Tallgrass Energy GP, LP (NYSE:TEGP) Rating Lowered to Sell at Zacks Investment Research

Tallgrass Energy GP, LP (NYSE:TEGP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday, August 8th.

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. “

Other research analysts have also issued research reports about the company. TheStreet upgraded Tallgrass Energy GP, from an “e+” rating to a “c” rating in a report on Wednesday, May 17th. Barclays PLC raised their price objective on Tallgrass Energy GP, from $33.00 to $35.00 and gave the company an “overweight” rating in a report on Friday, August 4th. Stifel Nicolaus restated a “buy” rating and issued a $31.00 price objective on shares of Tallgrass Energy GP, in a report on Friday, July 14th. Morgan Stanley restated an “equal weight” rating and issued a $29.00 price objective (up previously from $28.00) on shares of Tallgrass Energy GP, in a report on Friday, July 14th. Finally, Scotiabank restated a “hold” rating and issued a $28.00 price objective on shares of Tallgrass Energy GP, in a report on Thursday, April 27th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $29.78.

Tallgrass Energy GP, (TEGP) traded down 0.50% during trading on Tuesday, hitting $23.76. 144,773 shares of the stock traded hands. Tallgrass Energy GP, has a 52-week low of $21.74 and a 52-week high of $29.50. The stock has a market cap of $1.38 billion, a P/E ratio of 35.15 and a beta of 2.17. The stock has a 50 day moving average price of $25.36 and a 200-day moving average price of $26.54.

Tallgrass Energy GP, (NYSE:TEGP) last announced its quarterly earnings data on Wednesday, August 2nd. The pipeline company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by $0.08. The firm had revenue of $160.86 million during the quarter, compared to analysts’ expectations of $166.78 million. Tallgrass Energy GP, had a net margin of 5.91% and a return on equity of 2.01%. On average, analysts anticipate that Tallgrass Energy GP, will post $0.94 EPS for the current fiscal year.

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Institutional investors have recently added to or reduced their stakes in the stock. Bank of Montreal Can increased its position in Tallgrass Energy GP, by 0.6% in the first quarter. Bank of Montreal Can now owns 22,158 shares of the pipeline company’s stock valued at $637,000 after buying an additional 126 shares in the last quarter. Janney Montgomery Scott LLC increased its position in Tallgrass Energy GP, by 8.0% in the first quarter. Janney Montgomery Scott LLC now owns 18,449 shares of the pipeline company’s stock valued at $531,000 after buying an additional 1,367 shares in the last quarter. Wells Fargo & Company MN increased its position in Tallgrass Energy GP, by 14.4% in the first quarter. Wells Fargo & Company MN now owns 51,146 shares of the pipeline company’s stock valued at $1,471,000 after buying an additional 6,421 shares in the last quarter. US Bancorp DE increased its position in Tallgrass Energy GP, by 1,480.2% in the first quarter. US Bancorp DE now owns 30,798 shares of the pipeline company’s stock valued at $886,000 after buying an additional 28,849 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in Tallgrass Energy GP, by 1.2% in the first quarter. Bank of New York Mellon Corp now owns 57,562 shares of the pipeline company’s stock valued at $1,655,000 after buying an additional 665 shares in the last quarter. 99.71% of the stock is owned by institutional investors.

About Tallgrass Energy GP,

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