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

Shares of Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) passed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $22.18 and traded as high as $22.44. Tortoise Power and Energy Infrastructure Fund shares last traded at $22.4240, with a volume of 12,376 shares traded.

Tortoise Power and Energy Infrastructure Fund Price Performance

The stock has a 50-day moving average price of $22.19 and a two-hundred day moving average price of $21.51.

Tortoise Power and Energy Infrastructure Fund Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Thursday, March 26th were given a $0.2035 dividend. This represents a $0.81 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Thursday, March 26th.

Institutional Investors Weigh In On Tortoise Power and Energy Infrastructure Fund

A number of large investors have recently made changes to their positions in TPZ. Cetera Investment Advisers lifted its stake in shares of Tortoise Power and Energy Infrastructure Fund by 1,169.9% in the 1st quarter. Cetera Investment Advisers now owns 135,508 shares of the investment management company’s stock valued at $2,965,000 after purchasing an additional 124,837 shares during the period. NWF Advisory Services Inc. lifted its stake in shares of Tortoise Power and Energy Infrastructure Fund by 16.6% in the 1st quarter. NWF Advisory Services Inc. now owns 16,189 shares of the investment management company’s stock valued at $354,000 after purchasing an additional 2,300 shares during the period. Sound Income Strategies LLC purchased a new position in shares of Tortoise Power and Energy Infrastructure Fund in the 1st quarter valued at approximately $31,000. Breakwater Capital Group purchased a new position in shares of Tortoise Power and Energy Infrastructure Fund in the 1st quarter valued at approximately $204,000. Finally, OLD Mission Capital LLC purchased a new position in shares of Tortoise Power and Energy Infrastructure Fund in the 4th quarter valued at approximately $351,000.

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.