Saba Capital Management, L.P. Acquires 347,278 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. purchased 347,278 shares of the company’s stock in a transaction dated Tuesday, December 24th. The shares were purchased at an average cost of $13.78 per share, for a total transaction of $4,785,490.84. Following the transaction, the insider now directly owns 1,011,234 shares in the company, valued at approximately $13,934,804.52. This represents a 52.30 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

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

• On Thursday, December 26th, Saba Capital Management, L.P. sold 1,000,000 shares of Tortoise Power and Energy Infrastructure Fund stock. The stock was sold at an average price of $20.09, for a total value of $20,090,000.00.

Tortoise Power and Energy Infrastructure Fund Price Performance

TPZ opened at $20.07 on Thursday. Tortoise Power and Energy Infrastructure Fund, Inc. has a 12-month low of $13.79 and a 12-month high of $20.99. The business’s fifty day simple moving average is $19.92 and its 200-day simple moving average is $18.24.

Tortoise Power and Energy Infrastructure Fund Announces Dividend

The business also recently disclosed a — dividend, which will be paid on Thursday, January 2nd. Investors of record on Tuesday, December 31st will be paid a dividend of $0.0252 per share. The ex-dividend date of this dividend is Tuesday, December 31st.

Institutional Investors Weigh In On Tortoise Power and Energy Infrastructure Fund

A number of hedge funds have recently made changes to their positions in the stock. Sanctuary Advisors LLC lifted its stake in shares of Tortoise Power and Energy Infrastructure Fund by 126.5% during the 3rd quarter. Sanctuary Advisors LLC now owns 38,653 shares of the investment management company’s stock worth $700,000 after purchasing an additional 21,589 shares during the last quarter. Kovitz Investment Group Partners LLC purchased a new stake in shares of Tortoise Power and Energy Infrastructure Fund during the 3rd quarter worth $13,071,000. Quarry LP purchased a new stake in shares of Tortoise Power and Energy Infrastructure Fund during the 3rd quarter worth $335,000. Advisors Asset Management Inc. purchased a new stake in shares of Tortoise Power and Energy Infrastructure Fund during the 3rd quarter worth $1,186,000. Finally, Envestnet Asset Management Inc. lifted its stake in shares of 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 worth $3,116,000 after purchasing an additional 23,673 shares during 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.