Tortoise Energy Infrastructure (NYSE:TYG) Stock Price Down 7.4% – Here’s Why

Shares of Tortoise Energy Infrastructure Corporation (NYSE:TYG) dropped 7.4% on Wednesday . The stock traded as low as $46.00 and last traded at $46.1830. Approximately 243,063 shares were traded during mid-day trading, an increase of 85% from the average daily volume of 131,566 shares. The stock had previously closed at $49.85.

Tortoise Energy Infrastructure Trading Down 7.5%

The business has a fifty day moving average price of $47.78 and a 200-day moving average price of $44.50.

Tortoise Energy Infrastructure Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, May 29th. Shareholders of record on Friday, May 22nd will be paid a dividend of $0.475 per share. The ex-dividend date is Friday, May 22nd. This represents a c) annualized dividend and a yield of 12.4%.

Institutional Trading of Tortoise Energy Infrastructure

A number of large investors have recently made changes to their positions in TYG. Parkside Financial Bank & Trust lifted its position in Tortoise Energy Infrastructure by 42.9% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,000 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 300 shares during the period. Comerica Bank grew its position in Tortoise Energy Infrastructure by 27.8% in the 4th quarter. Comerica Bank now owns 1,111 shares of the financial services provider’s stock worth $45,000 after purchasing an additional 242 shares during the period. Hartford Financial Management Inc. grew its position in Tortoise Energy Infrastructure by 49.2% in the 4th quarter. Hartford Financial Management Inc. now owns 1,244 shares of the financial services provider’s stock worth $51,000 after purchasing an additional 410 shares during the period. Rockefeller Capital Management L.P. raised its stake in Tortoise Energy Infrastructure by 255.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,892 shares of the financial services provider’s stock valued at $77,000 after buying an additional 1,360 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. raised its stake in Tortoise Energy Infrastructure by 600.0% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,100 shares of the financial services provider’s stock valued at $86,000 after buying an additional 1,800 shares during the last quarter. 32.50% of the stock is currently owned by institutional investors.

About Tortoise Energy Infrastructure

Tortoise Energy Infrastructure Corp. (NYSE: TYG) is a closed-end management investment company that focuses on investing in energy infrastructure companies. Organized as a business development company under the Investment Company Act of 1940, it primarily acquires and manages a diversified portfolio of debt and equity securities issued by publicly traded and private energy infrastructure businesses. The company seeks to generate current income and long-term capital appreciation through selective investments across the energy value chain.

The firm’s investment strategy emphasizes midstream infrastructure, including pipeline transportation, storage, processing facilities, and terminals.