Tortoise Energy Infrastructure (NYSE:TYG) Stock Passes Above 200-Day Moving Average – Should You Sell?

Shares of Tortoise Energy Infrastructure Co. (NYSE:TYG) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $34.45 and traded as high as $40.91. Tortoise Energy Infrastructure shares last traded at $40.24, with a volume of 35,873 shares.

Tortoise Energy Infrastructure Price Performance

The firm has a fifty day simple moving average of $36.98 and a 200 day simple moving average of $34.45.

Tortoise Energy Infrastructure Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 23rd were paid a $0.78 dividend. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $3.12 dividend on an annualized basis and a yield of 7.75%. This is a boost from Tortoise Energy Infrastructure’s previous quarterly dividend of $0.71.

Hedge Funds Weigh In On Tortoise Energy Infrastructure

A number of large investors have recently added to or reduced their stakes in the stock. Matisse Capital grew its position in shares of Tortoise Energy Infrastructure by 36.0% in the first quarter. Matisse Capital now owns 80,000 shares of the financial services provider’s stock valued at $2,473,000 after purchasing an additional 21,186 shares during the period. Almitas Capital LLC boosted its holdings in Tortoise Energy Infrastructure by 157.6% in the 2nd quarter. Almitas Capital LLC now owns 25,457 shares of the financial services provider’s stock worth $888,000 after buying an additional 15,576 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in Tortoise Energy Infrastructure in the 2nd quarter worth about $469,000. Ariadne Wealth Management LP purchased a new stake in Tortoise Energy Infrastructure during the 2nd quarter worth approximately $415,000. Finally, Transcend Capital Advisors LLC acquired a new position in shares of Tortoise Energy Infrastructure during the second quarter valued at approximately $320,000. 32.50% of the stock is currently owned by institutional investors and hedge funds.

About Tortoise Energy Infrastructure

Tortoise Energy Infrastructure Corporation is a closed ended equity mutual fund launched and managed by Tortoise Capital Advisors LLC The fund invests in the public equity markets of the United States. It seeks to invest in the stocks of companies operating in the energy infrastructure sector, with an emphasis on those companies that are engaged in transporting, processing, storing, distributing or marketing natural gas, natural gas liquids (primarily propane), coal, crude oil or refined petroleum products, or exploring, developing, managing or producing such commodities.