Spirit of America Management Corp NY purchased a new stake in shares of Tallgrass Energy LP (NYSE:TGE) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 281,787 shares of the company’s stock, valued at approximately $7,084,000. Spirit of America Management Corp NY owned about 0.10% of Tallgrass Energy at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. FTB Advisors Inc. acquired a new stake in shares of Tallgrass Energy during the 4th quarter valued at about $30,000. Ffcm LLC bought a new position in shares of Tallgrass Energy in the 4th quarter valued at approximately $38,000. Bessemer Group Inc. bought a new position in shares of Tallgrass Energy in the 4th quarter valued at approximately $45,000. Rare Infrastructure Ltd bought a new position in shares of Tallgrass Energy in the 4th quarter valued at approximately $51,000. Finally, Private Capital Group LLC bought a new position in shares of Tallgrass Energy in the 4th quarter valued at approximately $55,000. Institutional investors and hedge funds own 49.93% of the company’s stock.
Shares of TGE stock traded down $0.03 during trading on Wednesday, reaching $24.53. The company had a trading volume of 176,230 shares, compared to its average volume of 743,148. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.59 and a current ratio of 0.67. Tallgrass Energy LP has a one year low of $19.59 and a one year high of $26.35. The company has a market capitalization of $6.88 billion, a price-to-earnings ratio of 19.31 and a beta of 0.96.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be given a $0.53 dividend. This is an increase from Tallgrass Energy’s previous quarterly dividend of $0.52. This represents a $2.12 annualized dividend and a yield of 8.64%. The ex-dividend date is Monday, April 29th. Tallgrass Energy’s payout ratio is currently 163.78%.
A number of brokerages recently weighed in on TGE. TheStreet raised Tallgrass Energy from a “c” rating to a “b-” rating in a research note on Thursday, April 4th. Goldman Sachs Group downgraded Tallgrass Energy from a “buy” rating to a “neutral” rating and set a $26.00 price objective on the stock. in a research note on Tuesday, April 2nd. Credit Suisse Group downgraded Tallgrass Energy from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $26.00 to $25.00 in a research note on Thursday, February 21st. Zacks Investment Research downgraded Tallgrass Energy from a “hold” rating to a “sell” rating in a research note on Tuesday, February 5th. Finally, US Capital Advisors reissued a “hold” rating on shares of Tallgrass Energy in a research note on Wednesday, January 16th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $25.38.
In other Tallgrass Energy news, Director John T. Raymond sold 46,386,232 shares of Tallgrass Energy stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $10.52, for a total value of $487,983,160.64. The sale was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Infrastructure Asso Blackstone purchased 308,992 shares of the company’s stock in a transaction on Wednesday, March 27th. The stock was acquired at an average cost of $23.76 per share, for a total transaction of $7,341,649.92. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 777,786 shares of company stock worth $18,664,392 and sold 46,405,689 shares worth $488,446,299. Insiders own 28.59% of the company’s stock.
About Tallgrass Energy
Tallgrass Energy, LP, through its subsidiaries, provides crude oil transportation services to customers in Wyoming, Colorado, Kansas, 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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