Tortoise Power and Energy Infrastructure Fund (NYSE:TPZ) Stock Price Crosses Above Fifty Day Moving Average – Here’s What Happened

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) shares crossed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $20.70 and traded as high as $21.40. Tortoise Power and Energy Infrastructure Fund shares last traded at $21.07, with a volume of 26,163 shares.

Tortoise Power and Energy Infrastructure Fund Stock Down 1.4 %

The stock has a 50 day moving average of $20.70 and a 200 day moving average of $19.19.

Tortoise Power and Energy Infrastructure Fund Increases Dividend

The company also recently declared a — dividend, which was paid on Friday, January 31st. Stockholders of record on Thursday, January 30th were given a $0.0679 dividend. The ex-dividend date was Thursday, January 30th. This is an increase from Tortoise Power and Energy Infrastructure Fund’s previous — dividend of $0.03.

Insider Transactions at Tortoise Power and Energy Infrastructure Fund

In other news, major shareholder Saba Capital Management, L.P. sold 1,000,000 shares of the business’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $20.09, for a total value of $20,090,000.00. Following the transaction, the insider now directly owns 11,234 shares of the company’s stock, valued at $225,691.06. The trade was a 98.89 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Institutional Investors Weigh In On Tortoise Power and Energy Infrastructure Fund

A number of hedge funds have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC acquired a new stake in shares of Tortoise Power and Energy Infrastructure Fund during the 2nd quarter worth approximately $258,000. Advisors Asset Management Inc. bought a new position in Tortoise Power and Energy Infrastructure Fund during the third quarter worth $1,186,000. Quarry LP acquired a new stake in Tortoise Power and Energy Infrastructure Fund in the third quarter worth $335,000. Kovitz Investment Group Partners LLC bought a new stake in Tortoise Power and Energy Infrastructure Fund in the third quarter valued at $13,071,000. Finally, Harbor Investment Advisory LLC acquired a new position in shares of Tortoise Power and Energy Infrastructure Fund during the fourth quarter valued at about $27,000.

Tortoise Power and Energy Infrastructure Fund Company Profile

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.