Kayne Anderson Energy Development Co. (NYSE:KED)’s share price dropped 2.7% during mid-day trading on Tuesday . The company traded as low as $17.75 and last traded at $17.75, with a volume of 58,849 shares. The stock had previously closed at $18.25.

Separately, Zacks Investment Research upgraded shares of Kayne Anderson Energy Development from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a research note on Wednesday, June 29th.

The company has a 50-day moving average price of $18.90 and a 200-day moving average price of $16.33.

The firm also recently declared a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Friday, July 8th were issued a dividend of $0.48 per share. The ex-dividend date of this dividend was Wednesday, July 6th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 10.93%.

Kayne Anderson Energy Development Company is a non-diversified, closed-end fund. The Fund’s investment objective is to generate both current income and capital appreciation primarily through equity and debt investments. It seeks to achieve this objective by investing approximately 80% of its total assets in securities of companies that derive their revenue from activities in the energy industry, including Upstream Energy Companies, which are engaged in the exploration, extraction and production of natural resources, including natural gas and gas liquids and crude oil, from geological reservoirs; Midstream Energy Companies, which are businesses that operate assets used to gather, transport, process, treat, terminal and store natural gas, natural gas liquids, propane, crude oil or refined petroleum products, and Other Energy Companies, which are businesses engaged in owning, producing, processing and selling of coal and coal reserves.

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