Short Interest in Tortoise Energy Infrastructure Corporation (NYSE:TYG) Expands By 29.1%

Key Points

• Tortoise Energy Infrastructure Corporation (NYSE:TYG) experienced a significant increase in short interest, rising by 29.1% in August, with a total of 55,000 shares sold short as of August 31st.
• The company declared a monthly dividend of $0.365 per share, with an ex-dividend date of September 23rd, resulting in an annualized dividend yield of 10.4%.
• Major shareholder Prudential Financial Inc acquired 1.5 million shares of Tortoise Energy stock at an average price of $10.00 per share, increasing their ownership stake significantly.

Tortoise Energy Infrastructure Corporation (NYSE:TYG - Get Free Report) saw a significant growth in short interest in the month of August. As of August 31st, there was short interest totaling 55,000 shares, a growth of 29.1% from the August 15th total of 42,600 shares. Based on an average daily trading volume, of 70,700 shares, the days-to-cover ratio is currently 0.8 days. Currently, 0.5% of the company's shares are short sold. Currently, 0.5% of the company's shares are short sold. Based on an average daily trading volume, of 70,700 shares, the days-to-cover ratio is currently 0.8 days.

Insider Activity

In related news, major shareholder Prudential Financial Inc purchased 1,500,000 shares of Tortoise Energy Infrastructure stock in a transaction that occurred on Thursday, August 21st. The shares were bought at an average price of $10.00 per share, for a total transaction of $15,000,000.00. Following the completion of the transaction, the insider directly owned 1,500,000 shares of the company's stock, valued at $15,000,000. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tortoise Energy Infrastructure

A number of large investors have recently made changes to their positions in TYG. Comerica Bank lifted its position in shares of Tortoise Energy Infrastructure by 95.0% during the 4th quarter. Comerica Bank now owns 942 shares of the financial services provider's stock valued at $40,000 after buying an additional 459 shares in the last quarter. Farther Finance Advisors LLC raised its stake in Tortoise Energy Infrastructure by 756.6% during the 1st quarter. Farther Finance Advisors LLC now owns 1,225 shares of the financial services provider's stock worth $53,000 after acquiring an additional 1,082 shares during the period. Spire Wealth Management raised its stake in Tortoise Energy Infrastructure by 68.9% during the 1st quarter. Spire Wealth Management now owns 1,611 shares of the financial services provider's stock worth $69,000 after acquiring an additional 657 shares during the period. Thurston Springer Miller Herd & Titak Inc. raised its stake in Tortoise Energy Infrastructure by 47.6% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 3,100 shares of the financial services provider's stock worth $136,000 after acquiring an additional 1,000 shares during the period. Finally, Walleye Capital LLC bought a new stake in Tortoise Energy Infrastructure during the 2nd quarter worth approximately $203,000. 32.50% of the stock is currently owned by institutional investors.

Tortoise Energy Infrastructure Price Performance

Shares of NYSE TYG traded down $0.18 during midday trading on Friday, hitting $42.27. 62,818 shares of the company traded hands, compared to its average volume of 54,129. The stock has a 50-day moving average price of $42.86 and a 200 day moving average price of $41.71. Tortoise Energy Infrastructure has a 12-month low of $33.73 and a 12-month high of $48.76.

Tortoise Energy Infrastructure Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 23rd will be issued a dividend of $0.365 per share. This represents a c) annualized dividend and a dividend yield of 10.4%. The ex-dividend date of this dividend is Tuesday, September 23rd.

About Tortoise Energy Infrastructure

Tortoise Energy Infrastructure Corporation is a closed ended equity mutual fund launched and managed by Tortoise Capital Advisors LLC The fund invests in the public equity markets of the United States. It seeks to invest in the stocks of companies operating in the energy infrastructure sector, with an emphasis on those companies that are engaged in transporting, processing, storing, distributing or marketing natural gas, natural gas liquids (primarily propane), coal, crude oil or refined petroleum products, or exploring, developing, managing or producing such commodities.