Clearbridge Investments LLC Has $71.90 Million Position in Tallgrass Energy GP, LP (TEGP)

Clearbridge Investments LLC reduced its position in Tallgrass Energy GP, LP (NYSE:TEGP) by 2.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,499,877 shares of the pipeline company’s stock after selling 70,236 shares during the period. Clearbridge Investments LLC owned approximately 4.30% of Tallgrass Energy GP, worth $71,896,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of TEGP. Goldman Sachs Group Inc. increased its position in Tallgrass Energy GP, by 11.9% in the first quarter. Goldman Sachs Group Inc. now owns 155,086 shares of the pipeline company’s stock worth $4,460,000 after buying an additional 16,479 shares in the last quarter. HighTower Advisors LLC bought a new position in Tallgrass Energy GP, during the first quarter worth $610,000. Bank of America Corp DE increased its position in Tallgrass Energy GP, by 11.0% in the first quarter. Bank of America Corp DE now owns 670,994 shares of the pipeline company’s stock worth $19,298,000 after buying an additional 66,266 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new position in Tallgrass Energy GP, during the first quarter worth $329,000. Finally, Renaissance Technologies LLC increased its position in Tallgrass Energy GP, by 630.2% in the first quarter. Renaissance Technologies LLC now owns 204,645 shares of the pipeline company’s stock worth $5,886,000 after buying an additional 176,619 shares in the last quarter.

Shares of Tallgrass Energy GP, LP (TEGP) opened at 26.50 on Tuesday. The firm has a 50-day moving average of $25.22 and a 200 day moving average of $26.78. Tallgrass Energy GP, LP has a 1-year low of $21.74 and a 1-year high of $29.50. The stock has a market capitalization of $1.54 billion, a PE ratio of 43.66 and a beta of 2.17.

Tallgrass Energy GP, (NYSE:TEGP) last posted its quarterly earnings results on Wednesday, May 3rd. The pipeline company reported $0.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.05. The business had revenue of $144.40 million during the quarter, compared to analyst estimates of $165.67 million. Tallgrass Energy GP, had a net margin of 5.17% and a return on equity of 1.69%. Analysts predict that Tallgrass Energy GP, LP will post $0.92 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Shareholders of record on Friday, July 28th will be given a $0.3425 dividend. This is a positive change from Tallgrass Energy GP,’s previous quarterly dividend of $0.29. This represents a $1.37 dividend on an annualized basis and a dividend yield of 5.17%. The ex-dividend date is Wednesday, July 26th. Tallgrass Energy GP,’s dividend payout ratio is presently 191.67%.

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TEGP has been the subject of a number of research reports. Morgan Stanley reissued an “equal weight” rating and set a $29.00 target price (up from $28.00) on shares of Tallgrass Energy GP, in a research report on Friday. Zacks Investment Research raised shares of Tallgrass Energy GP, from a “hold” rating to a “strong-buy” rating and set a $28.00 target price for the company in a research report on Friday, June 16th. Macquarie started coverage on shares of Tallgrass Energy GP, in a research report on Friday, April 21st. They set an “outperform” rating and a $32.00 target price for the company. Stifel Nicolaus restated a “buy” rating and set a $31.00 price target on shares of Tallgrass Energy GP, in a research note on Friday. Finally, Scotiabank restated a “hold” rating and set a $28.00 price target on shares of Tallgrass Energy GP, in a research note on Thursday, April 27th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Tallgrass Energy GP, presently has a consensus rating of “Hold” and an average price target of $28.90.

About Tallgrass Energy GP,

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

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