Tortoise Power and Energy Infrastructure Fund (NYSE:TPZ) Stock Price Passes Above 50-Day Moving Average – What’s Next?

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ)’s stock price crossed above its fifty day moving average during trading on Thursday . The stock has a fifty 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 1.4 %

The business has a 50 day simple moving average of $20.35 and a 200 day simple moving average of $18.63.

Tortoise Power and Energy Infrastructure Fund Dividend Announcement

The business also recently disclosed 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 of this dividend was Tuesday, December 31st.

Insider Buying and Selling

In other Tortoise Power and Energy Infrastructure Fund news, major shareholder Saba Capital Management, L.P. sold 1,000,000 shares of Tortoise Power and Energy Infrastructure Fund stock in a transaction dated 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 completion of the sale, the insider now owns 11,234 shares of the company’s stock, valued at approximately $225,691.06. The trade was a 98.89 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Institutional Inflows and Outflows

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

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.