
About Tallgrass Energy GP
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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