Tortoise Energy Infrastructure Corporation (NYSE:TYG) announced a quarterly dividend on Tuesday, August 8th, Wall Street Journal reports. Shareholders of record on Thursday, August 24th will be given a dividend of 0.655 per share by the financial services provider on Thursday, August 31st. This represents a $2.62 dividend on an annualized basis and a yield of 9.03%. The ex-dividend date is Tuesday, August 22nd.

Tortoise Energy Infrastructure Corporation has raised its dividend payment by an average of 4.7% per year over the last three years. Tortoise Energy Infrastructure Corporation has a payout ratio of -689.5% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Tortoise Energy Infrastructure Corporation to earn ($0.62) per share next year, which means the company may not be able to cover its $2.62 annual dividend with an expected future payout ratio of -422.6%.

Tortoise Energy Infrastructure Corporation (NYSE TYG) traded down 3.20% during midday trading on Tuesday, reaching $29.01. The company’s stock had a trading volume of 239,661 shares. Tortoise Energy Infrastructure Corporation has a one year low of $27.40 and a one year high of $37.11. The firm has a 50 day moving average price of $29.90 and a 200 day moving average price of $32.52.

Separately, Stifel Nicolaus upgraded shares of Tortoise Energy Infrastructure Corporation from a “hold” rating to a “buy” rating and decreased their target price for the company from $35.00 to $34.00 in a research report on Wednesday, June 28th. They noted that the move was a valuation call.

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About Tortoise Energy Infrastructure Corporation

Tortoise Energy Infrastructure Corporation (the Fund) is a non-diversified, closed-end management investment company. The Fund seeks a high level of total return with a focus on current distributions paid to stockholders. The Fund invests primarily in equity securities of master limited partnerships (MLPs) and their affiliates that transport, gather, process or store natural gas, natural gas liquids (NGLs), crude oil and refined petroleum products.

Dividend History for Tortoise Energy Infrastructure Corporation (NYSE:TYG)

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