Bank of New York Mellon Corp trimmed its stake in shares of Tallgrass Energy GP, LP (NYSE:TEGP) by 2.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 56,345 shares of the pipeline company’s stock after selling 1,217 shares during the period. Bank of New York Mellon Corp owned about 0.10% of Tallgrass Energy GP, worth $1,433,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BNP Paribas Arbitrage SA purchased a new stake in shares of Tallgrass Energy GP, during the first quarter valued at $115,000. Miller Howard Investments Inc. NY lifted its stake in Tallgrass Energy GP, by 7.1% in the 2nd quarter. Miller Howard Investments Inc. NY now owns 35,428 shares of the pipeline company’s stock worth $901,000 after acquiring an additional 2,363 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Tallgrass Energy GP, in the 1st quarter worth about $119,000. Global X Management Co. LLC lifted its stake in Tallgrass Energy GP, by 67.3% in the 2nd quarter. Global X Management Co. LLC now owns 409,973 shares of the pipeline company’s stock worth $10,426,000 after acquiring an additional 164,963 shares in the last quarter. Finally, HighTower Advisors LLC purchased a new stake in Tallgrass Energy GP, in the 1st quarter worth about $610,000. 36.85% of the stock is owned by institutional investors and hedge funds.

TEGP has been the subject of a number of recent research reports. Scotiabank set a $28.00 price target on Tallgrass Energy GP, and gave the stock a “hold” rating in a research note on Saturday, July 22nd. Morgan Stanley reaffirmed an “equal weight” rating and issued a $29.00 target price (up previously from $28.00) on shares of Tallgrass Energy GP, in a report on Friday, July 14th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $31.00 target price on shares of Tallgrass Energy GP, in a report on Friday, July 14th. Zacks Investment Research lowered Tallgrass Energy GP, from a “buy” rating to a “hold” rating in a report on Wednesday, July 26th. Finally, BidaskClub upgraded Tallgrass Energy GP, from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 27th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $30.11.

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Shares of Tallgrass Energy GP, LP (NYSE TEGP) opened at 27.09 on Friday. The company’s 50-day moving average price is $27.41 and its 200 day moving average price is $26.28. Tallgrass Energy GP, LP has a 12-month low of $21.74 and a 12-month high of $29.50. The company has a market cap of $1.57 billion, a price-to-earnings ratio of 40.07 and a beta of 2.17.

Tallgrass Energy GP, (NYSE:TEGP) last posted its earnings results on Wednesday, August 2nd. The pipeline company reported $0.15 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.08). Tallgrass Energy GP, had a return on equity of 2.01% and a net margin of 5.91%. The firm had revenue of $160.86 million for the quarter, compared to the consensus estimate of $166.78 million. Equities analysts predict that Tallgrass Energy GP, LP will post $0.93 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 14th. Investors of record on Tuesday, October 31st will be issued a $0.355 dividend. This represents a $1.42 dividend on an annualized basis and a dividend yield of 5.24%. The ex-dividend date of this dividend is Monday, October 30th. This is a boost from Tallgrass Energy GP,’s previous quarterly dividend of $0.34. Tallgrass Energy GP,’s payout ratio is 201.47%.

Tallgrass Energy GP, Profile

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

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