Today, Tallgrass Energy GP LP (TEGP) Director Sold $113,850,000.00 in Stock

Today, Tallgrass Energy GP LP (TEGP) Director Sold $113,850,000.00 in Stock
Tallgrass Energy GP LP (NYSE:TEGP) Director John T. Raymond sold 5,175,000 shares of the company’s stock in a transaction on Tuesday, November 22nd. The stock was sold at an average price of $22.00, for a total transaction of $113,850,000.00. Following the sale, the director now directly owns 235,000 shares in the company, valued at $5,170,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Shares of Tallgrass Energy GP LP (NYSE:TEGP) traded down 0.29% during midday trading on Friday, reaching $24.15. 73,646 shares of the company’s stock were exchanged. The firm has a 50 day moving average price of $24.30 and a 200 day moving average price of $23.82. The company has a market cap of $1.15 billion, a P/E ratio of 32.24 and a beta of 2.24. Tallgrass Energy GP LP has a 12 month low of $9.66 and a 12 month high of $27.29.

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 14th. Shareholders of record on Monday, October 31st were issued a dividend of $0.2625 per share. This represents a $1.05 dividend on an annualized basis and a yield of 4.34%. This is an increase from Tallgrass Energy GP’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Thursday, October 27th. Tallgrass Energy GP’s payout ratio is currently 140.00%.

Several equities analysts have commented on TEGP shares. Zacks Investment Research upgraded shares of Tallgrass Energy GP from a “sell” rating to a “hold” rating in a report on Tuesday, November 8th. Credit Suisse Group AG set a $28.00 price objective on shares of Tallgrass Energy GP and gave the company a “buy” rating in a report on Saturday, August 6th. Finally, Barclays PLC upped their price objective on shares of Tallgrass Energy GP from $23.00 to $28.00 and gave the company an “overweight” rating in a report on Thursday, July 28th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Tallgrass Energy GP currently has a consensus rating of “Buy” and an average target price of $24.75.

Institutional investors have recently bought and sold shares of the company. The Manufacturers Life Insurance Company purchased a new position in Tallgrass Energy GP during the third quarter worth about $109,000. Teacher Retirement System of Texas increased its position in Tallgrass Energy GP by 10.3% in the second quarter. Teacher Retirement System of Texas now owns 6,500 shares of the company’s stock worth $147,000 after buying an additional 605 shares in the last quarter. Acrospire Investment Management LLC increased its position in Tallgrass Energy GP by 210.8% in the second quarter. Acrospire Investment Management LLC now owns 9,436 shares of the company’s stock worth $213,000 after buying an additional 6,400 shares in the last quarter. Texas Yale Capital Corp. purchased a new position in Tallgrass Energy GP during the second quarter worth about $214,000. Finally, Limestone Value Partners LLC purchased a new position in Tallgrass Energy GP during the second quarter worth about $232,000.

Tallgrass Energy GP Company Profile

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