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

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ)’s stock price passed below its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $22.05 and traded as low as $21.92. Tortoise Power and Energy Infrastructure Fund shares last traded at $22.0890, with a volume of 13,479 shares changing hands.

Tortoise Power and Energy Infrastructure Fund Price Performance

The firm has a 50 day moving average of $22.05 and a 200-day moving average of $21.65.

Hedge Funds Weigh In On Tortoise Power and Energy Infrastructure Fund

A number of large investors have recently made changes to their positions in TPZ. JPMorgan Chase & Co. grew its holdings in shares of Tortoise Power and Energy Infrastructure Fund by 233.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,800 shares of the investment management company’s stock valued at $160,000 after acquiring an additional 5,463 shares in the last quarter. Walleye Capital LLC purchased a new stake in shares of Tortoise Power and Energy Infrastructure Fund during the second quarter worth $213,000. Osaic Holdings Inc. boosted its position 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 purchasing an additional 1,771 shares during the last quarter. First Trust Advisors LP boosted its position in Tortoise Power and Energy Infrastructure Fund by 19.4% during the third 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. Finally, Focus Partners Wealth purchased a new position in Tortoise Power and Energy Infrastructure Fund in the fourth quarter valued at about $6,231,000.

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.