Tallgrass Energy GP, LP (TEGP) Downgraded by BidaskClub to Strong Sell

Tallgrass Energy GP, LP (NYSE:TEGP) was downgraded by BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued to clients and investors on Thursday.

A number of other research analysts have also recently commented on the company. Scotiabank set a $28.00 price target on Tallgrass Energy GP, and gave the company a “hold” rating in a research report on Saturday, July 22nd. Morgan Stanley reaffirmed an “equal weight” rating and set a $29.00 price target (up previously from $28.00) on shares of Tallgrass Energy GP, in a research report on Friday, July 14th. Stifel Nicolaus reissued a “buy” rating and set a $31.00 price objective on shares of Tallgrass Energy GP, in a report on Friday, July 14th. Zacks Investment Research cut Tallgrass Energy GP, from a “buy” rating to a “hold” rating in a report on Wednesday, July 26th. Finally, Barclays PLC reissued a “buy” rating and set a $34.00 price objective on shares of Tallgrass Energy GP, in a report on Thursday, October 19th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $30.11.

Tallgrass Energy GP, (NYSE:TEGP) last issued its quarterly earnings results on Wednesday, August 2nd. The pipeline company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.08). Tallgrass Energy GP, had a net margin of 5.91% and a return on equity of 2.01%. The firm had revenue of $160.86 million for the quarter, compared to analysts’ expectations of $166.78 million.

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A number of institutional investors and hedge funds have recently modified their holdings of the stock. Heronetta Management L.P. lifted its holdings in Tallgrass Energy GP, by 5.8% during the 3rd quarter. Heronetta Management L.P. now owns 45,600 shares of the pipeline company’s stock worth $1,288,000 after purchasing an additional 2,500 shares in the last quarter. First Trust Advisors LP bought a new position in Tallgrass Energy GP, in the 3rd quarter worth about $3,445,000. Spirit of America Management Corp NY increased its stake in Tallgrass Energy GP, by 26.9% in the 3rd quarter. Spirit of America Management Corp NY now owns 84,878 shares of the pipeline company’s stock worth $2,398,000 after acquiring an additional 18,000 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Tallgrass Energy GP, in the 2nd quarter worth about $317,000. Finally, Raymond James Financial Services Advisors Inc. increased its stake in Tallgrass Energy GP, by 7.0% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 17,577 shares of the pipeline company’s stock worth $447,000 after acquiring an additional 1,150 shares during the last quarter. 37.17% of the stock is currently owned by institutional investors and hedge funds.

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