Tallgrass Energy GP (TEGP) Receives New Coverage from Analysts at Credit Suisse Group

Credit Suisse Group began coverage on shares of Tallgrass Energy GP (NYSE:TEGP) in a report published on Thursday morning. The firm issued an underperform rating and a $21.00 price objective on the pipeline company’s stock.

TEGP has been the subject of a number of other research reports. Robert W. Baird restated a buy rating and issued a $32.00 price target on shares of Tallgrass Energy GP in a research report on Wednesday, November 1st. Stifel Nicolaus reiterated a buy rating and set a $31.00 price objective on shares of Tallgrass Energy GP in a research report on Sunday, October 29th. BidaskClub cut Tallgrass Energy GP from a hold rating to a sell rating in a research report on Saturday, October 21st. Morgan Stanley dropped their price objective on Tallgrass Energy GP from $30.00 to $29.00 and set an equal weight rating for the company in a research report on Friday, November 17th. Finally, Zacks Investment Research cut Tallgrass Energy GP from a hold rating to a strong sell rating in a research report on Tuesday, November 7th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. Tallgrass Energy GP has an average rating of Hold and an average target price of $30.00.

Shares of Tallgrass Energy GP (NYSE:TEGP) traded up $0.05 during mid-day trading on Thursday, hitting $25.80. The stock had a trading volume of 346,700 shares, compared to its average volume of 317,667. Tallgrass Energy GP has a twelve month low of $21.79 and a twelve month high of $29.50. The stock has a market capitalization of $4,048.66, a PE ratio of 32.25, a P/E/G ratio of 3.19 and a beta of 1.97. The company has a current ratio of 0.55, a quick ratio of 0.50 and a debt-to-equity ratio of 1.18.

In related news, insider David G. Dehaemers, Jr. acquired 5,428 shares of the company’s stock in a transaction that occurred on Thursday, November 9th. The stock was purchased at an average price of $25.04 per share, for a total transaction of $135,917.12. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Thomas A. Gerke purchased 9,800 shares of the stock in a transaction on Wednesday, November 8th. The stock was acquired at an average price of $25.50 per share, with a total value of $249,900.00. The disclosure for this purchase can be found here.

Institutional investors and hedge funds have recently bought and sold shares of the business. The Manufacturers Life Insurance Company grew its holdings in Tallgrass Energy GP by 7.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 4,858 shares of the pipeline company’s stock valued at $124,000 after buying an additional 330 shares during the period. Tiedemann Wealth Management LLC purchased a new stake in Tallgrass Energy GP in the 3rd quarter valued at about $148,000. Cubist Systematic Strategies LLC grew its holdings in Tallgrass Energy GP by 816.8% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 6,234 shares of the pipeline company’s stock valued at $159,000 after buying an additional 5,554 shares during the period. Summit Asset Management LLC purchased a new stake in Tallgrass Energy GP in the 3rd quarter valued at about $215,000. Finally, BlueCrest Capital Management Ltd purchased a new stake in Tallgrass Energy GP in the 2nd quarter valued at about $219,000. Institutional investors own 36.31% of the company’s stock.

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