Tortoise Power and Energy Infrastructure Fund (NYSE:TPZ) Stock Passes 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 Friday . The stock has a 50-day moving average of $21.85 and traded as high as $22.43. Tortoise Power and Energy Infrastructure Fund shares last traded at $22.18, with a volume of 24,227 shares changing hands.

Tortoise Power and Energy Infrastructure Fund Trading Up 1.0%

The firm’s 50-day moving average price is $21.85 and its 200-day moving average price is $21.21.

Tortoise Power and Energy Infrastructure Fund Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Thursday, March 26th were issued a $0.2035 dividend. This represents a $0.81 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Thursday, March 26th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Breakthru Advisory Services LLC purchased a new position in Tortoise Power and Energy Infrastructure Fund during the 3rd quarter valued at approximately $7,889,000. Focus Partners Wealth purchased a new stake in shares of Tortoise Power and Energy Infrastructure Fund during the 4th quarter worth approximately $6,231,000. Evolve Private Wealth LLC purchased a new stake in shares of Tortoise Power and Energy Infrastructure Fund during the 4th quarter worth approximately $870,000. Osaic Holdings Inc. boosted its position in shares of Tortoise Power and Energy Infrastructure Fund by 7.1% during the 2nd quarter. Osaic Holdings Inc. now owns 26,701 shares of the investment management company’s stock valued at $547,000 after acquiring an additional 1,771 shares during the last quarter. Finally, OLD Mission Capital LLC bought a new position in shares of Tortoise Power and Energy Infrastructure Fund during the 4th quarter valued at approximately $351,000.

Tortoise Power and Energy Infrastructure Fund Company Profile

Tortoise Power and Energy Infrastructure Fund, Inc (NYSE: TPZ) is a closed-end management investment company that seeks total return through a mix of current income and capital appreciation. The fund pursues its objectives by investing primarily in exchange-listed closed-end funds that themselves hold securities of energy infrastructure companies. This fund-of-funds structure allows TPZ to offer diversified exposure to multiple segments of the energy infrastructure sector without directly purchasing individual corporate securities.

TPZ’s underlying investments include equity, debt and hybrid instruments issued by companies involved in the transportation, storage and processing of oil and natural gas, as well as utilities and power generation businesses.