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Tallgrass Energy GP beats 1Q profit forecasts

LEAWOOD, Kan. (AP) _ Tallgrass Energy GP LP (TEGP) on Wednesday reported first-quarter net income of $12 million.

The Leawood, Kansas-based company said it had profit of 21 cents per share.

The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 16 cents per share.

The limited partnership posted revenue of $144.4 million in the period.

Tallgrass Energy GP shares have increased 1.5 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $27.20, a rise of 29 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TEGP at https://www.zacks.com/ap/TEGP

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Keywords: Tallgrass Energy GP, Earnings Report