Salient Midstream & MLP Fund (NYSE:SMM) Stock Price Crosses Above 50-Day Moving Average of $8.59

Salient Midstream & MLP Fund (NYSE:SMMGet Rating)’s share price passed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $8.59 and traded as high as $8.97. Salient Midstream & MLP Fund shares last traded at $8.95, with a volume of 2,139 shares changing hands.

Salient Midstream & MLP Fund Stock Up 0.6 %

The firm has a fifty day moving average of $8.63 and a 200-day moving average of $8.24.

Salient Midstream & MLP Fund Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 30th. Investors of record on Thursday, August 18th were issued a $0.104 dividend. This is a boost from Salient Midstream & MLP Fund’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Wednesday, August 17th. This represents a $0.42 annualized dividend and a yield of 4.65%.

Insiders Place Their Bets

In related news, major shareholder Saba Capital Management, L.P. bought 15,687 shares of Salient Midstream & MLP Fund stock in a transaction on Friday, August 12th. The shares were purchased at an average price of $8.85 per share, for a total transaction of $138,829.95. Following the completion of the acquisition, the insider now owns 4,231,744 shares in the company, valued at $37,450,934.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Hedge Funds Weigh In On Salient Midstream & MLP Fund

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Venture Visionary Partners LLC acquired a new stake in shares of Salient Midstream & MLP Fund during the second quarter worth about $36,000. Kingsview Wealth Management LLC acquired a new stake in shares of Salient Midstream & MLP Fund during the second quarter worth about $122,000. Hightower 6M Holding LLC acquired a new stake in shares of Salient Midstream & MLP Fund during the first quarter worth about $196,000. Boenning & Scattergood Inc. acquired a new stake in shares of Salient Midstream & MLP Fund during the second quarter worth about $202,000. Finally, Karpus Management Inc. acquired a new stake in shares of Salient Midstream & MLP Fund during the first quarter worth about $218,000.

About Salient Midstream & MLP Fund

(Get Rating)

Salient Midstream & MLP Fund is a closed ended equity mutual fund launched and managed by Salient Capital Advisors, LLC. The fund invests in the public equity markets of the United States. It invests in stocks of companies operating in the energy sector, including transporting, storing, gathering, processing, distributing, marketing and/or delivering natural gas, natural gas liquids, crude oil or refined products or coal.

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