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

Shares of Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) crossed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $20.11 and traded as high as $20.72. Tortoise Power and Energy Infrastructure Fund shares last traded at $20.71, with a volume of 191,675 shares traded.

Tortoise Power and Energy Infrastructure Fund Stock Up 1.0 %

The stock has a 50-day simple moving average of $20.11 and a 200 day simple moving average of $18.43.

Tortoise Power and Energy Infrastructure Fund Dividend Announcement

The company also recently announced a — dividend, which was paid on Thursday, January 2nd. Investors of record on Tuesday, December 31st were paid a dividend of $0.0252 per share. The ex-dividend date was Tuesday, December 31st.

Insider Buying and Selling at Tortoise Power and Energy Infrastructure Fund

In other Tortoise Power and Energy Infrastructure Fund news, major shareholder Saba Capital Management, L.P. acquired 347,278 shares of the stock in a transaction dated Tuesday, December 24th. The stock was acquired at an average cost of $13.78 per share, with a total value of $4,785,490.84. Following the transaction, the insider now owns 1,011,234 shares in the company, valued at $13,934,804.52. The trade was a 52.30 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Institutional Trading of Tortoise Power and Energy Infrastructure Fund

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Choreo LLC grew its position in shares of Tortoise Power and Energy Infrastructure Fund by 7.7% in the 2nd quarter. Choreo LLC now owns 44,574 shares of the investment management company’s stock valued at $702,000 after buying an additional 3,169 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in Tortoise Power and Energy Infrastructure Fund by 13.6% in the second quarter. Envestnet Asset Management Inc. now owns 197,369 shares of the investment management company’s stock valued at $3,116,000 after acquiring an additional 23,673 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Tortoise Power and Energy Infrastructure Fund during the second quarter worth about $258,000. Advisors Asset Management Inc. acquired a new stake in shares of Tortoise Power and Energy Infrastructure Fund during the third quarter worth about $1,186,000. Finally, Quarry LP purchased a new stake in shares of Tortoise Power and Energy Infrastructure Fund in the 3rd quarter valued at about $335,000.

About Tortoise Power and Energy Infrastructure Fund

Tortoise Power and Energy Infrastructure Fund, Inc is a closed-ended balanced mutual fund launched and managed by Tortoise Capital Advisors, LLC. The fund invests in the fixed income and public equity markets of the United States. It invests in securities of companies operating in the power and energy infrastructure sectors.