Tortoise Energy Infrastructure Corporation (NYSE:TYG) Sees Large Decline in Short Interest

Tortoise Energy Infrastructure Corporation (NYSE:TYG) was the recipient of a large drop in short interest during the month of June. As of June 30th, there was short interest totaling 23,333 shares, a drop of 98.6% from the June 15th total of 1,707,709 shares. Approximately 0.1% of the company’s shares are sold short. Based on an average daily volume of 237,677 shares, the days-to-cover ratio is currently 0.1 days.

Tortoise Energy Infrastructure Trading Up 0.2%

Shares of TYG stock traded up $0.08 during trading on Friday, reaching $43.32. The company’s stock had a trading volume of 181,278 shares, compared to its average volume of 187,931. Tortoise Energy Infrastructure has a 1-year low of $40.35 and a 1-year high of $51.18. The stock’s 50-day moving average price is $44.41 and its 200 day moving average price is $45.77.

Tortoise Energy Infrastructure Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Monday, August 31st. Shareholders of record on Monday, August 24th will be paid a $0.475 dividend. The ex-dividend date is Monday, August 24th. This represents a c) annualized dividend and a dividend yield of 13.2%.

Insider Transactions at Tortoise Energy Infrastructure

In related news, Director Conrad S. Ciccotello acquired 4,107 shares of Tortoise Energy Infrastructure stock in a transaction that occurred on Thursday, June 25th. The shares were purchased at an average cost of $42.24 per share, for a total transaction of $173,479.68. Following the acquisition, the director owned 16,225 shares in the company, valued at approximately $685,344. This represents a 33.89% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.10% of the company’s stock.

Institutional Trading of Tortoise Energy Infrastructure

A number of large investors have recently modified their holdings of the stock. Avior Wealth Management LLC boosted its holdings in Tortoise Energy Infrastructure by 62.8% in the second quarter. Avior Wealth Management LLC now owns 18,852 shares of the financial services provider’s stock valued at $808,000 after purchasing an additional 7,271 shares during the period. Arete Wealth Advisors LLC increased its holdings in Tortoise Energy Infrastructure by 2.5% during the 1st quarter. Arete Wealth Advisors LLC now owns 137,010 shares of the financial services provider’s stock worth $6,822,000 after purchasing an additional 3,280 shares during the period. Royal Bank of Canada increased its holdings in Tortoise Energy Infrastructure by 17.5% during the 1st quarter. Royal Bank of Canada now owns 391,435 shares of the financial services provider’s stock worth $19,513,000 after purchasing an additional 58,304 shares during the period. Lido Advisors LLC raised its position in Tortoise Energy Infrastructure by 41.6% in the 1st quarter. Lido Advisors LLC now owns 27,406 shares of the financial services provider’s stock valued at $1,366,000 after purchasing an additional 8,051 shares in the last quarter. Finally, Cetera Investment Advisers boosted its stake in shares of Tortoise Energy Infrastructure by 6.8% in the 1st quarter. Cetera Investment Advisers now owns 18,902 shares of the financial services provider’s stock valued at $942,000 after buying an additional 1,206 shares during the period. Hedge funds and other institutional investors 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.