Tortoise Power and Energy Infrastructure Fund (NYSE:TPZ) Shares Cross Above Fifty Day Moving Average – Here’s What Happened

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) crossed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $20.35 and traded as high as $21.76. Tortoise Power and Energy Infrastructure Fund shares last traded at $21.75, with a volume of 293,080 shares trading hands.

Tortoise Power and Energy Infrastructure Fund Stock Up 0.7 %

The stock’s 50 day simple moving average is $20.40 and its two-hundred day simple moving average is $18.69.

Tortoise Power and Energy Infrastructure Fund Dividend Announcement

The firm also recently declared a — dividend, which was paid on Thursday, January 2nd. Stockholders of record on Tuesday, December 31st were issued a dividend of $0.0252 per share. The ex-dividend date was Tuesday, December 31st.

Insider Activity at Tortoise Power and Energy Infrastructure Fund

In related news, major shareholder Saba Capital Management, L.P. bought 347,278 shares of the company’s stock in a transaction that occurred on Tuesday, December 24th. The stock was purchased at an average price of $13.78 per share, for a total transaction of $4,785,490.84. Following the acquisition, the insider now owns 1,011,234 shares of the company’s stock, valued at approximately $13,934,804.52. This trade represents a 52.30 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink.

Institutional Investors Weigh In On Tortoise Power and Energy Infrastructure Fund

Institutional investors have recently modified their holdings of the company. Envestnet Asset Management Inc. boosted its holdings in Tortoise Power and Energy Infrastructure Fund by 13.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 197,369 shares of the investment management company’s stock valued at $3,116,000 after acquiring an additional 23,673 shares during the period. Advisors Asset Management Inc. acquired a new position in shares of Tortoise Power and Energy Infrastructure Fund in the third quarter valued at approximately $1,186,000. Kovitz Investment Group Partners LLC acquired a new position in shares of Tortoise Power and Energy Infrastructure Fund in the third quarter valued at approximately $13,071,000. Sanctuary Advisors LLC purchased a new stake in Tortoise Power and Energy Infrastructure Fund during the 2nd quarter worth approximately $258,000. Finally, Quarry LP acquired a new stake in Tortoise Power and Energy Infrastructure Fund during the 3rd quarter worth approximately $335,000.

About Tortoise Power and Energy Infrastructure Fund

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.