Tortoise Energy Infrastructure (NYSE:TYG) Hits New 12-Month High – Here’s Why

Tortoise Energy Infrastructure Co. (NYSE:TYG)’s stock price reached a new 52-week high on Thursday . The company traded as high as $46.60 and last traded at $46.51, with a volume of 72675 shares traded. The stock had previously closed at $45.25.

Tortoise Energy Infrastructure Stock Performance

The stock’s 50 day simple moving average is $43.81 and its two-hundred day simple moving average is $39.69.

Tortoise Energy Infrastructure Dividend Announcement

The company also recently announced a — dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 21st will be issued a $0.365 dividend. This represents a yield of 7.4%. The ex-dividend date is Friday, February 21st.

Insiders Place Their Bets

In other Tortoise Energy Infrastructure news, major shareholder Prudential Financial Inc acquired 1,500,000 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was bought at an average cost of $10.00 per share, for a total transaction of $15,000,000.00. Following the completion of the purchase, the insider now directly owns 1,500,000 shares in the company, 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. Also, major shareholder Saba Capital Management, L.P. sold 5,667 shares of the firm’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $41.61, for a total transaction of $235,803.87. Following the completion of the transaction, the insider now directly owns 1,061,234 shares in the company, valued at approximately $44,157,946.74. This represents a 0.53 % decrease in their position. The disclosure for this sale can be found here. 0.28% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tortoise Energy Infrastructure

Several institutional investors and hedge funds have recently modified their holdings of TYG. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Tortoise Energy Infrastructure in the 3rd quarter worth approximately $82,000. Eastern Bank purchased a new position in shares of Tortoise Energy Infrastructure in the fourth quarter valued at $124,000. First National Bank of Mount Dora Trust Investment Services acquired a new stake in Tortoise Energy Infrastructure during the 4th quarter valued at $205,000. LongView Wealth Management purchased a new stake in Tortoise Energy Infrastructure during the 4th quarter worth $294,000. Finally, Bard Associates Inc. purchased a new stake in Tortoise Energy Infrastructure during the 3rd quarter worth $356,000. Hedge funds and other 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.