Tortoise Energy Independence Fund, Inc. (NYSE:NDP) Sees Significant Increase in Short Interest

Tortoise Energy Independence Fund, Inc. (NYSE:NDP – Get Rating) was the recipient of a significant increase in short interest during the month of March. As of March 31st, there was short interest totalling 8,100 shares, an increase of 138.2% from the March 15th total of 3,400 shares. Based on an average trading volume of 17,400 shares, the days-to-cover ratio is currently 0.5 days.

Shares of NDP stock opened at $31.56 on Friday. The firm’s 50 day moving average price is $28.33 and its two-hundred day moving average price is $25.35. Tortoise Energy Independence Fund has a 52-week low of $17.21 and a 52-week high of $31.56.

The company also recently announced a quarterly dividend, which was paid on Monday, February 28th. Shareholders of record on Monday, February 21st were issued a $0.48 dividend. The ex-dividend date of this dividend was Thursday, February 17th. This is a positive change from Tortoise Energy Independence Fund’s previous quarterly dividend of $0.31. This represents a $1.92 annualized dividend and a yield of 6.08%.

A number of institutional investors and hedge funds have recently bought and sold shares of NDP. Morgan Stanley raised its holdings in Tortoise Energy Independence Fund by 98.5% in the second quarter. Morgan Stanley now owns 45,550 shares of the company’s stock worth $922,000 after purchasing an additional 22,602 shares during the period. Bank of America Corp DE raised its holdings in Tortoise Energy Independence Fund by 111.1% in the second quarter. Bank of America Corp DE now owns 31,964 shares of the company’s stock worth $647,000 after purchasing an additional 16,819 shares during the period. Cambridge Investment Research Advisors Inc. acquired a new stake in Tortoise Energy Independence Fund in the third quarter worth $210,000. Bulldog Investors LLP raised its holdings in shares of Tortoise Energy Independence Fund by 18.3% during the third quarter. Bulldog Investors LLP now owns 187,889 shares of the company’s stock worth $4,064,000 after acquiring an additional 28,998 shares during the period. Finally, Rivernorth Capital Management LLC acquired a new stake in shares of Tortoise Energy Independence Fund during the third quarter worth $858,000.

About Tortoise Energy Independence Fund (Get Rating)

Tortoise Energy Independence Fund, Inc is a close ended equity mutual fund launched and managed by Tortoise Capital Advisors LLC The fund invests in the public equity markets of the North American. It seeks to invest primarily in the energy sector. The fund employs a fundamental analysis with a bottom up stock picking approach with focus on factors like quantitative, qualitative, and relative value factors to create its portfolio.

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