Wells Fargo & Co Downgrades Tallgrass Energy (NYSE:TGE) to Underweight

Wells Fargo & Co cut shares of Tallgrass Energy (NYSE:TGE) from an equal weight rating to an underweight rating in a research note published on Tuesday, BenzingaRatingsTable reports.

Several other equities research analysts have also recently issued reports on TGE. Barclays set a $20.00 price objective on shares of Tallgrass Energy and gave the company a hold rating in a research report on Tuesday, October 15th. ValuEngine raised shares of Tallgrass Energy from a sell rating to a hold rating in a research report on Friday, December 13th. Stifel Nicolaus cut shares of Tallgrass Energy from a buy rating to a hold rating and set a $20.00 price objective for the company. in a research report on Friday, October 11th. Piper Jaffray Companies set a $20.00 price target on shares of Tallgrass Energy and gave the stock a hold rating in a research report on Friday, November 1st. Finally, Citigroup cut shares of Tallgrass Energy from a buy rating to a neutral rating and lowered their price target for the stock from $23.00 to $19.50 in a research report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating and twelve have issued a hold rating to the company. The company has an average rating of Hold and a consensus target price of $21.40.

Tallgrass Energy stock opened at $22.25 on Tuesday. The stock has a market cap of $6.26 billion, a price-to-earnings ratio of 14.93 and a beta of 0.73. The company has a debt-to-equity ratio of 1.53, a current ratio of 0.73 and a quick ratio of 0.63. Tallgrass Energy has a 1 year low of $14.28 and a 1 year high of $25.96. The firm has a 50-day moving average of $20.13 and a two-hundred day moving average of $19.51.

Tallgrass Energy (NYSE:TGE) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.02). The company had revenue of $226.71 million during the quarter, compared to analysts’ expectations of $229.80 million. Tallgrass Energy had a net margin of 29.74% and a return on equity of 11.24%. Research analysts expect that Tallgrass Energy will post 1.46 earnings per share for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the company. Mint Tower Capital Management B.V. purchased a new stake in shares of Tallgrass Energy in the 3rd quarter worth approximately $47,000. Evoke Wealth LLC purchased a new stake in shares of Tallgrass Energy in the 3rd quarter worth approximately $51,000. Ladenburg Thalmann Financial Services Inc. lifted its position in shares of 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 purchasing an additional 1,300 shares during the period. Seeyond purchased a new stake in shares of Tallgrass Energy in the 2nd quarter worth approximately $90,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of Tallgrass Energy by 24.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,641 shares of the company’s stock worth $98,000 after acquiring an additional 910 shares in the last quarter. 55.07% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Tallgrass Energy (NYSE:TGE)

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