Short Interest in Tortoise Energy Infrastructure Corporation (NYSE:TYG) Decreases By 98.6%

Key Points

• Short interest in Tortoise Energy Infrastructure (NYSE:TYG) plunged 98.6% in June, falling to 23,333 shares from 1.71 million shares two weeks earlier. That leaves just 0.1% of shares short and a very low days-to-cover ratio of 0.1.
• The stock was slightly higher at $43.32 in Friday trading, near the middle of its 52-week range of $40.35 to $51.18. It has also been trading below both its 50-day and 200-day moving averages.
• Tortoise Energy Infrastructure announced a monthly dividend of $0.475 per share, payable August 31 to shareholders of record on August 24. The payout implies an annualized dividend yield of about 13.2%.

Tortoise Energy Infrastructure Corporation (NYSE:TYG - Get Free Report) was the recipient of a significant decline in short interest in June. As of June 30th, there was short interest totaling 23,333 shares, a decline of 98.6% from the June 15th total of 1,707,709 shares. Currently, 0.1% of the shares of the stock are short sold. Based on an average trading volume of 237,677 shares, the days-to-cover ratio is currently 0.1 days.

Tortoise Energy Infrastructure Stock Up 0.2%

NYSE:TYG traded up $0.08 during mid-day trading on Friday, hitting $43.32. 181,278 shares of the company's stock were exchanged, compared to its average volume of 187,931. Tortoise Energy Infrastructure has a fifty-two week low of $40.35 and a fifty-two week high of $51.18. The company has a 50 day simple moving average of $44.41 and a 200-day simple moving average of $45.74.

Tortoise Energy Infrastructure Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, August 31st. Stockholders of record on Monday, August 24th will be issued a dividend of $0.475 per share. This represents a c) dividend on an annualized basis and a dividend yield of 13.2%. The ex-dividend date is Monday, August 24th.

Insider Activity at Tortoise Energy Infrastructure

In related news, Director Conrad S. Ciccotello bought 4,107 shares of the company's stock in a transaction dated Thursday, June 25th. The stock was purchased at an average price of $42.24 per share, with a total value of $173,479.68. Following the completion of the acquisition, the director owned 16,225 shares of the company's stock, valued at $685,344. The trade was a 33.89% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.10% of the company's stock.

Institutional Trading of Tortoise Energy Infrastructure

Several institutional investors have recently modified their holdings of the business. Bard Associates Inc. grew its stake in Tortoise Energy Infrastructure by 584.0% during the third quarter. Bard Associates Inc. now owns 114,419 shares of the financial services provider's stock worth $4,930,000 after purchasing an additional 97,692 shares during the period. Closed End Fund Advisors Inc. acquired a new stake in shares of Tortoise Energy Infrastructure during the 4th quarter worth approximately $3,000,000. Eagle Bluffs Wealth Management LLC grew its position in shares of Tortoise Energy Infrastructure by 74.0% during the 4th quarter. Eagle Bluffs Wealth Management LLC now owns 149,482 shares of the financial services provider's stock worth $6,114,000 after buying an additional 63,588 shares during the period. Royal Bank of Canada increased its stake in shares of Tortoise Energy Infrastructure by 22.6% in the 4th quarter. Royal Bank of Canada now owns 333,131 shares of the financial services provider's stock valued at $13,625,000 after acquiring an additional 61,432 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its stake in shares of Tortoise Energy Infrastructure by 17.9% in the 4th quarter. Advisors Asset Management Inc. now owns 381,612 shares of the financial services provider's stock valued at $15,608,000 after acquiring an additional 57,930 shares in the last quarter. Institutional investors own 32.50% of the company's stock.

Tortoise Energy Infrastructure Company Profile

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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