Tortoise Power and Energy Infrastructure Fund (NYSE:TPZ) Stock Crosses Above 50 Day Moving Average – Time to Sell?

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) shares passed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $20.70 and traded as high as $21.40. Tortoise Power and Energy Infrastructure Fund shares last traded at $21.07, with a volume of 26,163 shares traded.

Tortoise Power and Energy Infrastructure Fund Stock Performance

The stock’s 50 day moving average price is $20.70 and its 200-day moving average price is $19.19.

Tortoise Power and Energy Infrastructure Fund Increases Dividend

The business also recently announced a — dividend, which was paid on Friday, January 31st. Shareholders of record on Thursday, January 30th were given a dividend of $0.0679 per share. The ex-dividend date was Thursday, January 30th. This is a boost from Tortoise Power and Energy Infrastructure Fund’s previous — dividend of $0.03.

Insider Activity

In other news, major shareholder Saba Capital Management, L.P. bought 347,278 shares of the stock in a transaction on Tuesday, December 24th. The stock was bought at an average cost of $13.78 per share, for a total transaction of $4,785,490.84. Following the completion of the purchase, the insider now directly owns 1,011,234 shares in the company, valued at approximately $13,934,804.52. The trade was a 52.30 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Institutional Trading of Tortoise Power and Energy Infrastructure Fund

Several hedge funds and other institutional investors have recently made changes to their positions in TPZ. Harbor Investment Advisory LLC purchased a new position in Tortoise Power and Energy Infrastructure Fund during the 4th quarter worth $27,000. Blue Bell Private Wealth Management LLC boosted its holdings in Tortoise Power and Energy Infrastructure Fund by 2,266.8% in the fourth quarter. Blue Bell Private Wealth Management LLC now owns 6,414 shares of the investment management company’s stock worth $129,000 after acquiring an additional 6,143 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of Tortoise Power and Energy Infrastructure Fund during the second quarter worth about $258,000. Atomi Financial Group Inc. acquired a new position in shares of Tortoise Power and Energy Infrastructure Fund during the fourth quarter valued at about $316,000. Finally, Quarry LP purchased a new position in shares of Tortoise Power and Energy Infrastructure Fund in the 3rd quarter valued at approximately $335,000.

About Tortoise Power and Energy Infrastructure Fund

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.