Tortoise Energy Infrastructure Co. (NYSE:TYG) Sees Large Increase in Short Interest

Tortoise Energy Infrastructure Co. (NYSE:TYG - Get Free Report) was the recipient of a significant growth in short interest during the month of February. As of February 28th, there was short interest totalling 31,600 shares, a growth of 33.9% from the February 13th total of 23,600 shares. Based on an average daily volume of 104,700 shares, the short-interest ratio is currently 0.3 days. Approximately 0.3% of the company's stock are sold short.

Tortoise Energy Infrastructure Stock Performance

TYG stock traded up $0.22 during trading on Thursday, hitting $43.92. 29,352 shares of the stock traded hands, compared to its average volume of 55,134. Tortoise Energy Infrastructure has a 1 year low of $29.54 and a 1 year high of $48.76. The firm's 50 day moving average is $44.43 and its two-hundred day moving average is $42.35.

Tortoise Energy Infrastructure Dividend Announcement

The company also recently declared a -- dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 23rd will be given a dividend of $0.365 per share. This represents a dividend yield of 8.4%. The ex-dividend date is Friday, May 23rd.

Insider Activity

In other news, major shareholder Saba Capital Management, L.P. sold 9,211 shares of the firm's stock in a transaction on Friday, December 27th. The stock was sold at an average price of $42.46, for a total transaction of $391,099.06. Following the completion of the transaction, the insider now directly owns 1,066,901 shares in the company, valued at $45,300,616.46. This trade represents a 0.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.28% of the company's stock.

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Hedge Funds Weigh In On Tortoise Energy Infrastructure

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Saba Capital Management L.P. increased its holdings in shares of Tortoise Energy Infrastructure by 118.8% in the 4th quarter. Saba Capital Management L.P. now owns 1,048,879 shares of the financial services provider's stock worth $44,053,000 after purchasing an additional 569,441 shares in the last quarter. Almitas Capital LLC bought a new stake in Tortoise Energy Infrastructure in the 4th quarter worth about $10,444,000. Wells Fargo & Company MN raised its position in Tortoise Energy Infrastructure by 1,713.7% in the 4th quarter. Wells Fargo & Company MN now owns 222,159 shares of the financial services provider's stock worth $9,331,000 after buying an additional 209,910 shares during the last quarter. Bulldog Investors LLP purchased a new position in Tortoise Energy Infrastructure in the 4th quarter worth about $7,997,000. Finally, Raymond James Financial Inc. bought a new position in Tortoise Energy Infrastructure during the 4th quarter valued at about $7,158,000. 32.50% of the stock is owned by institutional investors.

Tortoise Energy Infrastructure Company Profile

Tortoise Energy Infrastructure Corporation is a closed ended equity mutual fund launched and managed by Tortoise Capital Advisors LLC The fund invests in the public equity markets of the United States. It seeks to invest in the stocks of companies operating in the energy infrastructure sector, with an emphasis on those companies that are engaged in transporting, processing, storing, distributing or marketing natural gas, natural gas liquids (primarily propane), coal, crude oil or refined petroleum products, or exploring, developing, managing or producing such commodities.