John T. Raymond Sells 5,175,000 Shares of Tallgrass Energy GP LP (TEGP) Stock
Tallgrass Energy GP LP (NYSE:TEGP) Director John T. Raymond sold 5,175,000 shares of Tallgrass Energy GP stock in a transaction on Tuesday, November 22nd. The shares were sold at an average price of $22.00, for a total transaction of $113,850,000.00. Following the transaction, the director now owns 235,000 shares in the company, valued at approximately $5,170,000. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.
Shares of Tallgrass Energy GP LP (NYSE:TEGP) opened at 23.14 on Tuesday. Tallgrass Energy GP LP has a 12 month low of $9.66 and a 12 month high of $27.29. The stock’s 50 day moving average is $24.26 and its 200 day moving average is $23.89. The stock has a market capitalization of $1.10 billion, a PE ratio of 30.89 and a beta of 2.24.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 14th. Stockholders of record on Monday, October 31st were paid a $0.2625 dividend. The ex-dividend date was Thursday, October 27th. This represents a $1.05 dividend on an annualized basis and a dividend yield of 4.35%. This is a positive change from Tallgrass Energy GP’s previous quarterly dividend of $0.25. Tallgrass Energy GP’s dividend payout ratio is presently 140.00%.
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TEGP has been the topic of several research analyst reports. Zacks Investment Research cut shares of Tallgrass Energy GP from a “hold” rating to a “strong sell” rating in a research note on Wednesday, September 28th. Credit Suisse Group AG set a $28.00 price target on shares of Tallgrass Energy GP and gave the stock a “buy” rating in a research note on Saturday, August 6th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $24.75.
Hedge funds have recently added to or reduced their stakes in the company. Cohen & Steers Inc. raised its stake in Tallgrass Energy GP by 1,981.9% in the second quarter. Cohen & Steers Inc. now owns 6,109,509 shares of the company’s stock worth $342,010,000 after buying an additional 5,816,050 shares during the last quarter. Kayne Anderson Capital Advisors LP raised its stake in 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 during the last quarter. Jennison Associates LLC raised its stake in Tallgrass Energy GP by 44.0% in the third quarter. Jennison Associates LLC now owns 2,998,998 shares of the company’s stock worth $72,126,000 after buying an additional 915,789 shares during the last quarter. Tortoise Capital Advisors L.L.C. acquired a new stake in Tallgrass Energy GP during the second quarter worth $8,316,000. Finally, JPMorgan Chase & Co. raised its stake in Tallgrass Energy GP by 13,883.2% in the second quarter. JPMorgan Chase & Co. now owns 233,240 shares of the company’s stock worth $5,265,000 after buying an additional 231,572 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.
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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