Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) Raises Dividend to $0.07 Per Share

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) declared a — dividend on Thursday, January 30th,Wall Street Journal reports. Stockholders of record on Thursday, January 30th will be given a dividend of 0.0679 per share by the investment management company on Friday, January 31st. The ex-dividend date is Thursday, January 30th. This is a positive change from Tortoise Power and Energy Infrastructure Fund’s previous — dividend of $0.03.

Tortoise Power and Energy Infrastructure Fund Price Performance

Tortoise Power and Energy Infrastructure Fund stock traded up $0.33 during trading on Thursday, hitting $21.35. The stock had a trading volume of 39,044 shares, compared to its average volume of 149,527. The stock’s 50 day moving average is $20.64 and its two-hundred day moving average is $19.01. Tortoise Power and Energy Infrastructure Fund has a 1 year low of $14.04 and a 1 year high of $22.30.

Insider Buying and Selling

In related news, major shareholder Saba Capital Management, L.P. acquired 347,278 shares of the company’s stock in a transaction that occurred on Tuesday, December 24th. The shares were acquired at an average price of $13.78 per share, with a total value 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 position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

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.