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

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) shares passed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $20.11 and traded as high as $20.72. Tortoise Power and Energy Infrastructure Fund shares last traded at $20.71, with a volume of 191,675 shares traded.

Tortoise Power and Energy Infrastructure Fund Stock Up 1.0 %

The firm’s fifty day moving average is $20.11 and its two-hundred day moving average is $18.43.

Tortoise Power and Energy Infrastructure Fund Announces Dividend

The firm also recently declared a — dividend, which was paid on Thursday, January 2nd. Investors of record on Tuesday, December 31st were issued a $0.0252 dividend. The ex-dividend date was Tuesday, December 31st.

Insider Activity

In other news, 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 acquired at an average price of $13.78 per share, with a total value of $4,785,490.84. Following the transaction, the insider now owns 1,011,234 shares of the company’s stock, valued at $13,934,804.52. This represents a 52.30 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Kovitz Investment Group Partners LLC purchased a new position in shares of Tortoise Power and Energy Infrastructure Fund during the third quarter worth $13,071,000. Advisors Asset Management Inc. purchased a new stake in Tortoise Power and Energy Infrastructure Fund in the 3rd quarter worth $1,186,000. Envestnet Asset Management Inc. raised its position 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. Sanctuary Advisors LLC raised its holdings in shares of Tortoise Power and Energy Infrastructure Fund by 126.5% during the third quarter. Sanctuary Advisors LLC now owns 38,653 shares of the investment management company’s stock valued at $700,000 after acquiring an additional 21,589 shares during the last quarter. Finally, Quarry LP purchased a new position in Tortoise Power and Energy Infrastructure Fund in the 3rd quarter valued at $335,000.

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.