Manchester Capital Management LLC Purchases New Position in Tallgrass Energy LP (NYSE:TGE)

Manchester Capital Management LLC purchased a new stake in shares of Tallgrass Energy LP (NYSE:TGE) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,400 shares of the company’s stock, valued at approximately $93,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Amundi Pioneer Asset Management Inc. bought a new stake in shares of Tallgrass Energy in the 1st quarter valued at approximately $11,580,000. CIBC Private Wealth Group LLC lifted its stake in shares of Tallgrass Energy by 58.6% in the 2nd quarter. CIBC Private Wealth Group LLC now owns 1,107,285 shares of the company’s stock valued at $23,375,000 after purchasing an additional 408,955 shares during the last quarter. Hartz Capital Inc. bought a new stake in shares of Tallgrass Energy in the 1st quarter valued at approximately $8,004,000. State of New Jersey Common Pension Fund D bought a new stake in shares of Tallgrass Energy in the 1st quarter valued at approximately $7,044,000. Finally, Bank of Montreal Can bought a new stake in shares of Tallgrass Energy in the 1st quarter valued at approximately $5,327,000. 55.49% of the stock is owned by institutional investors.

Shares of TGE stock traded up $0.11 on Wednesday, reaching $15.93. 28,168 shares of the company’s stock were exchanged, compared to its average volume of 1,677,362. Tallgrass Energy LP has a 52 week low of $15.47 and a 52 week high of $26.35. The company has a current ratio of 0.69, a quick ratio of 0.61 and a debt-to-equity ratio of 1.51. The stock has a market capitalization of $4.49 billion, a PE ratio of 12.52, a P/E/G ratio of 1.51 and a beta of 0.70. The company’s fifty day simple moving average is $19.68 and its 200 day simple moving average is $22.63.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, July 31st were paid a dividend of $0.54 per share. This is a positive change from Tallgrass Energy’s previous quarterly dividend of $0.53. This represents a $2.16 dividend on an annualized basis and a dividend yield of 13.56%. The ex-dividend date of this dividend was Tuesday, July 30th. Tallgrass Energy’s dividend payout ratio (DPR) is currently 170.08%.

Several equities research analysts have recently issued reports on the company. TheStreet lowered Tallgrass Energy from a “b-” rating to a “c+” rating in a research note on Thursday, August 8th. Citigroup assumed coverage on Tallgrass Energy in a research note on Tuesday, June 25th. They issued a “buy” rating and a $23.00 price objective for the company. Zacks Investment Research raised Tallgrass Energy from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 1st. ValuEngine lowered Tallgrass Energy from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 31st. Finally, Piper Jaffray Companies assumed coverage on Tallgrass Energy in a research note on Wednesday, July 17th. They issued a “neutral” rating and a $25.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. Tallgrass Energy presently has an average rating of “Hold” and an average target price of $24.57.

Tallgrass Energy Profile

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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Institutional Ownership by Quarter for Tallgrass Energy (NYSE:TGE)

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