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

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) passed below its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $22.05 and traded as low as $21.92. Tortoise Power and Energy Infrastructure Fund shares last traded at $22.0890, with a volume of 13,479 shares changing hands.

Tortoise Power and Energy Infrastructure Fund Stock Down 0.5%

The stock has a 50 day moving average of $22.05 and a two-hundred day moving average of $21.65.

Hedge Funds Weigh In On Tortoise Power and Energy Infrastructure Fund

A number of institutional investors have recently modified their holdings of TPZ. Focus Partners Wealth bought a new stake in shares of Tortoise Power and Energy Infrastructure Fund during the 4th quarter worth $6,231,000. Cetera Investment Advisers lifted its position in Tortoise Power and Energy Infrastructure Fund by 1,169.9% during the 1st quarter. Cetera Investment Advisers now owns 135,508 shares of the investment management company’s stock worth $2,965,000 after acquiring an additional 124,837 shares during the last quarter. Evolve Private Wealth LLC acquired a new position in Tortoise Power and Energy Infrastructure Fund during the 4th quarter worth $870,000. OLD Mission Capital LLC bought a new stake in Tortoise Power and Energy Infrastructure Fund during the fourth quarter valued at about $351,000. Finally, Walleye Capital LLC acquired a new stake in shares of Tortoise Power and Energy Infrastructure Fund in the second quarter valued at about $213,000.

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.