California Public Employees Retirement System Sells 5,800 Shares of Tallgrass Energy GP, LP (NYSE:TEGP)

California Public Employees Retirement System decreased its position in shares of Tallgrass Energy GP, LP (NYSE:TEGP) by 4.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 133,700 shares of the pipeline company’s stock after selling 5,800 shares during the period. California Public Employees Retirement System owned approximately 0.23% of Tallgrass Energy GP, worth $3,845,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. FMR LLC purchased a new position in Tallgrass Energy GP, during the fourth quarter worth about $12,006,000. HITE Hedge Asset Management LLC purchased a new position in Tallgrass Energy GP, during the fourth quarter worth about $221,000. Bank of Montreal Can raised 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 worth $637,000 after buying an additional 126 shares during the last quarter. Janney Montgomery Scott LLC raised 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 worth $531,000 after buying an additional 1,367 shares during the last quarter. Finally, Wells Fargo & Company MN raised 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 worth $1,471,000 after buying an additional 6,421 shares during the last quarter.

Shares of Tallgrass Energy GP, LP (NYSE:TEGP) opened at 26.50 on Tuesday. Tallgrass Energy GP, LP has a 1-year low of $21.74 and a 1-year high of $29.50. The firm has a market capitalization of $1.54 billion, a price-to-earnings ratio of 43.66 and a beta of 2.17. The company’s 50-day moving average is $25.22 and its 200 day moving average is $26.78.

Tallgrass Energy GP, (NYSE:TEGP) last issued its earnings results on Wednesday, May 3rd. The pipeline company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.05. The company had revenue of $144.40 million for the quarter, compared to analyst estimates of $165.67 million. Tallgrass Energy GP, had a net margin of 5.17% and a return on equity of 1.69%. On average, analysts expect that Tallgrass Energy GP, LP will post $0.92 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 14th. Stockholders of record on Friday, July 28th will be paid a $0.3425 dividend. This represents a $1.37 annualized dividend and a dividend yield of 5.17%. The ex-dividend date is Wednesday, July 26th. This is a positive change from Tallgrass Energy GP,’s previous quarterly dividend of $0.29. Tallgrass Energy GP,’s dividend payout ratio (DPR) is 191.67%.

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A number of research analysts have issued reports on TEGP shares. Zacks Investment Research raised shares of Tallgrass Energy GP, from a “hold” rating to a “strong-buy” rating and set a $28.00 target price for the company in a research note on Friday, June 16th. Mitsubishi UFJ Financial Group reissued a “neutral” rating and set a $32.00 target price on shares of Tallgrass Energy GP, in a research note on Thursday, April 20th. BidaskClub raised shares of Tallgrass Energy GP, from a “sell” rating to a “hold” rating in a research note on Thursday, July 6th. Macquarie started coverage on shares of Tallgrass Energy GP, in a research note on Friday, April 21st. They set an “outperform” rating and a $32.00 target price for the company. Finally, Scotiabank reissued a “hold” rating and set a $28.00 target price on shares of Tallgrass Energy GP, in a research note on Thursday, April 27th. One analyst has rated the stock with a sell rating, six have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Tallgrass Energy GP, presently has an average rating of “Hold” and an average price target of $28.90.

About Tallgrass Energy GP,

Institutional Ownership by Quarter for Tallgrass Energy GP, (NYSE:TEGP)

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