Saba Capital Management, L.P. Sells 1,000,000 Shares of Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) Stock

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) 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 transaction of $20,090,000.00. Following the sale, the insider now directly owns 11,234 shares in the company, valued at $225,691.06. The trade was a 98.89 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Saba Capital Management, L.P. also recently made the following trade(s):

• On Tuesday, December 24th, Saba Capital Management, L.P. bought 347,278 shares of Tortoise Power and Energy Infrastructure Fund stock. The shares were acquired at an average cost of $13.78 per share, with a total value of $4,785,490.84.

Tortoise Power and Energy Infrastructure Fund Price Performance

Shares of TPZ opened at $20.40 on Friday. The business’s 50 day moving average price is $19.95 and its 200-day moving average price is $18.26. Tortoise Power and Energy Infrastructure Fund, Inc. has a 52 week low of $13.79 and a 52 week high of $20.99.

Tortoise Power and Energy Infrastructure Fund Dividend Announcement

The business also recently announced a — dividend, which was paid on Thursday, January 2nd. Stockholders of record on Tuesday, December 31st were paid a $0.0252 dividend. The ex-dividend date of this dividend was Tuesday, December 31st.

Hedge Funds Weigh In On Tortoise Power and Energy Infrastructure Fund

Institutional investors and hedge funds have recently modified their holdings of the stock. Wolverine Asset Management LLC purchased a new stake in Tortoise Power and Energy Infrastructure Fund during the 2nd quarter valued at about $109,000. Sanctuary Advisors LLC purchased a new position in Tortoise Power and Energy Infrastructure Fund in the second quarter worth about $258,000. Quarry LP bought a new position in shares of Tortoise Power and Energy Infrastructure Fund in the third quarter worth approximately $335,000. Carmichael Hill & Associates Inc. grew its holdings in shares of Tortoise Power and Energy Infrastructure Fund by 3.4% during the second quarter. Carmichael Hill & Associates Inc. now owns 21,429 shares of the investment management company’s stock valued at $338,000 after buying an additional 705 shares during the last quarter. Finally, Choreo LLC increased its position in shares of Tortoise Power and Energy Infrastructure Fund by 7.7% during the second quarter. Choreo LLC now owns 44,574 shares of the investment management company’s stock valued at $702,000 after acquiring an additional 3,169 shares in the last quarter.

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.