Short Interest in Tortoise Energy Infrastructure Corporation (NYSE:TYG) Increases By 93.3%

Key Points

• Short interest nearly doubled, rising 93.3% to 52,050 shares as of July 31 from 26,929 shares on July 15. Short interest represents approximately 0.2% of outstanding shares, with a days-to-cover ratio of 0.4.
• TYG shares gained 2.0% to $44.31, trading between a 52-week low of $40.35 and high of $51.18.
• Director Conrad S. Ciccotello increased his position by 33.89% through a purchase of 4,107 shares, while institutional investors and hedge funds own 32.5% of the stock.

Tortoise Energy Infrastructure Corporation (NYSE:TYG - Get Free Report) was the recipient of a significant increase in short interest in July. As of July 31st, there was short interest totaling 52,050 shares, an increase of 93.3% from the July 15th total of 26,929 shares. Based on an average daily trading volume, of 140,762 shares, the days-to-cover ratio is presently 0.4 days. Approximately 0.2% of the shares of the stock are short sold.

Tortoise Energy Infrastructure Trading Up 2.0%

TYG stock traded up $0.85 during trading on Friday, hitting $44.31. The stock had a trading volume of 86,368 shares, compared to its average volume of 135,627. The company's 50 day moving average price is $43.07 and its two-hundred day moving average price is $45.88. Tortoise Energy Infrastructure has a 1-year low of $40.35 and a 1-year high of $51.18.

Insiders Place Their Bets

In related news, Director Conrad S. Ciccotello bought 4,107 shares of the stock in a transaction on Thursday, June 25th. The shares were bought at an average cost of $42.24 per share, for a total transaction of $173,479.68. Following the completion of the transaction, the director owned 16,225 shares of the company's stock, valued at $685,344. This represents a 33.89% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.09% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tortoise Energy Infrastructure

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada increased its stake in Tortoise Energy Infrastructure by 17.5% during the 1st quarter. Royal Bank of Canada now owns 391,435 shares of the financial services provider's stock worth $19,513,000 after buying an additional 58,304 shares during the period. Advisors Asset Management Inc. lifted its stake in shares of Tortoise Energy Infrastructure by 17.9% in the fourth quarter. Advisors Asset Management Inc. now owns 381,612 shares of the financial services provider's stock worth $15,608,000 after acquiring an additional 57,930 shares in the last quarter. Raymond James Financial Inc. lifted its stake in shares of Tortoise Energy Infrastructure by 8.3% in the third quarter. Raymond James Financial Inc. now owns 317,361 shares of the financial services provider's stock worth $13,675,000 after acquiring an additional 24,319 shares in the last quarter. Bard Associates Inc. purchased a new position in Tortoise Energy Infrastructure in the second quarter valued at about $8,422,000. Finally, Eagle Bluffs Wealth Management LLC grew its stake in Tortoise Energy Infrastructure by 1.2% during the 1st quarter. Eagle Bluffs Wealth Management LLC now owns 151,236 shares of the financial services provider's stock valued at $7,539,000 after purchasing an additional 1,754 shares in the last quarter. 32.50% of the stock is currently owned by institutional investors and hedge funds.

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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