Tortoise Energy Infrastructure (NYSE:TYG) Reaches New 12-Month Low – Here’s Why

Tortoise Energy Infrastructure Corporation (NYSE:TYG)’s share price hit a new 52-week low on Thursday. The company traded as low as $37.21 and last traded at $37.2730, with a volume of 35,899 shares trading hands. The stock had previously closed at $37.78.

Tortoise Energy Infrastructure Stock Down 3.7%

The company has a fifty day moving average of $40.52 and a 200-day moving average of $44.48.

Tortoise Energy Infrastructure Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, November 30th. Shareholders of record on Monday, November 23rd will be issued a dividend of $0.4750 per share. The ex-dividend date of this dividend is Monday, November 23rd. This represents a $5.70 dividend on an annualized basis and a dividend yield of 15.7%.

Hedge Funds Weigh In On Tortoise Energy Infrastructure

Hedge funds and other institutional investors have recently made changes to their positions in the company. Lido Advisors LLC lifted its holdings in Tortoise Energy Infrastructure by 8.9% in the 3rd quarter. Lido Advisors LLC now owns 58,362 shares of the financial services provider’s stock valued at $2,235,000 after purchasing an additional 4,752 shares in the last quarter. Kestra Advisory Services LLC grew its holdings in shares of Tortoise Energy Infrastructure by 30.3% during the third quarter. Kestra Advisory Services LLC now owns 11,731 shares of the financial services provider’s stock worth $449,000 after buying an additional 2,727 shares in the last quarter. D.A. Davidson & CO. grew its holdings in shares of Tortoise Energy Infrastructure by 81.6% during the third quarter. D.A. Davidson & CO. now owns 70,830 shares of the financial services provider’s stock worth $2,712,000 after buying an additional 31,835 shares in the last quarter. Abundance Wealth Counselors grew its holdings in shares of Tortoise Energy Infrastructure by 27.9% during the third quarter. Abundance Wealth Counselors now owns 9,100 shares of the financial services provider’s stock worth $348,000 after buying an additional 1,986 shares in the last quarter. Finally, Sigma Planning Corp raised its position in shares of Tortoise Energy Infrastructure by 27.5% in the third quarter. Sigma Planning Corp now owns 17,912 shares of the financial services provider’s stock valued at $686,000 after buying an additional 3,860 shares during the last quarter. 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 investment company focused on the energy infrastructure sector. Rather than operating pipelines, power plants or other infrastructure assets directly, the fund invests in publicly traded companies and master limited partnerships involved in energy transportation, storage, processing, generation and related infrastructure activities.

The fund seeks to provide investors with exposure to North American energy infrastructure, with investments generally spanning midstream energy companies and other businesses supporting the movement and delivery of energy.