Tortoise Power and Energy Infrastructure Fund (NYSE:TPZ) Stock Passes Above Fifty Day Moving Average – Here’s What Happened

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) shares passed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $21.85 and traded as high as $22.43. Tortoise Power and Energy Infrastructure Fund shares last traded at $22.18, with a volume of 24,227 shares traded.

Tortoise Power and Energy Infrastructure Fund Stock Performance

The stock’s 50 day moving average is $21.85 and its 200-day moving average is $21.21.

Tortoise Power and Energy Infrastructure Fund Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Thursday, March 26th were given a dividend of $0.2035 per share. This represents a $0.81 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Thursday, March 26th.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. grew its position in Tortoise Power and Energy Infrastructure Fund by 233.8% in the second quarter. JPMorgan Chase & Co. now owns 7,800 shares of the investment management company’s stock worth $160,000 after acquiring an additional 5,463 shares in the last quarter. Walleye Capital LLC purchased a new stake in Tortoise Power and Energy Infrastructure Fund during the second quarter valued at approximately $213,000. First Trust Advisors LP lifted its stake in shares of Tortoise Power and Energy Infrastructure Fund by 19.4% in the 3rd quarter. First Trust Advisors LP now owns 12,678 shares of the investment management company’s stock valued at $266,000 after purchasing an additional 2,059 shares during the last quarter. OLD Mission Capital LLC purchased a new position in shares of Tortoise Power and Energy Infrastructure Fund in the 4th quarter worth approximately $351,000. Finally, Osaic Holdings Inc. boosted its holdings in shares of Tortoise Power and Energy Infrastructure Fund by 7.1% in the 2nd quarter. Osaic Holdings Inc. now owns 26,701 shares of the investment management company’s stock worth $547,000 after purchasing an additional 1,771 shares during the period.

About Tortoise Power and Energy Infrastructure Fund

Tortoise Power and Energy Infrastructure Fund, Inc (NYSE: TPZ) is a closed-end management investment company that seeks total return through a mix of current income and capital appreciation. The fund pursues its objectives by investing primarily in exchange-listed closed-end funds that themselves hold securities of energy infrastructure companies. This fund-of-funds structure allows TPZ to offer diversified exposure to multiple segments of the energy infrastructure sector without directly purchasing individual corporate securities.

TPZ’s underlying investments include equity, debt and hybrid instruments issued by companies involved in the transportation, storage and processing of oil and natural gas, as well as utilities and power generation businesses.