Infrastructure Asso Blackstone Buys 223,900 Shares of Tallgrass Energy LP (TGE) Stock

Tallgrass Energy LP (NYSE:TGE) major shareholder Infrastructure Asso Blackstone acquired 223,900 shares of the stock in a transaction on Tuesday, May 7th. The shares were bought at an average price of $24.12 per share, with a total value of $5,400,468.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Infrastructure Asso Blackstone also recently made the following trade(s):

  • On Monday, April 29th, Infrastructure Asso Blackstone acquired 332,200 shares of Tallgrass Energy stock. The shares were bought at an average price of $24.38 per share, with a total value of $8,099,036.00.
  • On Thursday, April 11th, Infrastructure Asso Blackstone acquired 79,534 shares of Tallgrass Energy stock. The shares were bought at an average price of $24.49 per share, with a total value of $1,947,787.66.
  • On Wednesday, March 27th, Infrastructure Asso Blackstone acquired 308,992 shares of Tallgrass Energy stock. The shares were bought at an average price of $23.76 per share, with a total value of $7,341,649.92.

TGE stock opened at $23.33 on Friday. Tallgrass Energy LP has a 1-year low of $20.27 and a 1-year high of $26.35. The company has a debt-to-equity ratio of 1.45, a current ratio of 0.67 and a quick ratio of 0.59. The firm has a market capitalization of $6.75 billion, a PE ratio of 18.37 and a beta of 0.93.

Tallgrass Energy (NYSE:TGE) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $0.31 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by ($0.09). Tallgrass Energy had a return on equity of 6.15% and a net margin of 17.29%. The business had revenue of $197.35 million during the quarter, compared to analysts’ expectations of $236.40 million. As a group, research analysts anticipate that Tallgrass Energy LP will post 1.75 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be paid a $0.53 dividend. The ex-dividend date is Monday, April 29th. This represents a $2.12 annualized dividend and a dividend yield of 9.09%. This is a boost from Tallgrass Energy’s previous quarterly dividend of $0.52. Tallgrass Energy’s payout ratio is currently 166.93%.

Hedge funds have recently bought and sold shares of the company. FTB Advisors Inc. purchased a new position in shares of Tallgrass Energy in the fourth quarter worth $30,000. Lindbrook Capital LLC purchased a new position in shares of Tallgrass Energy in the first quarter worth $38,000. Ffcm LLC purchased a new position in shares of Tallgrass Energy in the fourth quarter worth $38,000. Bessemer Group Inc. purchased a new position in shares of Tallgrass Energy in the fourth quarter worth $45,000. Finally, Rare Infrastructure Ltd purchased a new position in shares of Tallgrass Energy in the fourth quarter worth $51,000. Hedge funds and other institutional investors own 49.77% of the company’s stock.

A number of research analysts have issued reports on the company. Bank of America assumed coverage on Tallgrass Energy in a research note on Friday, January 11th. They set an “underperform” rating and a $22.00 price objective for the company. Zacks Investment Research cut Tallgrass Energy from a “buy” rating to a “hold” rating in a research note on Saturday, April 20th. TheStreet upgraded Tallgrass Energy from a “c” rating to a “b-” rating in a research note on Thursday, April 4th. Goldman Sachs Group cut Tallgrass Energy from a “buy” rating to a “neutral” rating and set a $26.00 price objective for the company. in a research note on Tuesday, April 2nd. Finally, US Capital Advisors reiterated a “hold” rating on shares of Tallgrass Energy in a research note on Wednesday, January 16th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. Tallgrass Energy presently has a consensus rating of “Hold” and an average price target of $25.38.

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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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