Tortoise Energy Infrastructure (NYSE:TYG) Share Price Breaks Above 50 Day Moving Average – Here’s What Happened

Tortoise Energy Infrastructure Corporation (NYSE:TYG) shares crossed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $40.81 and traded as high as $40.94. Tortoise Energy Infrastructure shares last traded at $40.92, with a volume of 134,350 shares traded.

Tortoise Energy Infrastructure Stock Up 1.9%

The stock’s 50 day moving average is $40.81 and its two-hundred day moving average is $44.56.

Tortoise Energy Infrastructure Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, November 30th. Shareholders of record on Monday, November 23rd will be issued a $0.4750 dividend. This represents a $5.70 dividend on an annualized basis and a yield of 13.9%. The ex-dividend date of this dividend is Monday, November 23rd.

Institutional Investors Weigh In On Tortoise Energy Infrastructure

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its stake in Tortoise Energy Infrastructure by 17.5% during the first quarter. Royal Bank of Canada now owns 391,435 shares of the financial services provider’s stock valued at $19,513,000 after buying an additional 58,304 shares in the last quarter. Bard Associates Inc. bought a new stake in Tortoise Energy Infrastructure during the 2nd quarter worth approximately $8,422,000. Almitas Capital LLC bought a new position in Tortoise Energy Infrastructure in the second quarter valued at about $6,939,000. Arete Wealth Advisors LLC raised its stake in Tortoise Energy Infrastructure by 2.5% during the 1st quarter. Arete Wealth Advisors LLC now owns 137,010 shares of the financial services provider’s stock worth $6,822,000 after buying an additional 3,280 shares during the period. Finally, Rivernorth Capital Management LLC bought a new position in shares of Tortoise Energy Infrastructure during the 2nd quarter worth approximately $4,557,000. 32.50% of the stock is currently owned by institutional investors and hedge funds.

Tortoise Energy Infrastructure Company Profile

Tortoise Energy Infrastructure Corp. (NYSE: TYG) is a closed-end investment company focused on the energy infrastructure sector. Rather than operating pipelines, power plants or other infrastructure assets directly, the fund invests in publicly traded companies and master limited partnerships involved in energy transportation, storage, processing, generation and related infrastructure activities.

The fund seeks to provide investors with exposure to North American energy infrastructure, with investments generally spanning midstream energy companies and other businesses supporting the movement and delivery of energy.