Tortoise Energy Infrastructure (NYSE:TYG) Stock Price Down 7.4% – What’s Next?

Shares of Tortoise Energy Infrastructure Corporation (NYSE:TYG) fell 7.4% during mid-day trading on Wednesday . The company traded as low as $46.00 and last traded at $46.1830. 243,063 shares changed hands during mid-day trading, an increase of 85% from the average session volume of 131,566 shares. The stock had previously closed at $49.85.

Tortoise Energy Infrastructure Stock Performance

The firm’s fifty day moving average price is $47.81 and its 200 day moving average price is $44.52.

Tortoise Energy Infrastructure Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 22nd will be issued a dividend of $0.475 per share. This represents a c) annualized dividend and a dividend yield of 12.3%. The ex-dividend date is Friday, May 22nd.

Hedge Funds Weigh In On Tortoise Energy Infrastructure

Hedge funds have recently added to or reduced their stakes in the company. Advisors Asset Management Inc. lifted its stake in shares of Tortoise Energy Infrastructure by 17.9% in the 4th quarter. Advisors Asset Management Inc. now owns 381,612 shares of the financial services provider’s stock valued at $15,608,000 after purchasing an additional 57,930 shares during the last quarter. Royal Bank of Canada raised its holdings in Tortoise Energy Infrastructure by 22.6% during the fourth quarter. Royal Bank of Canada now owns 333,131 shares of the financial services provider’s stock valued at $13,625,000 after buying an additional 61,432 shares in the last quarter. Raymond James Financial Inc. raised its holdings in Tortoise Energy Infrastructure by 8.3% during the third quarter. Raymond James Financial Inc. now owns 317,361 shares of the financial services provider’s stock valued at $13,675,000 after buying an additional 24,319 shares in the last quarter. Bard Associates Inc. lifted its position in shares of Tortoise Energy Infrastructure by 71.1% in the fourth quarter. Bard Associates Inc. now owns 195,725 shares of the financial services provider’s stock worth $8,005,000 after buying an additional 81,306 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of Tortoise Energy Infrastructure by 19.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 167,078 shares of the financial services provider’s stock worth $6,910,000 after buying an additional 27,300 shares during the last quarter. Institutional investors and hedge funds own 32.50% of the company’s stock.

Tortoise Energy Infrastructure Company Profile

Tortoise Energy Infrastructure Corp. (NYSE: TYG) is a closed-end management investment company that focuses on investing in energy infrastructure companies. Organized as a business development company under the Investment Company Act of 1940, it primarily acquires and manages a diversified portfolio of debt and equity securities issued by publicly traded and private energy infrastructure businesses. The company seeks to generate current income and long-term capital appreciation through selective investments across the energy value chain.

The firm’s investment strategy emphasizes midstream infrastructure, including pipeline transportation, storage, processing facilities, and terminals.