Tortoise Energy Infrastructure Corporation (NYSE:TYG) Short Interest Update

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 large increase in short interest in the month of August. As of August 31st, there was short interest totaling 55,000 shares, an increase of 29.1% from the August 15th total of 42,600 shares. Based on an average trading volume of 70,700 shares, the short-interest ratio is presently 0.8 days. Currently, 0.5% of the shares of the company are short sold. Currently, 0.5% of the shares of the company are short sold. Based on an average trading volume of 70,700 shares, the short-interest ratio is presently 0.8 days.

Insider Buying and Selling

In other news, major shareholder Prudential Financial Inc bought 1,500,000 shares of the firm's stock in a transaction 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 purchase, the insider owned 1,500,000 shares in the company, valued at approximately $15,000,000. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.10% of the company's stock.

Institutional Investors Weigh In On Tortoise Energy Infrastructure

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Comerica Bank raised its position in shares of Tortoise Energy Infrastructure by 95.0% during the fourth quarter. Comerica Bank now owns 942 shares of the financial services provider's stock valued at $40,000 after buying an additional 459 shares during the last quarter. Farther Finance Advisors LLC raised its position in shares of Tortoise Energy Infrastructure by 756.6% during the first quarter. Farther Finance Advisors LLC now owns 1,225 shares of the financial services provider's stock valued at $53,000 after buying an additional 1,082 shares during the last quarter. Spire Wealth Management raised its position in shares of Tortoise Energy Infrastructure by 68.9% during the first quarter. Spire Wealth Management now owns 1,611 shares of the financial services provider's stock valued at $69,000 after buying an additional 657 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its position in shares of Tortoise Energy Infrastructure by 47.6% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 3,100 shares of the financial services provider's stock valued at $136,000 after buying an additional 1,000 shares during the last quarter. Finally, Walleye Capital LLC bought a new stake in shares of Tortoise Energy Infrastructure during the second quarter valued at approximately $203,000. Institutional investors own 32.50% of the company's stock.

Tortoise Energy Infrastructure Price Performance

NYSE TYG traded down $0.18 on Friday, reaching $42.27. 62,818 shares of the stock were exchanged, compared to its average volume of 54,129. Tortoise Energy Infrastructure has a one year low of $33.73 and a one year high of $48.76. The company's 50-day simple moving average is $42.86 and its two-hundred day simple moving average is $41.71.

Tortoise Energy Infrastructure Announces Dividend

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

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.