Tortoise Power and Energy Infrastructure Fund (NYSE:TPZ) Stock Price Crosses Above 50 Day Moving Average – Here’s Why

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ)’s stock price passed above its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $20.78 and traded as high as $21.28. Tortoise Power and Energy Infrastructure Fund shares last traded at $21.12, with a volume of 35,846 shares traded.

Tortoise Power and Energy Infrastructure Fund Price Performance

The business’s 50-day moving average is $20.78 and its 200 day moving average is $19.46.

Tortoise Power and Energy Infrastructure Fund Increases Dividend

The company also recently disclosed a — dividend, which was paid on Friday, January 31st. Shareholders of record on Thursday, January 30th were given a $0.0679 dividend. This is a boost from Tortoise Power and Energy Infrastructure Fund’s previous — dividend of $0.03. The ex-dividend date of this dividend was Thursday, January 30th.

Insider Activity at Tortoise Power and Energy Infrastructure Fund

In other news, major shareholder Saba Capital Management, L.P. bought 347,278 shares of the company’s stock in a transaction dated Tuesday, December 24th. The shares were purchased at an average price of $13.78 per share, for a total transaction of $4,785,490.84. Following the completion of the purchase, the insider now 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 document filed with the SEC, which can be accessed through this hyperlink.

Institutional Trading of Tortoise Power and Energy Infrastructure Fund

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Harbor Investment Advisory LLC purchased a new stake in Tortoise Power and Energy Infrastructure Fund during the fourth quarter valued at approximately $27,000. JPMorgan Chase & Co. purchased a new stake in Tortoise Power and Energy Infrastructure Fund during the fourth quarter valued at approximately $47,000. Blue Bell Private Wealth Management LLC increased its holdings in Tortoise Power and Energy Infrastructure Fund by 2,266.8% during the fourth quarter. Blue Bell Private Wealth Management LLC now owns 6,414 shares of the investment management company’s stock valued at $129,000 after buying an additional 6,143 shares during the last quarter. Cerity Partners LLC purchased a new stake in Tortoise Power and Energy Infrastructure Fund during the fourth quarter valued at approximately $205,000. Finally, Beverly Hills Private Wealth LLC purchased a new stake in shares of Tortoise Power and Energy Infrastructure Fund in the fourth quarter worth $207,000.

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.