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

Shares of Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) crossed below its 50 day moving average during trading on Wednesday . The stock has a 50 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.

Tortoise Power and Energy Infrastructure Fund Price Performance

The business’s 50-day simple moving average is $22.06 and its 200-day simple moving average is $21.28.

Tortoise Power and Energy Infrastructure Fund Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Thursday, March 26th were given a $0.2035 dividend. The ex-dividend date was Thursday, March 26th. This represents a $0.81 dividend on an annualized basis and a yield of 3.7%.

Institutional Investors Weigh In On Tortoise Power and Energy Infrastructure Fund

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