Tortoise Power and Energy Infrastructure Fund (NYSE:TPZ) Stock Price Passes Below Fifty Day Moving Average – Here’s What Happened

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ)’s stock price passed below its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $22.06 and traded as low as $21.89. Tortoise Power and Energy Infrastructure Fund shares last traded at $22.2010, with a volume of 9,282 shares trading hands.

Tortoise Power and Energy Infrastructure Fund Trading Up 0.5%

The firm has a 50-day moving average of $22.06 and a two-hundred day moving average of $21.28.

Tortoise Power and Energy Infrastructure Fund Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 27th. Investors of record on Thursday, March 26th were given a dividend of $0.2035 per share. This represents a $0.81 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Thursday, March 26th.

Institutional Investors Weigh In On Tortoise Power and Energy Infrastructure Fund

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. lifted its position in Tortoise Power and Energy Infrastructure Fund by 233.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 7,800 shares of the investment management company’s stock worth $160,000 after buying an additional 5,463 shares in the last quarter. Walleye Capital LLC purchased a new stake in Tortoise Power and Energy Infrastructure Fund in the 2nd quarter worth approximately $213,000. First Trust Advisors LP lifted its position in Tortoise Power and Energy Infrastructure Fund by 19.4% in the 3rd quarter. First Trust Advisors LP now owns 12,678 shares of the investment management company’s stock worth $266,000 after buying an additional 2,059 shares in the last quarter. OLD Mission Capital LLC purchased a new stake in Tortoise Power and Energy Infrastructure Fund in the 4th quarter worth approximately $351,000. Finally, Osaic Holdings Inc. lifted its position in Tortoise Power and Energy Infrastructure Fund by 7.1% in the 2nd quarter. Osaic Holdings Inc. now owns 26,701 shares of the investment management company’s stock worth $547,000 after buying an additional 1,771 shares in the last quarter.

About Tortoise Power and Energy Infrastructure Fund

Tortoise Power and Energy Infrastructure Fund, Inc (NYSE: TPZ) is a closed-end management investment company that seeks total return through a mix of current income and capital appreciation. The fund pursues its objectives by investing primarily in exchange-listed closed-end funds that themselves hold securities of energy infrastructure companies. This fund-of-funds structure allows TPZ to offer diversified exposure to multiple segments of the energy infrastructure sector without directly purchasing individual corporate securities.

TPZ’s underlying investments include equity, debt and hybrid instruments issued by companies involved in the transportation, storage and processing of oil and natural gas, as well as utilities and power generation businesses.