Kayne Anderson Energy Development Co. (KED) Sees Large Volume Increase
Shares of Kayne Anderson Energy Development Co. (NYSE:KED) saw strong trading volume on Friday . 111,504 shares traded hands during mid-day trading, an increase of 96% from the previous session’s volume of 57,003 shares.The stock last traded at $18.39 and had previously closed at $17.90.
Separately, Zacks Investment Research upgraded 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 $18.35 and a 200 day moving average price of $16.72.
The business also recently disclosed 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. This represents a $1.92 dividend on an annualized basis and a dividend yield of 10.45%. The ex-dividend date was Wednesday, July 6th.
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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