Tortoise Energy Independence Fund, Inc. (NYSE:NDP) Sees Significant Drop in Short Interest

Tortoise Energy Independence Fund, Inc. (NYSE:NDP) was the recipient of a large decrease in short interest during the month of December. As of December 31st, there was short interest totalling 200 shares, a decrease of 94.4% from the December 15th total of 3,600 shares. Based on an average trading volume of 10,700 shares, the short-interest ratio is presently 0.0 days.

Several hedge funds have recently modified their holdings of NDP. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Tortoise Energy Independence Fund during the 3rd quarter worth approximately $210,000. Bank of America Corp DE raised its stake in shares of Tortoise Energy Independence Fund by 111.1% during the 2nd quarter. Bank of America Corp DE now owns 31,964 shares of the company’s stock worth $647,000 after buying an additional 16,819 shares in the last quarter. Rivernorth Capital Management LLC purchased a new position in shares of Tortoise Energy Independence Fund during the 3rd quarter worth approximately $858,000. Morgan Stanley raised its stake in shares of Tortoise Energy Independence Fund by 98.5% during the 2nd quarter. Morgan Stanley now owns 45,550 shares of the company’s stock worth $922,000 after buying an additional 22,602 shares in the last quarter. Finally, Boothbay Fund Management LLC purchased a new position in shares of Tortoise Energy Independence Fund during the 2nd quarter worth approximately $1,336,000.

NDP traded up $0.35 on Friday, hitting $25.55. 2,751 shares of the company traded hands, compared to its average volume of 11,310. The company has a 50 day moving average of $23.08 and a 200-day moving average of $21.59. Tortoise Energy Independence Fund has a 12-month low of $14.23 and a 12-month high of $25.41.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 30th. Stockholders of record on Tuesday, November 23rd were paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 4.85%. The ex-dividend date of this dividend was Monday, November 22nd.

Tortoise Energy Independence Fund Company Profile

Tortoise Energy Independence Fund, Inc is a close ended equity mutual fund launched and managed by Tortoise Capital Advisors LLC The fund invests in the public equity markets of the North American. It seeks to invest primarily in the energy sector. The fund employs a fundamental analysis with a bottom up stock picking approach with focus on factors like quantitative, qualitative, and relative value factors to create its portfolio.

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