Traders Sell Tallgrass Energy (TGE) on Strength (TGE)
Investors sold shares of Tallgrass Energy LP (NYSE:TGE) on strength during trading on Friday. $6.61 million flowed into the stock on the tick-up and $67.24 million flowed out of the stock on the tick-down, for a money net flow of $60.63 million out of the stock. Of all equities tracked, Tallgrass Energy had the 0th highest net out-flow for the day. Tallgrass Energy traded up $0.39 for the day and closed at $24.74
TGE has been the topic of several research analyst reports. Zacks Investment Research cut shares of Tallgrass Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 17th. US Capital Advisors reiterated a “hold” rating on shares of Tallgrass Energy in a research note on Tuesday, July 17th. TheStreet upgraded shares of Tallgrass Energy from a “d+” rating to a “c-” rating in a research note on Thursday, August 2nd. Stifel Nicolaus boosted their price target on shares of Tallgrass Energy from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Monday, August 6th. Finally, ValuEngine upgraded shares of Tallgrass Energy from a “sell” rating to a “hold” rating in a research note on Friday, August 3rd. Three research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $26.00.
The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.52 and a current ratio of 0.66. The stock has a market cap of $3.77 billion, a PE ratio of 34.30 and a beta of 1.90.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 14th. Stockholders of record on Tuesday, July 31st will be given a dividend of $0.4975 per share. This represents a $1.99 annualized dividend and a dividend yield of 8.04%. This is a boost from Tallgrass Energy’s previous quarterly dividend of $0.49. The ex-dividend date is Monday, July 30th. Tallgrass Energy’s dividend payout ratio is currently 261.84%.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. BNP Paribas Arbitrage SA bought a new position in Tallgrass Energy during the 2nd quarter valued at about $115,000. Baldwin Brothers Inc. MA purchased a new position in shares of Tallgrass Energy in the second quarter worth about $173,000. Bank of Montreal Can purchased a new position in shares of Tallgrass Energy in the second quarter worth about $186,000. Eagle Ridge Investment Management purchased a new position in shares of Tallgrass Energy in the second quarter worth about $232,000. Finally, Spirit of America Management Corp NY purchased a new position in shares of Tallgrass Energy in the second quarter worth about $275,000. Hedge funds and other institutional investors own 37.56% of the company’s stock.
Tallgrass Energy Company Profile
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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