Tortoise Energy Infrastructure (NYSE:TYG) Shares Pass Above 200 Day Moving Average - Here's Why

Tortoise Energy Infrastructure Co. (NYSE:TYG - Get Free Report) shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $40.35 and traded as high as $45.27. Tortoise Energy Infrastructure shares last traded at $44.71, with a volume of 107,322 shares changing hands.

Tortoise Energy Infrastructure Stock Up 1.4 %

The company has a 50 day moving average price of $44.30 and a 200-day moving average price of $40.35.

Tortoise Energy Infrastructure Announces Dividend

The business also recently announced a -- dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 21st will be given a $0.365 dividend. The ex-dividend date is Friday, February 21st. This represents a yield of 7.4%.

Insiders Place Their Bets

In other news, major shareholder Prudential Financial Inc bought 1,500,000 shares of the firm's stock in a transaction that occurred on Wednesday, December 18th. The stock was acquired at an average price of $10.00 per share, with a total value of $15,000,000.00. Following the completion of the purchase, the insider now directly owns 1,500,000 shares of the company's stock, valued at $15,000,000. This represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Saba Capital Management, L.P. sold 9,211 shares of Tortoise Energy Infrastructure stock in a transaction dated Friday, December 27th. The stock was sold at an average price of $42.46, for a total value of $391,099.06. Following the transaction, the insider now directly owns 1,066,901 shares in the company, valued at approximately $45,300,616.46. The trade was a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.28% of the stock is owned by insiders.

Hedge Funds Weigh In On Tortoise Energy Infrastructure

Several large investors have recently made changes to their positions in TYG. Raymond James & Associates lifted its holdings in shares of Tortoise Energy Infrastructure by 679.7% during the third quarter. Raymond James & Associates now owns 75,830 shares of the financial services provider's stock valued at $2,976,000 after purchasing an additional 66,104 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Tortoise Energy Infrastructure by 604.3% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 76,567 shares of the financial services provider's stock valued at $3,005,000 after acquiring an additional 65,695 shares during the period. Advisors Asset Management Inc. lifted its position in shares of Tortoise Energy Infrastructure by 12.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 251,075 shares of the financial services provider's stock valued at $9,855,000 after acquiring an additional 28,661 shares in the last quarter. Financial Advocates Investment Management boosted its stake in Tortoise Energy Infrastructure by 337.1% in the 4th quarter. Financial Advocates Investment Management now owns 31,059 shares of the financial services provider's stock worth $1,304,000 after purchasing an additional 23,953 shares during the period. Finally, De Lisle Partners LLP boosted its position in shares of Tortoise Energy Infrastructure by 42.3% in the third quarter. De Lisle Partners LLP now owns 66,093 shares of the financial services provider's stock worth $2,593,000 after buying an additional 19,644 shares during the period. Institutional investors own 32.50% of the company's stock.

About Tortoise Energy Infrastructure

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.