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

Shares of Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) passed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $20.70 and traded as high as $21.40. Tortoise Power and Energy Infrastructure Fund shares last traded at $21.07, with a volume of 26,163 shares changing hands.

Tortoise Power and Energy Infrastructure Fund Stock Down 1.4 %

The company has a 50 day moving average price of $20.70 and a 200-day moving average price of $19.19.

Tortoise Power and Energy Infrastructure Fund Increases Dividend

The business also recently announced a — dividend, which was paid on Friday, January 31st. Stockholders of record on Thursday, January 30th were issued a $0.0679 dividend. 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 Activity

In related news, major shareholder Saba Capital Management, L.P. sold 1,000,000 shares of the firm’s stock in a transaction on 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 owns 11,234 shares of the company’s stock, valued at $225,691.06. This trade represents a 98.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Hedge Funds Weigh In On Tortoise Power and Energy Infrastructure Fund

Large investors have recently bought and sold shares of the company. Kovitz Investment Group Partners LLC bought a new stake in shares of Tortoise Power and Energy Infrastructure Fund during the third quarter worth about $13,071,000. Bard Associates Inc. grew its holdings in Tortoise Power and Energy Infrastructure Fund by 134.3% during the 4th quarter. Bard Associates Inc. now owns 473,321 shares of the investment management company’s stock worth $9,509,000 after acquiring an additional 271,266 shares during the last quarter. D.A. Davidson & CO. increased its position in Tortoise Power and Energy Infrastructure Fund by 196.7% in the 4th quarter. D.A. Davidson & CO. now owns 108,308 shares of the investment management company’s stock valued at $2,173,000 after acquiring an additional 71,798 shares during the period. Advisors Asset Management Inc. bought a new position in shares of Tortoise Power and Energy Infrastructure Fund during the third quarter valued at $1,186,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of Tortoise Power and Energy Infrastructure Fund during the fourth quarter worth $568,000.

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.