Tortoise Power and Energy Infrastructure Fund (NYSE:TPZ) Shares Cross Above 50-Day Moving Average – Here’s Why

Shares of Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) crossed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $20.78 and traded as high as $21.28. Tortoise Power and Energy Infrastructure Fund shares last traded at $21.12, with a volume of 35,846 shares trading hands.

Tortoise Power and Energy Infrastructure Fund Stock Performance

The firm’s 50 day simple moving average is $20.82 and its 200-day simple moving average is $19.51.

Tortoise Power and Energy Infrastructure Fund Increases Dividend

The company also recently declared a — dividend, which was paid on Friday, January 31st. Investors of record on Thursday, January 30th were paid a $0.0679 dividend. This is a boost from Tortoise Power and Energy Infrastructure Fund’s previous — dividend of $0.03. The ex-dividend date was Thursday, January 30th.

Insider Activity at Tortoise Power and Energy Infrastructure Fund

In other Tortoise Power and Energy Infrastructure Fund news, major shareholder Saba Capital Management, L.P. sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $20.09, for a total value of $20,090,000.00. Following the completion of the sale, the insider now owns 11,234 shares in the company, valued at approximately $225,691.06. This trade represents a 98.89 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of TPZ. GTS Securities LLC bought a new position in Tortoise Power and Energy Infrastructure Fund in the 4th quarter valued at $436,000. CSS LLC IL raised its position in shares of Tortoise Power and Energy Infrastructure Fund by 970.0% in the 4th quarter. CSS LLC IL now owns 170,928 shares of the investment management company’s stock valued at $3,430,000 after acquiring an additional 154,954 shares during the period. Cetera Investment Advisers boosted its position in shares of Tortoise Power and Energy Infrastructure Fund by 6.6% during the fourth quarter. Cetera Investment Advisers now owns 16,204 shares of the investment management company’s stock worth $325,000 after purchasing an additional 1,000 shares in the last quarter. Bulldog Investors LLP lifted its holdings in Tortoise Power and Energy Infrastructure Fund by 111.6% during the fourth quarter. Bulldog Investors LLP now owns 582,674 shares of the investment management company’s stock worth $11,745,000 after acquiring an additional 307,283 shares in the last quarter. Finally, Beverly Hills Private Wealth LLC acquired a new position in shares of Tortoise Power and Energy Infrastructure Fund in the 4th quarter valued at approximately $207,000.

Tortoise Power and Energy Infrastructure Fund Company Profile

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.