Tortoise Energy Infrastructure (NYSE:TYG) Reaches New 52-Week Low – Here’s Why

Tortoise Energy Infrastructure Corporation (NYSE:TYG) shares reached a new 52-week low on Thursday. The company traded as low as $37.21 and last traded at $37.2730, with a volume of 35,899 shares traded. The stock had previously closed at $37.78.

Tortoise Energy Infrastructure Price Performance

The company has a fifty day simple moving average of $40.22 and a two-hundred day simple moving average of $44.39.

Tortoise Energy Infrastructure Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, November 30th. Investors of record on Monday, November 23rd will be paid a $0.4750 dividend. The ex-dividend date of this dividend is Monday, November 23rd. This represents a $5.70 annualized dividend and a yield of 15.9%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in TYG. Royal Bank of Canada lifted its position 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 worth $19,513,000 after buying an additional 58,304 shares during the period. LaSalle St. Investment Advisors LLC acquired a new stake in Tortoise Energy Infrastructure in the 2nd quarter worth about $1,052,000. Bank of America Corp DE purchased a new stake in Tortoise Energy Infrastructure in the 2nd quarter valued at about $2,616,000. Rivernorth Capital Management LLC acquired a new position in shares of Tortoise Energy Infrastructure during the 2nd quarter valued at about $4,557,000. Finally, Commerce Bank acquired a new position in shares of Tortoise Energy Infrastructure during the 2nd quarter valued at about $2,951,000. Hedge funds and other institutional investors own 32.50% of the company’s stock.

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.