Tortoise Energy Infrastructure (NYSE:TYG) Stock Passes Above 200 Day Moving Average - Here's Why

Tortoise Energy Infrastructure Corporation (NYSE:TYG - Get Free Report)'s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $41.77 and traded as high as $43.68. Tortoise Energy Infrastructure shares last traded at $43.43, with a volume of 32,146 shares traded.

Tortoise Energy Infrastructure Price Performance

The stock has a 50-day moving average of $42.90 and a two-hundred day moving average of $41.77.

Tortoise Energy Infrastructure Announces Dividend

The firm also recently disclosed a monthly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 23rd were issued a $0.365 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 10.1%. The ex-dividend date was Tuesday, September 23rd.

Insiders Place Their Bets

In other Tortoise Energy Infrastructure news, major shareholder Prudential Financial Inc purchased 1,500,000 shares of the stock in a transaction on Thursday, August 21st. The stock was acquired at an average cost of $10.00 per share, with a total value of $15,000,000.00. Following the completion of the purchase, the insider directly owned 1,500,000 shares of the company's stock, valued at approximately $15,000,000. This trade represents a ∞ increase in their position. The acquisition 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

Hedge funds and other institutional investors have recently modified their holdings of the stock. Raymond James Financial Inc. lifted its stake in shares of Tortoise Energy Infrastructure by 50.6% in the 1st quarter. Raymond James Financial Inc. now owns 256,729 shares of the financial services provider's stock valued at $11,052,000 after acquiring an additional 86,304 shares during the last quarter. Spire Wealth Management lifted its position in Tortoise Energy Infrastructure by 68.9% in the first quarter. Spire Wealth Management now owns 1,611 shares of the financial services provider's stock valued at $69,000 after purchasing an additional 657 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in Tortoise Energy Infrastructure by 1.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 105,434 shares of the financial services provider's stock valued at $4,539,000 after purchasing an additional 1,634 shares during the last quarter. LPL Financial LLC raised its holdings in Tortoise Energy Infrastructure by 60.5% during the 1st quarter. LPL Financial LLC now owns 101,371 shares of the financial services provider's stock valued at $4,364,000 after buying an additional 38,223 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in Tortoise Energy Infrastructure by 52.8% during the 1st quarter. Invesco Ltd. now owns 39,151 shares of the financial services provider's stock valued at $1,685,000 after buying an additional 13,530 shares during the last quarter. Institutional investors own 32.50% of the company's stock.

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.

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