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

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ)’s stock price passed below its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $20.71 and traded as low as $20.70. Tortoise Power and Energy Infrastructure Fund shares last traded at $20.8050, with a volume of 44,190 shares.

Tortoise Power and Energy Infrastructure Fund Price Performance

The firm’s 50-day moving average is $20.68 and its 200-day moving average is $20.78.

Insider Activity

In other news, Director Andrew J. Iseman acquired 2,000 shares of Tortoise Power and Energy Infrastructure Fund stock in a transaction dated Wednesday, November 12th. The shares were purchased at an average cost of $21.20 per share, for a total transaction of $42,400.00. Following the transaction, the director owned 2,000 shares of the company’s stock, valued at $42,400. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website.

Institutional Trading of Tortoise Power and Energy Infrastructure Fund

Several hedge funds and other institutional investors have recently bought and sold shares of TPZ. Breakthru Advisory Services LLC bought a new stake in shares of Tortoise Power and Energy Infrastructure Fund in the 3rd quarter worth approximately $7,889,000. Journey Advisory Group LLC grew its holdings in shares of Tortoise Power and Energy Infrastructure Fund by 5.7% during the 2nd quarter. Journey Advisory Group LLC now owns 578,866 shares of the investment management company’s stock valued at $10,916,000 after purchasing an additional 31,124 shares during the last quarter. D.A. Davidson & CO. raised its position in Tortoise Power and Energy Infrastructure Fund by 4.5% in the 2nd quarter. D.A. Davidson & CO. now owns 129,742 shares of the investment management company’s stock worth $2,660,000 after purchasing an additional 5,574 shares during the period. First Trust Advisors LP lifted its stake in 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 purchasing an additional 2,059 shares during the last quarter. Finally, Osaic Holdings Inc. lifted its stake in Tortoise Power and Energy Infrastructure Fund by 7.1% in 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 during the last quarter.

Tortoise Power and Energy Infrastructure Fund Company Profile

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.