Tallgrass Energy LP (NYSE:TGE) Holdings Reduced by RR Advisors LLC

RR Advisors LLC reduced its holdings in shares of Tallgrass Energy LP (NYSE:TGE) by 7.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,957,000 shares of the company’s stock after selling 229,000 shares during the quarter. Tallgrass Energy accounts for about 8.2% of RR Advisors LLC’s holdings, making the stock its 6th biggest holding. RR Advisors LLC owned approximately 1.05% of Tallgrass Energy worth $74,300,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Tortoise Capital Advisors L.L.C. bought a new position in Tallgrass Energy in the fourth quarter valued at about $584,470,000. Kayne Anderson Capital Advisors LP acquired a new stake in shares of Tallgrass Energy in the fourth quarter valued at about $214,734,000. Jennison Associates LLC acquired a new stake in shares of Tallgrass Energy in the fourth quarter valued at about $91,357,000. Bank of America Corp DE acquired a new stake in shares of Tallgrass Energy in the fourth quarter valued at about $69,078,000. Finally, BlackRock Inc. acquired a new stake in shares of Tallgrass Energy in the fourth quarter valued at about $35,215,000. Institutional investors and hedge funds own 56.37% of the company’s stock.

In related news, major shareholder Holdings L.P. Blackstone III bought 375,358 shares of the stock in a transaction dated Thursday, May 2nd. The stock was bought at an average price of $23.93 per share, with a total value of $8,982,316.94. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Infrastructure Asso Blackstone bought 79,534 shares of the stock in a transaction dated Thursday, April 11th. The stock was bought at an average cost of $24.49 per share, with a total value of $1,947,787.66. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 1,294,489 shares of company stock valued at $31,357,833. 28.59% of the stock is owned by company insiders.

Shares of TGE stock traded up $0.71 during trading hours on Friday, reaching $21.11. The company had a trading volume of 2,889,200 shares, compared to its average volume of 1,020,034. Tallgrass Energy LP has a 12 month low of $20.05 and a 12 month high of $26.35. The company has a current ratio of 0.71, a quick ratio of 0.64 and a debt-to-equity ratio of 1.45. The firm has a fifty day moving average of $23.04. The company has a market capitalization of $5.77 billion, a P/E ratio of 16.62, a price-to-earnings-growth ratio of 1.99 and a beta of 0.87.

Tallgrass Energy (NYSE:TGE) last issued its earnings results on Tuesday, May 7th. The company reported $0.31 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by ($0.09). Tallgrass Energy had a net margin of 21.07% and a return on equity of 7.62%. The firm had revenue of $197.35 million during the quarter, compared to the consensus estimate of $236.40 million. As a group, equities research analysts predict that Tallgrass Energy LP will post 1.47 earnings per share for the current year.

Several equities research analysts have recently weighed in on TGE shares. Goldman Sachs Group cut Tallgrass Energy from a “buy” rating to a “neutral” rating and set a $26.00 price target for the company. in a research note on Tuesday, April 2nd. ValuEngine cut Tallgrass Energy from a “hold” rating to a “sell” rating in a research note on Monday. Zacks Investment Research raised Tallgrass Energy from a “strong sell” rating to a “hold” rating in a research note on Wednesday, June 19th. TheStreet raised Tallgrass Energy from a “c” rating to a “b-” rating in a research note on Thursday, April 4th. Finally, Citigroup started coverage on Tallgrass Energy in a research note on Tuesday. They issued a “buy” rating and a $23.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $24.88.

Tallgrass Energy Profile

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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Institutional Ownership by Quarter for Tallgrass Energy (NYSE:TGE)

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