Short Interest in Tallgrass Energy LP (NYSE:TGE) Declines By 35.7%

Tallgrass Energy LP (NYSE:TGE) was the recipient of a large decrease in short interest in August. As of August 31st, there was short interest totalling 3,628,100 shares, a decrease of 35.7% from the July 31st total of 5,638,400 shares. Based on an average daily trading volume, of 1,300,000 shares, the days-to-cover ratio is currently 2.8 days. Currently, 2.4% of the shares of the stock are short sold.

NYSE TGE traded up $0.18 during mid-day trading on Wednesday, reaching $19.97. 2,522,408 shares of the stock were exchanged, compared to its average volume of 1,366,356. The stock has a market capitalization of $5.56 billion, a PE ratio of 15.72, a PEG ratio of 1.89 and a beta of 0.69. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.61 and a current ratio of 0.69. Tallgrass Energy has a 1-year low of $14.28 and a 1-year high of $25.96. The business’s fifty day simple moving average is $18.09 and its 200 day simple moving average is $22.08.

Tallgrass Energy (NYSE:TGE) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.40 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.41 by ($0.01). Tallgrass Energy had a net margin of 29.12% and a return on equity of 10.71%. The business had revenue of $211.52 million during the quarter, compared to analyst estimates of $226.00 million. On average, analysts anticipate that Tallgrass Energy will post 1.49 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, July 31st were issued a dividend of $0.54 per share. This is a boost from Tallgrass Energy’s previous quarterly dividend of $0.53. The ex-dividend date was Tuesday, July 30th. This represents a $2.16 annualized dividend and a dividend yield of 10.82%. Tallgrass Energy’s dividend payout ratio (DPR) is 170.08%.

Large investors have recently made changes to their positions in the company. Arlington Partners LLC acquired a new position in Tallgrass Energy in the second quarter valued at $32,000. Lee Financial Co purchased a new position in Tallgrass Energy during the second quarter worth about $44,000. Avestar Capital LLC purchased a new position in Tallgrass Energy during the first quarter worth about $52,000. Price Wealth Management Inc. acquired a new stake in Tallgrass Energy in the 2nd quarter worth about $60,000. Finally, Ladenburg Thalmann Financial Services Inc. boosted its stake in Tallgrass Energy by 45.7% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,144 shares of the company’s stock worth $88,000 after buying an additional 1,300 shares during the last quarter. 64.41% of the stock is owned by institutional investors and hedge funds.

TGE has been the topic of a number of analyst reports. ValuEngine upgraded Tallgrass Energy from a “strong sell” rating to a “sell” rating in a report on Wednesday, August 28th. Scotiabank initiated coverage on Tallgrass Energy in a report on Tuesday, September 3rd. They issued a “sector perform” rating and a $19.50 price target for the company. TheStreet downgraded Tallgrass Energy from a “b-” rating to a “c+” rating in a research report on Thursday, August 8th. Zacks Investment Research raised Tallgrass Energy from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Citigroup assumed coverage on Tallgrass Energy in a research note on Tuesday, June 25th. They set a “buy” rating and a $23.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company’s stock. Tallgrass Energy presently has an average rating of “Hold” and an average price target of $23.50.

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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