Brokerages Set Tallgrass Energy LP (NYSE:TGE) Price Target at $24.71

Tallgrass Energy LP (NYSE:TGE) has been given a consensus recommendation of “Hold” by the eleven brokerages that are currently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $24.71.

TGE has been the subject of a number of research reports. Zacks Investment Research cut CGI from a “buy” rating to a “hold” rating in a report on Wednesday, June 19th. TheStreet raised TELUS from a “c+” rating to a “b-” rating in a research report on Thursday, April 4th. Goldman Sachs Group reissued a “buy” rating and issued a GBX 265 ($3.46) target price on shares of Tesco in a research report on Tuesday, April 2nd. Citigroup started coverage on Tallgrass Energy in a research report on Tuesday, June 25th. They issued a “buy” rating and a $23.00 target price for the company. Finally, ValuEngine raised YPF from a “sell” rating to a “hold” rating in a research report on Monday, June 24th.

Shares of TGE stock traded up $0.33 during mid-day trading on Friday, reaching $22.28. 689,353 shares of the stock traded hands, compared to its average volume of 1,262,904. The business has a fifty day moving average price of $22.35. Tallgrass Energy has a 1-year low of $20.05 and a 1-year high of $26.35. The stock has a market capitalization of $6.27 billion, a P/E ratio of 17.54, a price-to-earnings-growth ratio of 2.11 and a beta of 0.71. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.64 and a current ratio of 0.71.

Tallgrass Energy (NYSE:TGE) last announced its earnings results on Tuesday, May 7th. The company reported $0.31 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by ($0.09). The company had revenue of $197.35 million for the quarter, compared to analysts’ expectations of $236.40 million. Tallgrass Energy had a net margin of 21.07% and a return on equity of 7.62%. Equities research analysts expect that Tallgrass Energy will post 1.47 EPS for the current fiscal year.

In other Tallgrass Energy news, major shareholder Enagas U.S.A. Llc bought 44,358 shares of the business’s stock in a transaction on Wednesday, April 24th. The shares were acquired at an average cost of $24.49 per share, for a total transaction of $1,086,327.42. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Private Ltd Gic purchased 89,984 shares of the company’s stock in a transaction dated Friday, April 26th. The stock was purchased at an average price of $24.46 per share, for a total transaction of $2,201,008.64. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 1,196,120 shares of company stock valued at $28,948,965. 28.59% of the stock is owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in TGE. Arlington Partners LLC purchased a new position in shares of Tallgrass Energy in the 2nd quarter worth $32,000. Lindbrook Capital LLC purchased a new position in Tallgrass Energy during the first quarter valued at $38,000. Bessemer Group Inc. purchased a new position in Tallgrass Energy during the fourth quarter valued at $45,000. Rare Infrastructure Ltd purchased a new position in Tallgrass Energy during the fourth quarter valued at $51,000. Finally, Avestar Capital LLC purchased a new position in Tallgrass Energy during the first quarter valued at $52,000. Hedge funds and other institutional investors own 56.37% of the company’s stock.

Tallgrass Energy Company 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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Analyst Recommendations for Tallgrass Energy (NYSE:TGE)

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