Tortoise Energy Infrastructure (NYSE:TYG) Shares Break Above Fifty Day Moving Average - Should You Sell?

Key Points

• Tortoise Energy Infrastructure shares rose 1.9%, trading near $40.92 after moving above their 50-day moving average of $40.81. The stock remains below its 200-day average of $44.56.
• The company declared a monthly dividend of $0.475 per share, equivalent to $5.70 annually and a 13.9% yield, payable November 30 to shareholders of record November 23.
• Institutional investors and hedge funds own 32.5% of the stock, with several firms recently initiating or increasing positions. TYG is a closed-end fund focused on publicly traded North American energy-infrastructure companies.

Tortoise Energy Infrastructure Corporation (NYSE:TYG - Get Free Report) crossed above its 50 day moving average during trading on Friday. The stock has a 50 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 traded.

Tortoise Energy Infrastructure Stock Up 1.9%

The business has a 50 day simple moving average of $40.81 and a 200 day simple moving average of $44.56.

Tortoise Energy Infrastructure Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Monday, November 30th. Shareholders of record on Monday, November 23rd will be issued a $0.4750 dividend. The ex-dividend date of this dividend is Monday, November 23rd. This represents a $5.70 dividend on an annualized basis and a dividend yield of 13.9%.

Institutional Investors Weigh In On Tortoise Energy Infrastructure

A number of institutional investors and hedge funds have recently modified their holdings of TYG. Fifth Third Bancorp acquired a new position in shares of Tortoise Energy Infrastructure in the 1st quarter valued at about $36,000. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Tortoise Energy Infrastructure during the 2nd quarter valued at approximately $54,000. Rockefeller Capital Management L.P. lifted its holdings in Tortoise Energy Infrastructure by 255.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,892 shares of the financial services provider's stock valued at $77,000 after purchasing an additional 1,360 shares in the last quarter. Ameritas Advisory Services LLC acquired a new position in shares of Tortoise Energy Infrastructure during the 2nd quarter worth about $143,000. Finally, CoreCap Advisors LLC acquired a new position in shares of Tortoise Energy Infrastructure during the 3rd quarter worth about $163,000. Institutional investors and hedge funds own 32.50% of the company's stock.

Tortoise Energy Infrastructure Company Profile

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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