Tortoise Energy Infrastructure Corporation (NYSE:TYG – Get Free Report) saw a large growth in short interest in the month of July. As of July 31st, there was short interest totaling 52,050 shares, a growth of 93.3% from the July 15th total of 26,929 shares. Based on an average trading volume of 140,762 shares, the days-to-cover ratio is currently 0.4 days. Approximately 0.2% of the shares of the company are sold short.
Insider Activity at Tortoise Energy Infrastructure
In other news, Director Conrad S. Ciccotello acquired 4,107 shares of the firm’s stock in a transaction dated Thursday, June 25th. The shares were bought at an average price of $42.24 per share, with a total value of $173,479.68. Following the acquisition, the director owned 16,225 shares of the company’s stock, valued at $685,344. This trade represents a 33.89% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.09% of the company’s stock.
Hedge Funds Weigh In On Tortoise Energy Infrastructure
Hedge funds have recently made changes to their positions in the business. Integrated Wealth Concepts LLC bought a new stake in Tortoise Energy Infrastructure in the first quarter valued at about $242,000. NewEdge Advisors LLC boosted its holdings in Tortoise Energy Infrastructure by 9.6% during the first quarter. NewEdge Advisors LLC now owns 5,723 shares of the financial services provider’s stock valued at $246,000 after purchasing an additional 500 shares in the last quarter. Walleye Capital LLC acquired a new stake in Tortoise Energy Infrastructure during the second quarter valued at approximately $203,000. Raymond James Financial Inc. grew its stake in shares of Tortoise Energy Infrastructure by 14.1% in the 2nd quarter. Raymond James Financial Inc. now owns 293,042 shares of the financial services provider’s stock valued at $12,862,000 after purchasing an additional 36,313 shares during the period. Finally, MGB Wealth Management LLC raised its holdings in shares of Tortoise Energy Infrastructure by 2.6% in the 2nd quarter. MGB Wealth Management LLC now owns 23,896 shares of the financial services provider’s stock worth $1,049,000 after buying an additional 601 shares in the last quarter. Institutional investors and hedge funds own 32.50% of the company’s stock.
Tortoise Energy Infrastructure Stock Performance
About Tortoise Energy Infrastructure
Tortoise Energy Infrastructure Corp. (NYSE: TYG) is a closed-end management investment company that focuses on investing in energy infrastructure companies. Organized as a business development company under the Investment Company Act of 1940, it primarily acquires and manages a diversified portfolio of debt and equity securities issued by publicly traded and private energy infrastructure businesses. The company seeks to generate current income and long-term capital appreciation through selective investments across the energy value chain.
The firm’s investment strategy emphasizes midstream infrastructure, including pipeline transportation, storage, processing facilities, and terminals.
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