Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) Short Interest Down 59.8% in May

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ – Get Rating) was the recipient of a large decline in short interest in May. As of May 15th, there was short interest totalling 3,300 shares, a decline of 59.8% from the April 30th total of 8,200 shares. Based on an average daily volume of 16,200 shares, the short-interest ratio is currently 0.2 days.

Wall Street Analyst Weigh In

Separately, Royal Bank of Canada dropped their price objective on Tortoise Power and Energy Infrastructure Fund from $30.00 to $28.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 1st.

Tortoise Power and Energy Infrastructure Fund Stock Up 0.7 %

TPZ traded up $0.08 during trading on Friday, reaching $12.62. The stock had a trading volume of 11,943 shares, compared to its average volume of 16,361. Tortoise Power and Energy Infrastructure Fund has a one year low of $11.91 and a one year high of $14.52. The business has a 50-day moving average of $12.82 and a 200-day moving average of $13.11.

Tortoise Power and Energy Infrastructure Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Wednesday, May 31st. Stockholders of record on Wednesday, May 24th will be issued a dividend of $0.105 per share. The ex-dividend date is Tuesday, May 23rd. This represents a $1.26 dividend on an annualized basis and a dividend yield of 9.98%.

Institutional Trading of Tortoise Power and Energy Infrastructure Fund

Institutional investors have recently modified their holdings of the company. Stratos Wealth Advisors LLC bought a new stake in Tortoise Power and Energy Infrastructure Fund in the 4th quarter worth approximately $249,000. Thomas J. Herzfeld Advisors Inc. bought a new stake in shares of Tortoise Power and Energy Infrastructure Fund during the 3rd quarter valued at $336,000. Saba Capital Management L.P. grew its position in shares of Tortoise Power and Energy Infrastructure Fund by 28.6% during the 3rd quarter. Saba Capital Management L.P. now owns 186,034 shares of the investment management company’s stock valued at $2,324,000 after acquiring an additional 41,408 shares during the period. Wolverine Asset Management LLC grew its position in shares of Tortoise Power and Energy Infrastructure Fund by 577.9% during the 3rd quarter. Wolverine Asset Management LLC now owns 33,032 shares of the investment management company’s stock valued at $412,000 after acquiring an additional 28,159 shares during the period. Finally, Truist Financial Corp grew its position in shares of Tortoise Power and Energy Infrastructure Fund by 70.4% during the 3rd quarter. Truist Financial Corp now owns 26,179 shares of the investment management company’s stock valued at $327,000 after acquiring an additional 10,820 shares during the period.

About Tortoise Power and Energy Infrastructure Fund

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Tortoise Power and Energy Infrastructure Fund, Inc is a closed-ended balanced mutual fund launched and managed by Tortoise Capital Advisors, LLC. The fund invests in the fixed income and public equity markets of the United States. It invests in securities of companies operating in the power and energy infrastructure sectors.