Tallgrass Energy GP Receives a New Rating from Top Analyst

By Carrie Williams

RBC Capital analyst Elvira Scotto reiterated a Hold rating on Tallgrass Energy GP (NYSE: TEGP) yesterday and set a price target of $30. The company’s shares opened today at $25.99.

According to TipRanks.com, Scotto is a top 25 analyst with an average return of 20.7% and a 70.6% success rate. Scotto covers the Basic Materials sector, focusing on stocks such as American Midstreampartners Lp, Energy Transfer Partners LP, and Sanchez Production Partners.

Currently, the analyst consensus on Tallgrass Energy GP is Moderate Buy and the average price target is $29.67, representing a 14.2% upside.

In a report issued on July 21, Scotiabank also maintained a Hold rating on the stock with a $28 price target.

Based on Tallgrass Energy GP’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $144 million and quarterly net profit of $12.03 million. In comparison, last year the company earned revenue of $147 million and had a net profit of $3.45 million.

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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 operates through the following segments: Crude Oil Transportation and Logistics; Natural Gas Transportation and Logistics; and Processing and Logistics.