Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) Short Interest Down 59.8% in May

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ – Get Rating) was the target of a significant decrease in short interest during the month of May. As of May 15th, there was short interest totalling 3,300 shares, a decrease of 59.8% from the April 30th total of 8,200 shares. Based on an average trading volume of 16,200 shares, the days-to-cover ratio is presently 0.2 days.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of TPZ. Stratos Wealth Advisors LLC increased its position in shares of Tortoise Power and Energy Infrastructure Fund by 5.1% in the first quarter. Stratos Wealth Advisors LLC now owns 20,500 shares of the investment management company’s stock valued at $263,000 after acquiring an additional 1,000 shares during the period. Carmichael Hill & Associates Inc. lifted its stake in shares of Tortoise Power and Energy Infrastructure Fund by 9.8% in the first quarter. Carmichael Hill & Associates Inc. now owns 15,560 shares of the investment management company’s stock worth $200,000 after buying an additional 1,392 shares in the last quarter. Rockefeller Capital Management L.P. lifted its stake in shares of Tortoise Power and Energy Infrastructure Fund by 1.2% in the first quarter. Rockefeller Capital Management L.P. now owns 147,192 shares of the investment management company’s stock worth $1,891,000 after buying an additional 1,775 shares in the last quarter. UBS Group AG lifted its stake in shares of Tortoise Power and Energy Infrastructure Fund by 5.6% in the second quarter. UBS Group AG now owns 62,895 shares of the investment management company’s stock worth $787,000 after buying an additional 3,353 shares in the last quarter. Finally, Truist Financial Corp lifted its stake in shares of Tortoise Power and Energy Infrastructure Fund by 16.7% in the fourth quarter. Truist Financial Corp now owns 30,540 shares of the investment management company’s stock worth $390,000 after buying an additional 4,361 shares in the last quarter.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada cut their price objective on shares of Tortoise Power and Energy Infrastructure Fund from $30.00 to $28.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 1st.

Tortoise Power and Energy Infrastructure Fund Stock Up 0.7 %

NYSE:TPZ traded up $0.08 during trading hours on Friday, hitting $12.62. The stock had a trading volume of 11,943 shares, compared to its average volume of 16,361. The company has a 50 day simple moving average of $12.82 and a two-hundred day simple moving average of $13.11. Tortoise Power and Energy Infrastructure Fund has a one year low of $11.91 and a one year high of $14.52.

Tortoise Power and Energy Infrastructure Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, May 31st. Shareholders of record on Wednesday, May 24th will be issued a $0.105 dividend. This represents a $1.26 annualized dividend and a yield of 9.98%. The ex-dividend date of this dividend is Tuesday, May 23rd.

Tortoise Power and Energy Infrastructure Fund Company Profile

(Get Rating)

Tortoise Power and Energy Infrastructure Fund, Inc is a closed-ended balanced mutual fund launched and managed by Tortoise Capital Advisors, LLC. The fund invests in the fixed income and public equity markets of the United States. It invests in securities of companies operating in the power and energy infrastructure sectors.