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

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) passed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $20.78 and traded as high as $21.28. Tortoise Power and Energy Infrastructure Fund shares last traded at $21.12, with a volume of 35,846 shares changing hands.

Tortoise Power and Energy Infrastructure Fund Stock Up 0.0 %

The stock has a fifty day moving average of $20.78 and a two-hundred day moving average of $19.46.

Tortoise Power and Energy Infrastructure Fund Increases Dividend

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

Insider Transactions at Tortoise Power and Energy Infrastructure Fund

In related news, major shareholder Saba Capital Management, L.P. sold 1,000,000 shares of the firm’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $20.09, for a total value of $20,090,000.00. Following the transaction, the insider now owns 11,234 shares of the company’s stock, valued at approximately $225,691.06. This trade represents a 98.89 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Institutional Investors Weigh In On Tortoise Power and Energy Infrastructure Fund

Several large investors have recently modified their holdings of the stock. Advisors Asset Management Inc. bought a new position in Tortoise Power and Energy Infrastructure Fund in the 3rd quarter worth approximately $1,186,000. Quarry LP bought a new position in Tortoise Power and Energy Infrastructure Fund in the 3rd quarter valued at $335,000. Kovitz Investment Group Partners LLC bought a new position in Tortoise Power and Energy Infrastructure Fund in the 3rd quarter valued at $13,071,000. Sanctuary Advisors LLC boosted its holdings in Tortoise Power and Energy Infrastructure Fund by 126.5% in the 3rd quarter. Sanctuary Advisors LLC now owns 38,653 shares of the investment management company’s stock valued at $700,000 after purchasing an additional 21,589 shares during the period. Finally, Harbor Investment Advisory LLC bought a new position in Tortoise Power and Energy Infrastructure Fund in the 4th quarter valued at $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.