Zacks Investment Research upgraded shares of Tallgrass Energy (NYSE:TGE) from a hold rating to a buy rating in a research report released on Saturday morning. The brokerage currently has $26.00 target price on the stock.
According to Zacks, “Tallgrass Energy GP, LP is a limited partnership company. The company is engaged in the transportation, storage and processing of natural gas, the transportation of crude oil and the provision of water business services primarily to the oil and gas exploration and production industry through its subsidiary. Tallgrass Energy GP, LP is based in LEAWOOD, United States. “
Several other brokerages have also weighed in on TGE. Goldman Sachs Group initiated coverage on Tallgrass Energy in a research report on Monday, October 8th. They issued a buy rating and a $27.00 target price on the stock. US Capital Advisors reaffirmed a hold rating on shares of Tallgrass Energy in a research report on Wednesday. Credit Suisse Group initiated coverage on Tallgrass Energy in a research report on Thursday, October 11th. They issued an outperform rating and a $29.00 target price on the stock. Citigroup upped their target price on Tallgrass Energy from $24.00 to $27.00 and gave the stock a buy rating in a research report on Tuesday, September 25th. Finally, Morgan Stanley dropped their target price on Tallgrass Energy from $26.00 to $25.00 and set an equal weight rating on the stock in a research report on Friday, November 30th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $26.00.
Tallgrass Energy stock traded up $0.60 during mid-day trading on Friday, hitting $24.05. The company’s stock had a trading volume of 507,992 shares, compared to its average volume of 1,266,745. The company has a current ratio of 0.73, a quick ratio of 0.66 and a debt-to-equity ratio of 1.37. Tallgrass Energy has a 52-week low of $17.14 and a 52-week high of $26.70. The company has a market cap of $6.74 billion, a P/E ratio of 31.64 and a beta of 1.09.
Tallgrass Energy (NYSE:TGE) last issued its earnings results on Wednesday, October 31st. The company reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.04). Tallgrass Energy had a positive return on equity of 4.03% and a negative net margin of 11.77%. The firm had revenue of $200.32 million during the quarter, compared to analyst estimates of $207.70 million. On average, equities analysts forecast that Tallgrass Energy will post 0.98 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 14th. Stockholders of record on Thursday, January 31st will be issued a dividend of $0.52 per share. This is a positive change from Tallgrass Energy’s previous quarterly dividend of $0.51. The ex-dividend date is Wednesday, January 30th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 8.65%. Tallgrass Energy’s dividend payout ratio is currently 268.42%.
In related news, Director Jeffrey A. Ball acquired 25,000 shares of the stock in a transaction dated Thursday, November 1st. The shares were acquired at an average price of $21.41 per share, with a total value of $535,250.00. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider David G. Dehaemers, Jr. acquired 20,000 shares of the stock in a transaction dated Wednesday, November 28th. The shares were bought at an average cost of $20.52 per share, for a total transaction of $410,400.00. The disclosure for this purchase can be found here. In the last three months, insiders have bought 61,777 shares of company stock worth $1,301,993. 28.59% of the stock is currently owned by insiders.
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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