RBC Capital Releases a Hold Rating on Tallgrass Energy GP

By Austin Angelo

In a report released yesterday, Elvira Scotto from RBC Capital reiterated a Hold rating on Tallgrass Energy GP (NYSE: TEGP), with a price target of $30. The company’s shares closed yesterday at $27.76, close to its 52-week high of $29.30.

According to TipRanks.com, Scotto is a top 25 analyst with an average return of 24.6% and a 75.3% success rate. Scotto covers the Basic Materials sector, focusing on stocks such as American Midstreampartners Lp, Sanchez Production Partners, and Enbridge Energy Management.

Tallgrass Energy GP has an analyst consensus of Moderate Buy, with a price target consensus of $30.

Based on Tallgrass Energy GP’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $161 million and quarterly net profit of $8.72 million. In comparison, last year the company earned revenue of $150 million and had a net profit of $17.68 million.

Based on the recent corporate insider activity of 6 insiders, corporate insider sentiment is negative on the stock.

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Tallgrass Energy GP LP is a development stage company, which owns, operates, acquires and develops midstream energy assets in North America. It provides natural gas transportation and storage services for customers in the Rocky Mountain and Midwest regions of the United States through pipelines and natural gas processing assets. The company was founded on February 10, 2015 and is headquartered in Leawood, KS.