Tortoise Energy Infrastructure (NYSE:TYG) Reaches New 1-Year High – Here’s Why

Shares of Tortoise Energy Infrastructure Co. (NYSE:TYG) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $48.48 and last traded at $48.38, with a volume of 136579 shares changing hands. The stock had previously closed at $46.96.

Tortoise Energy Infrastructure Stock Down 0.4 %

The stock’s fifty day moving average is $44.07 and its 200-day moving average is $39.99.

Tortoise Energy Infrastructure Announces Dividend

The business also recently declared a — dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 21st will be paid a dividend of $0.365 per share. The ex-dividend date of this dividend is Friday, February 21st. This represents a dividend yield of 7.4%.

Insider Activity at Tortoise Energy Infrastructure

In related news, major shareholder Saba Capital Management, L.P. sold 9,211 shares of Tortoise Energy Infrastructure stock in a transaction on Friday, December 27th. The shares were sold at an average price of $42.46, for a total value of $391,099.06. Following the transaction, the insider now owns 1,066,901 shares in the company, valued at $45,300,616.46. This trade represents a 0.86 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Prudential Financial Inc purchased 1,500,000 shares of the firm’s stock in a transaction on Wednesday, December 18th. The shares were purchased at an average price of $10.00 per share, with a total value of $15,000,000.00. Following the completion of the acquisition, the insider now directly owns 1,500,000 shares of the company’s stock, valued at approximately $15,000,000. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.28% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Sanctuary Advisors LLC increased its position in Tortoise Energy Infrastructure by 58.6% during the third quarter. Sanctuary Advisors LLC now owns 21,347 shares of the financial services provider’s stock worth $838,000 after acquiring an additional 7,891 shares during the period. Raymond James & Associates increased its holdings in shares of Tortoise Energy Infrastructure by 679.7% during the 3rd quarter. Raymond James & Associates now owns 75,830 shares of the financial services provider’s stock worth $2,976,000 after purchasing an additional 66,104 shares during the period. Almitas Capital LLC raised its position in shares of Tortoise Energy Infrastructure by 157.6% during the second quarter. Almitas Capital LLC now owns 25,457 shares of the financial services provider’s stock valued at $888,000 after buying an additional 15,576 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Tortoise Energy Infrastructure by 604.3% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 76,567 shares of the financial services provider’s stock valued at $3,005,000 after buying an additional 65,695 shares during the period. Finally, LongView Wealth Management acquired a new stake in Tortoise Energy Infrastructure during the fourth quarter worth about $294,000. 32.50% of the stock is currently owned by institutional investors and hedge funds.

Tortoise Energy Infrastructure Company Profile

Tortoise Energy Infrastructure Corporation is a closed ended equity mutual fund launched and managed by Tortoise Capital Advisors LLC The fund invests in the public equity markets of the United States. It seeks to invest in the stocks of companies operating in the energy infrastructure sector, with an emphasis on those companies that are engaged in transporting, processing, storing, distributing or marketing natural gas, natural gas liquids (primarily propane), coal, crude oil or refined petroleum products, or exploring, developing, managing or producing such commodities.