Tallgrass Energy (NYSE:TGE) Stock Rating Lowered by Zacks Investment Research

Tallgrass Energy (NYSE:TGE) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a research report issued on Saturday, Zacks.com reports.

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. “

A number of other equities analysts have also weighed in on TGE. Goldman Sachs Group restated a “buy” rating and issued a GBX 265 ($3.46) target price on shares of Tesco in a research note on Tuesday, April 2nd. ValuEngine upgraded YPF from a “sell” rating to a “hold” rating in a research note on Monday, June 24th. Citigroup initiated coverage on Tallgrass Energy in a research note on Tuesday, June 25th. They issued a “buy” rating and a $23.00 target price on the stock. TheStreet upgraded TELUS from a “c+” rating to a “b-” rating in a research note on Thursday, April 4th. Finally, Piper Jaffray Companies decreased their target price on Inovio Pharmaceuticals from $12.00 to $10.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 17th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $24.89.

Shares of NYSE TGE opened at $21.53 on Friday. The company has a market cap of $6.06 billion, a price-to-earnings ratio of 16.95, a P/E/G ratio of 2.16 and a beta of 0.71. The company has a debt-to-equity ratio of 1.45, a current ratio of 0.71 and a quick ratio of 0.64. The business has a 50-day simple moving average of $22.05. Tallgrass Energy has a twelve month low of $20.05 and a twelve month high of $26.35.

Tallgrass Energy (NYSE:TGE) last announced its earnings results on Tuesday, May 7th. The company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.09). The business had revenue of $197.35 million during the quarter, compared to the consensus estimate of $236.40 million. Tallgrass Energy had a return on equity of 7.62% and a net margin of 21.07%. On average, sell-side analysts expect that Tallgrass Energy will post 1.43 EPS for the current fiscal year.

In other news, major shareholder Infrastructure Asso Blackstone acquired 332,200 shares of the business’s stock in a transaction dated Monday, April 29th. The stock was purchased at an average cost of $24.38 per share, for a total transaction of $8,099,036.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Private Ltd Gic acquired 89,984 shares of the business’s stock in a transaction dated Friday, April 26th. The stock was purchased at an average price of $24.46 per share, with a total value of $2,201,008.64. The disclosure for this purchase can be found here. Insiders bought a total of 1,065,800 shares of company stock valued at $25,769,157 over the last quarter. Company insiders own 28.59% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. Arlington Partners LLC purchased a new position in shares of Tallgrass Energy in the 2nd quarter worth about $32,000. Lindbrook Capital LLC purchased a new stake in Tallgrass Energy during the 1st quarter valued at about $38,000. Bessemer Group Inc. purchased a new stake in Tallgrass Energy during the 4th quarter valued at about $45,000. Avestar Capital LLC purchased a new stake in Tallgrass Energy during the 1st quarter valued at about $52,000. Finally, Quantamental Technologies LLC purchased a new stake in Tallgrass Energy during the 1st quarter valued at about $78,000. Hedge funds and other institutional investors own 56.38% 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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