Tortoise Power and Energy Infrastructure Fund (NYSE:TPZ) Shares Pass Above 50 Day Moving Average – Here’s Why

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) shares crossed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $18.60 and traded as high as $20.06. Tortoise Power and Energy Infrastructure Fund shares last traded at $19.71, with a volume of 31,444 shares trading hands.

Tortoise Power and Energy Infrastructure Fund Stock Down 2.8 %

The business’s fifty day simple moving average is $18.60 and its 200-day simple moving average is $17.04.

Tortoise Power and Energy Infrastructure Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 22nd will be issued a $0.105 dividend. The ex-dividend date is Friday, November 22nd. This represents a $1.26 annualized dividend and a dividend yield of 6.39%.

Hedge Funds Weigh In On Tortoise Power and Energy Infrastructure Fund

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TPZ. Advisors Asset Management Inc. purchased a new stake in shares of Tortoise Power and Energy Infrastructure Fund during the 3rd quarter worth approximately $1,186,000. Envestnet Asset Management Inc. increased its position in Tortoise Power and Energy Infrastructure Fund by 13.6% in the second quarter. Envestnet Asset Management Inc. now owns 197,369 shares of the investment management company’s stock worth $3,116,000 after purchasing an additional 23,673 shares during the last quarter. Sanctuary Advisors LLC purchased a new stake in Tortoise Power and Energy Infrastructure Fund during the second quarter valued at $258,000. Wolverine Asset Management LLC bought a new position in Tortoise Power and Energy Infrastructure Fund during the second quarter valued at $109,000. Finally, Choreo LLC grew its stake in shares of Tortoise Power and Energy Infrastructure Fund by 7.7% in the 2nd quarter. Choreo LLC now owns 44,574 shares of the investment management company’s stock worth $702,000 after buying an additional 3,169 shares in the last quarter.

About Tortoise Power and Energy Infrastructure Fund

Tortoise Power and Energy Infrastructure Fund, Inc is a closed-ended balanced mutual fund launched and managed by Tortoise Capital Advisors, LLC. The fund invests in the fixed income and public equity markets of the United States. It invests in securities of companies operating in the power and energy infrastructure sectors.