Tallgrass Energy Receives a Buy from Scotiabank

By Austin Angelo

Scotiabank analyst Richard Roberts reiterated a Buy rating on Tallgrass Energy (NYSE: TEP) yesterday and set a price target of $50. The company’s shares closed yesterday at $40.30.

According to TipRanks.com, Roberts is a 1-star analyst with an average return of -1.4% and a 39.2% success rate. Roberts covers the Basic Materials sector, focusing on stocks such as Enterprise Products Partners LP, Energy Transfer Partners LP, and Noble Midstream Partners LP.

Currently, the analyst consensus on Tallgrass Energy is Strong Buy and the average price target is $49.17, representing a 22.0% upside.

In a report issued on February 12, Barclays also upgraded the stock to Buy with a $43 price target.

Tallgrass Energy’s market cap is currently $2.95B and has a P/E ratio of 10.33. The company has a book value ratio of 1.3985.

Based on the recent corporate insider activity of 29 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of TEP in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Tallgrass Energy Partners LP owns, operates, acquires and develops midstream energy assets in North America. It operates through following segments: Natural Gas Transportation & Logistics, Crude Oil Transportation & Logistics and Processing & Logistics.