Tortoise Energy Infrastructure (NYSE:TYG) Sets New 1-Year High – Time to Buy?

Shares of Tortoise Energy Infrastructure Co. (NYSE:TYG) hit a new 52-week high during trading on Thursday . The stock 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 Price Performance

The firm’s 50 day moving average price is $43.63 and its two-hundred day moving average price is $39.55.

Tortoise Energy Infrastructure Announces Dividend

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

Insider Buying and Selling

In other Tortoise Energy Infrastructure news, major shareholder Saba Capital Management, L.P. sold 5,667 shares of Tortoise Energy Infrastructure 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 transaction, the insider now directly owns 1,061,234 shares of the company’s stock, valued at $44,157,946.74. The trade was a 0.53 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Prudential Financial Inc bought 1,500,000 shares of the stock in a transaction dated Wednesday, December 18th. The stock was purchased at an average price of $10.00 per share, with a total value of $15,000,000.00. Following the acquisition, the insider now owns 1,500,000 shares of the company’s stock, valued at $15,000,000. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.28% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tortoise Energy Infrastructure

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. D.A. Davidson & CO. boosted its stake in shares of Tortoise Energy Infrastructure by 6.0% in the 3rd quarter. D.A. Davidson & CO. now owns 11,636 shares of the financial services provider’s stock worth $457,000 after buying an additional 661 shares during the last quarter. Eagle Bluffs Wealth Management LLC boosted its position in Tortoise Energy Infrastructure by 0.8% in the third quarter. Eagle Bluffs Wealth Management LLC now owns 105,903 shares of the financial services provider’s stock worth $4,157,000 after purchasing an additional 865 shares during the last quarter. Bayshore Asset Management LLC increased its position in shares of Tortoise Energy Infrastructure by 6.6% during the 4th quarter. Bayshore Asset Management LLC now owns 18,679 shares of the financial services provider’s stock valued at $785,000 after purchasing an additional 1,152 shares during the last quarter. Janney Montgomery Scott LLC increased its position in shares of Tortoise Energy Infrastructure by 7.9% during the 3rd quarter. Janney Montgomery Scott LLC now owns 22,708 shares of the financial services provider’s stock valued at $891,000 after purchasing an additional 1,660 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Tortoise Energy Infrastructure in the 3rd quarter worth about $82,000. Hedge funds and other institutional investors own 32.50% of the company’s stock.

Tortoise Energy Infrastructure Company Profile

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.