Tortoise Power and Energy Infrastructure Fund (NYSE:TPZ) Stock Passes Below 200-Day Moving Average – What’s Next?

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) crossed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $21.91 and traded as low as $21.15. Tortoise Power and Energy Infrastructure Fund shares last traded at $21.15, with a volume of 15,645 shares trading hands.

Tortoise Power and Energy Infrastructure Fund Stock Up 0.3%

The business’s fifty day moving average is $21.94 and its two-hundred day moving average is $21.92.

Hedge Funds Weigh In On Tortoise Power and Energy Infrastructure Fund

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sound Income Strategies LLC acquired a new stake in Tortoise Power and Energy Infrastructure Fund during the 1st quarter worth $31,000. JPMorgan Chase & Co. boosted its stake in shares of Tortoise Power and Energy Infrastructure Fund by 233.8% during the second quarter. JPMorgan Chase & Co. now owns 7,800 shares of the investment management company’s stock worth $160,000 after buying an additional 5,463 shares during the period. Breakwater Capital Group purchased a new position in shares of Tortoise Power and Energy Infrastructure Fund during the first quarter worth about $204,000. Walleye Capital LLC purchased a new position in shares of Tortoise Power and Energy Infrastructure Fund during the second quarter worth about $213,000. Finally, First Trust Advisors LP increased its position in Tortoise Power and Energy Infrastructure Fund by 19.4% in the 3rd quarter. First Trust Advisors LP now owns 12,678 shares of the investment management company’s stock valued at $266,000 after acquiring an additional 2,059 shares during the period.

About Tortoise Power and Energy Infrastructure Fund

Tortoise Power and Energy Infrastructure Fund, Inc (NYSE: TPZ) is a closed-end management investment company that seeks total return through a mix of current income and capital appreciation. The fund pursues its objectives by investing primarily in exchange-listed closed-end funds that themselves hold securities of energy infrastructure companies. This fund-of-funds structure allows TPZ to offer diversified exposure to multiple segments of the energy infrastructure sector without directly purchasing individual corporate securities.

TPZ’s underlying investments include equity, debt and hybrid instruments issued by companies involved in the transportation, storage and processing of oil and natural gas, as well as utilities and power generation businesses.