Tortoise Power and Energy Infrastructure Fund (NYSE:TPZ) Share Price Passes Below 50-Day Moving Average – Here’s Why

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ)’s share price passed below its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $21.99 and traded as low as $21.93. Tortoise Power and Energy Infrastructure Fund shares last traded at $21.9950, with a volume of 5,134 shares changing hands.

Tortoise Power and Energy Infrastructure Fund Price Performance

The stock has a 50 day moving average price of $21.99 and a 200 day moving average price of $21.83.

Hedge Funds Weigh In On Tortoise Power and Energy Infrastructure Fund

Institutional investors and hedge funds have recently made changes to their positions in the business. Focus Partners Wealth bought a new stake in shares of Tortoise Power and Energy Infrastructure Fund in the 4th quarter worth approximately $6,231,000. Cetera Investment Advisers increased its position in Tortoise Power and Energy Infrastructure Fund by 1,169.9% during the 1st quarter. Cetera Investment Advisers now owns 135,508 shares of the investment management company’s stock valued at $2,965,000 after buying an additional 124,837 shares in the last quarter. Evolve Private Wealth LLC purchased a new position in Tortoise Power and Energy Infrastructure Fund during the fourth quarter valued at $870,000. Osaic Holdings Inc. raised its stake in Tortoise Power and Energy Infrastructure Fund by 7.1% during the second quarter. Osaic Holdings Inc. now owns 26,701 shares of the investment management company’s stock valued at $547,000 after buying an additional 1,771 shares during the last quarter. Finally, OLD Mission Capital LLC bought a new stake in Tortoise Power and Energy Infrastructure Fund in the fourth quarter worth $351,000.

Tortoise Power and Energy Infrastructure Fund Company Profile

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.