Short Interest in Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) Drops By 80.2%

Key Points

• Short interest fell 80.2% to 5,158 shares as of July 31, down from 26,006 shares on July 15. Only 0.1% of TPZ’s shares are sold short, with a days-to-cover ratio of 0.5.
• TPZ opened at $21.39, below its 50-day moving average of $21.81 and 200-day moving average of $21.96. The fund’s 52-week trading range is $19.93 to $23.03.
• Several institutional investors recently increased or initiated positions, including JPMorgan Chase, which raised its stake by 233.8%. TPZ is a closed-end fund seeking income and capital appreciation through diversified investments in energy infrastructure-related funds and securities.

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ - Get Free Report) was the recipient of a large decrease in short interest during the month of July. As of July 31st, there was short interest totaling 5,158 shares, a decrease of 80.2% from the July 15th total of 26,006 shares. Based on an average trading volume of 10,905 shares, the days-to-cover ratio is presently 0.5 days. Currently, 0.1% of the company's stock are sold short.

Tortoise Power and Energy Infrastructure Fund Price Performance

TPZ opened at $21.39 on Wednesday. The company has a 50-day moving average of $21.81 and a 200-day moving average of $21.96. Tortoise Power and Energy Infrastructure Fund has a 1-year low of $19.93 and a 1-year high of $23.03.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Sound Income Strategies LLC bought a new stake in shares of Tortoise Power and Energy Infrastructure Fund in the 1st quarter valued at approximately $31,000. JPMorgan Chase & Co. lifted its stake in Tortoise Power and Energy Infrastructure Fund by 233.8% during the second quarter. JPMorgan Chase & Co. now owns 7,800 shares of the investment management company's stock worth $160,000 after purchasing an additional 5,463 shares during the last quarter. Breakwater Capital Group bought a new position in Tortoise Power and Energy Infrastructure Fund during the first quarter worth $204,000. Walleye Capital LLC acquired a new position in Tortoise Power and Energy Infrastructure Fund in the second quarter worth $213,000. Finally, First Trust Advisors LP boosted its holdings in Tortoise Power and Energy Infrastructure Fund by 19.4% in the third quarter. First Trust Advisors LP now owns 12,678 shares of the investment management company's stock worth $266,000 after purchasing an additional 2,059 shares during the period.

About Tortoise Power and Energy Infrastructure Fund

Tortoise Power and Energy Infrastructure Fund, Inc NYSE: TPZ is a closed-end management investment company that seeks total return through a mix of current income and capital appreciation. The fund pursues its objectives by investing primarily in exchange-listed closed-end funds that themselves hold securities of energy infrastructure companies. This fund-of-funds structure allows TPZ to offer diversified exposure to multiple segments of the energy infrastructure sector without directly purchasing individual corporate securities.

TPZ's underlying investments include equity, debt and hybrid instruments issued by companies involved in the transportation, storage and processing of oil and natural gas, as well as utilities and power generation businesses.

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