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

Shares of Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) crossed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $20.68 and traded as high as $22.00. Tortoise Power and Energy Infrastructure Fund shares last traded at $21.8310, with a volume of 10,343 shares traded.

Tortoise Power and Energy Infrastructure Fund Stock Performance

The business’s 50 day simple moving average is $20.68 and its two-hundred day simple moving average is $20.85.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Breakthru Advisory Services LLC acquired a new stake in shares of Tortoise Power and Energy Infrastructure Fund in the 3rd quarter worth about $7,889,000. Journey Advisory Group LLC increased its position 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. increased its holdings in Tortoise Power and Energy Infrastructure Fund by 4.5% during the second quarter. D.A. Davidson & CO. now owns 129,742 shares of the investment management company’s stock worth $2,660,000 after buying an additional 5,574 shares during the last quarter. Osaic Holdings Inc. increased its stake 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 worth $547,000 after purchasing an additional 1,771 shares during the last quarter. Finally, First Trust Advisors LP lifted its position 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 buying an additional 2,059 shares during 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.