Tortoise Energy Infrastructure (NYSE:TYG) Sets New 1-Year Low – Here’s Why

Shares of Tortoise Energy Infrastructure Corporation (NYSE:TYG) reached a new 52-week low during trading on Wednesday . The stock traded as low as $40.22 and last traded at $40.4250, with a volume of 196308 shares trading hands. The stock had previously closed at $42.48.

Tortoise Energy Infrastructure Stock Performance

The business’s 50-day moving average is $43.35 and its 200 day moving average is $45.21.

Tortoise Energy Infrastructure Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, November 30th. Stockholders of record on Monday, November 23rd will be given a $0.475 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 14.1%. The ex-dividend date is Monday, November 23rd.

Insider Activity

In related news, Director Conrad S. Ciccotello purchased 4,107 shares of the business’s stock in a transaction that occurred on Thursday, June 25th. The stock was acquired at an average cost of $42.24 per share, for a total transaction of $173,479.68. Following the completion of the purchase, the director owned 16,225 shares in the company, valued at approximately $685,344. This represents a 33.89% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.09% of the company’s stock.

Institutional Trading of Tortoise Energy Infrastructure

Institutional investors have recently modified their holdings of the stock. Fifth Third Bancorp acquired a new stake in Tortoise Energy Infrastructure in the first quarter valued at about $36,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of Tortoise Energy Infrastructure in the second quarter worth about $54,000. Rockefeller Capital Management L.P. lifted its holdings in shares of Tortoise Energy Infrastructure by 255.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,892 shares of the financial services provider’s stock worth $77,000 after acquiring an additional 1,360 shares during the last quarter. Ameritas Advisory Services LLC acquired a new stake in shares of Tortoise Energy Infrastructure in the 2nd quarter valued at approximately $143,000. Finally, Fortitude Advisory Group L.L.C. acquired a new stake in shares of Tortoise Energy Infrastructure in the 1st quarter valued at approximately $204,000. 32.50% of the stock is currently owned by institutional investors.

Tortoise Energy Infrastructure Company Profile

Tortoise Energy Infrastructure Corp. (NYSE: TYG) is a publicly traded closed-end investment company focused on the energy infrastructure sector. Rather than operating energy assets directly, the fund invests in companies and securities associated with the transportation, storage, processing and distribution of energy resources.

Its portfolio may include master limited partnerships, corporations and other entities involved in midstream energy infrastructure, including oil, natural gas and natural gas liquids pipelines, terminals, gathering and processing facilities, and related assets.