Tortoise Power and Energy Infrastructure Fund (NYSE:TPZ) Shares Cross Above 50-Day Moving Average – Here’s Why

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ)’s share price crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $20.88 and traded as high as $22.40. Tortoise Power and Energy Infrastructure Fund shares last traded at $22.39, with a volume of 10,375 shares.

Tortoise Power and Energy Infrastructure Fund Stock Up 0.4%

The business’s 50 day moving average price is $20.88 and its 200-day moving average price is $20.90.

Hedge Funds Weigh In On Tortoise Power and Energy Infrastructure Fund

A number of institutional investors and hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. raised its holdings in shares of Tortoise Power and Energy Infrastructure Fund by 233.8% in the second quarter. JPMorgan Chase & Co. now owns 7,800 shares of the investment management company’s stock valued at $160,000 after buying an additional 5,463 shares during the last quarter. Walleye Capital LLC acquired a new stake in Tortoise Power and Energy Infrastructure Fund in the 2nd quarter valued at about $213,000. First Trust Advisors LP raised its stake in shares of Tortoise Power and Energy Infrastructure Fund by 19.4% in the third quarter. First Trust Advisors LP now owns 12,678 shares of the investment management company’s stock worth $266,000 after acquiring an additional 2,059 shares during the last quarter. OLD Mission Capital LLC bought a new position in shares of Tortoise Power and Energy Infrastructure Fund in the fourth quarter worth about $351,000. Finally, Osaic Holdings Inc. lifted its position in shares of Tortoise Power and Energy Infrastructure Fund by 7.1% during the second quarter. Osaic Holdings Inc. now owns 26,701 shares of the investment management company’s stock worth $547,000 after purchasing 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.