Tortoise Energy Infrastructure (NYSE:TYG) Sets New 1-Year High – Still a Buy?

Shares of Tortoise Energy Infrastructure Corporation (NYSE:TYG) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $47.81 and last traded at $47.3850, with a volume of 5327 shares traded. The stock had previously closed at $47.35.

Tortoise Energy Infrastructure Price Performance

The stock’s 50-day simple moving average is $43.20 and its 200 day simple moving average is $43.08.

Hedge Funds Weigh In On Tortoise Energy Infrastructure

A number of hedge funds have recently modified their holdings of TYG. Parkside Financial Bank & Trust boosted 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 worth $41,000 after acquiring an additional 300 shares during the last quarter. Comerica Bank boosted its holdings in shares of Tortoise Energy Infrastructure by 27.8% during the fourth 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 last quarter. Hartford Financial Management Inc. grew its position in shares of Tortoise Energy Infrastructure by 49.2% in the fourth quarter. Hartford Financial Management Inc. now owns 1,244 shares of the financial services provider’s stock valued at $51,000 after purchasing an additional 410 shares during the period. Thurston Springer Miller Herd & Titak Inc. increased its stake in Tortoise Energy Infrastructure by 600.0% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,100 shares of the financial services provider’s stock valued at $86,000 after purchasing an additional 1,800 shares during the last quarter. Finally, CIBC Private Wealth Group LLC lifted its position in Tortoise Energy Infrastructure by 31.7% during the third quarter. CIBC Private Wealth Group LLC now owns 3,826 shares of the financial services provider’s stock worth $165,000 after buying an additional 921 shares during the period. 32.50% of the stock is currently owned by hedge funds and other 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.