Tortoise Energy Infrastructure (NYSE:TYG) Shares Cross Above Fifty Day Moving Average – Time to Sell?

Tortoise Energy Infrastructure Corporation (NYSE:TYG – Get Free Report) shares crossed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $40.81 and traded as high as $40.94. Tortoise Energy Infrastructure shares last traded at $40.92, with a volume of 134,350 shares.

Tortoise Energy Infrastructure Trading Up 1.9%

The company has a fifty day moving average price of $40.81 and a two-hundred day moving average price of $44.56.

Tortoise Energy Infrastructure Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, November 30th. Investors of record on Monday, November 23rd will be given a dividend of $0.4750 per share. This represents a $5.70 annualized dividend and a yield of 13.9%. The ex-dividend date is Monday, November 23rd.

Institutional Investors Weigh In On Tortoise Energy Infrastructure

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bard Associates Inc. purchased a new stake in Tortoise Energy Infrastructure in the 2nd quarter valued at about $8,422,000. Almitas Capital LLC acquired a new position in Tortoise Energy Infrastructure during the 2nd quarter worth $6,939,000. Rivernorth Capital Management LLC acquired a new stake in Tortoise Energy Infrastructure in the second quarter valued at approximately $4,557,000. Commerce Bank acquired a new stake in shares of Tortoise Energy Infrastructure in the 2nd quarter valued at $2,951,000. Finally, Bank of America Corp DE purchased a new stake in Tortoise Energy Infrastructure during the 2nd quarter worth about $2,616,000. Hedge funds and other institutional investors own 32.50% of the company’s stock.

About Tortoise Energy Infrastructure

(Get Free Report)

Tortoise Energy Infrastructure Corp. (NYSE: TYG) is a closed-end investment company focused on the energy infrastructure sector. Rather than operating pipelines, power plants or other infrastructure assets directly, the fund invests in publicly traded companies and master limited partnerships involved in energy transportation, storage, processing, generation and related infrastructure activities.

The fund seeks to provide investors with exposure to North American energy infrastructure, with investments generally spanning midstream energy companies and other businesses supporting the movement and delivery of energy.

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