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

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ)’s share price passed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $18.39 and traded as high as $18.83. Tortoise Power and Energy Infrastructure Fund shares last traded at $18.69, with a volume of 9,359 shares changing hands.

Tortoise Power and Energy Infrastructure Fund Price Performance

The firm’s 50-day simple moving average is $18.40 and its 200-day simple moving average is $16.81.

Tortoise Power and Energy Infrastructure Fund Announces Dividend

The company also recently declared a monthly dividend, which was paid on Thursday, October 31st. Investors of record on Thursday, October 24th were issued a $0.105 dividend. The ex-dividend date of this dividend was Thursday, October 24th. This represents a $1.26 dividend on an annualized basis and a dividend yield of 6.74%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Envestnet Asset Management Inc. increased its position in Tortoise Power and Energy Infrastructure Fund by 13.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 197,369 shares of the investment management company’s stock valued at $3,116,000 after purchasing an additional 23,673 shares during the period. J.W. Cole Advisors Inc. boosted its stake in shares of Tortoise Power and Energy Infrastructure Fund by 7.8% during the first quarter. J.W. Cole Advisors Inc. now owns 13,367 shares of the investment management company’s stock valued at $208,000 after purchasing an additional 967 shares in the last quarter. Choreo LLC increased its holdings in Tortoise Power and Energy Infrastructure Fund by 7.7% during the second 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 period. Wolverine Asset Management LLC bought a new position in Tortoise Power and Energy Infrastructure Fund in the second quarter worth approximately $109,000. Finally, Sanctuary Advisors LLC purchased a new stake in Tortoise Power and Energy Infrastructure Fund during the second quarter worth $258,000.

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.