Tortoise Energy Infrastructure (NYSE:TYG) Hits New 1-Year Low - Time to Sell?

Key Points

• Tortoise Energy Infrastructure shares fell 4.8%, reaching a new 52-week low of $40.22 and trading below both its 50-day and 200-day moving averages.
• The company announced a monthly dividend of $0.475 per share, implying a roughly 14.1% annualized yield; the dividend is payable November 30 to shareholders of record November 23.
• Despite the price decline, institutional investors increased holdings during the second quarter, and a director bought 4,107 shares. Institutional ownership stands at 32.5%, while insiders own 0.09%.

Tortoise Energy Infrastructure Corporation (NYSE:TYG - Get Free Report) shares hit a new 52-week low during trading on Wednesday . The company traded as low as $40.22 and last traded at $40.4250, with a volume of 196308 shares trading hands. The stock had previously closed at $42.48.

Tortoise Energy Infrastructure Trading Down 4.8%

The business has a 50-day simple moving average of $43.35 and a two-hundred day simple moving average of $45.21.

Tortoise Energy Infrastructure Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, November 30th. Investors of record on Monday, November 23rd will be issued a dividend of $0.475 per share. The ex-dividend date of this dividend is Monday, November 23rd. This represents a c) dividend on an annualized basis and a dividend yield of 14.1%.

Insiders Place Their Bets

In other Tortoise Energy Infrastructure news, Director Conrad S. Ciccotello purchased 4,107 shares of the business's stock in a transaction on Thursday, June 25th. The stock was acquired at an average price of $42.24 per share, with a total value of $173,479.68. Following the acquisition, the director directly owned 16,225 shares of the company's stock, valued at $685,344. This trade represents a 33.89% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.09% of the company's stock.

Hedge Funds Weigh In On Tortoise Energy Infrastructure

Large investors have recently modified their holdings of the stock. NewEdge Advisors LLC raised its holdings in Tortoise Energy Infrastructure by 12.7% in the 2nd quarter. NewEdge Advisors LLC now owns 5,581 shares of the financial services provider's stock valued at $239,000 after acquiring an additional 631 shares during the period. Baird Financial Group Inc. lifted its holdings in Tortoise Energy Infrastructure by 131.1% during the 2nd quarter. Baird Financial Group Inc. now owns 11,848 shares of the financial services provider's stock worth $508,000 after purchasing an additional 6,721 shares during the last quarter. Corient Private Wealth LP lifted its holdings in Tortoise Energy Infrastructure by 24.9% during the 2nd quarter. Corient Private Wealth LP now owns 16,028 shares of the financial services provider's stock worth $687,000 after purchasing an additional 3,197 shares during the last quarter. Ameritas Advisory Services LLC bought a new stake in Tortoise Energy Infrastructure in the 2nd quarter valued at $143,000. Finally, Kintra Wealth LLC bought a new stake in Tortoise Energy Infrastructure in the 2nd quarter valued at $238,000. 32.50% of the stock is owned by institutional investors.

About Tortoise Energy Infrastructure

Tortoise Energy Infrastructure Corp. NYSE: TYG is a publicly traded closed-end investment company focused on the energy infrastructure sector. Rather than operating energy assets directly, the fund invests in companies and securities associated with the transportation, storage, processing and distribution of energy resources.

Its portfolio may include master limited partnerships, corporations and other entities involved in midstream energy infrastructure, including oil, natural gas and natural gas liquids pipelines, terminals, gathering and processing facilities, and related assets.

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