Tortoise Energy Infrastructure (NYSE:TYG) Sets New 52-Week High – Should You Buy?

Tortoise Energy Infrastructure Co. (NYSE:TYG) reached a new 52-week high on Wednesday . The company traded as high as $48.48 and last traded at $48.38, with a volume of 136579 shares traded. The stock had previously closed at $46.96.

Tortoise Energy Infrastructure Stock Up 3.0 %

The company has a fifty day simple moving average of $43.88 and a 200-day simple moving average of $39.84.

Tortoise Energy Infrastructure Announces Dividend

The company also recently disclosed 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 dividend yield of 7.4%. The ex-dividend date is Friday, February 21st.

Insider Transactions at Tortoise Energy Infrastructure

In other news, major shareholder Saba Capital Management, L.P. sold 5,667 shares of the firm’s stock in a transaction on Monday, December 30th. The stock was 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 $44,157,946.74. This trade represents a 0.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Prudential Financial Inc acquired 1,500,000 shares of the company’s stock in a transaction dated Wednesday, December 18th. The stock was purchased 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 now directly owns 1,500,000 shares of the company’s stock, valued at approximately $15,000,000. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders own 0.28% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in TYG. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Tortoise Energy Infrastructure in the third quarter worth $82,000. Eastern Bank acquired a new position in Tortoise Energy Infrastructure during the 4th quarter worth $124,000. First National Bank of Mount Dora Trust Investment Services purchased a new stake in Tortoise Energy Infrastructure during the 4th quarter worth about $205,000. LongView Wealth Management acquired a new stake in Tortoise Energy Infrastructure in the 4th quarter valued at about $294,000. Finally, Bard Associates Inc. purchased a new position in shares of Tortoise Energy Infrastructure in the 3rd quarter valued at about $356,000. Institutional investors and hedge funds 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.