D.A. Davidson & CO. Boosts Stock Position in Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ)

D.A. Davidson & CO. lifted its stake in Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) by 196.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 108,308 shares of the investment management company’s stock after buying an additional 71,798 shares during the quarter. D.A. Davidson & CO.’s holdings in Tortoise Power and Energy Infrastructure Fund were worth $2,173,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Harbor Investment Advisory LLC purchased a new stake in shares of Tortoise Power and Energy Infrastructure Fund in the fourth quarter worth about $27,000. Atomi Financial Group Inc. purchased a new stake in shares of Tortoise Power and Energy Infrastructure Fund in the fourth quarter worth about $316,000. Quarry LP purchased a new stake in shares of Tortoise Power and Energy Infrastructure Fund in the third quarter worth about $335,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Tortoise Power and Energy Infrastructure Fund in the fourth quarter worth about $568,000. Finally, Sanctuary Advisors LLC boosted its stake in shares of Tortoise Power and Energy Infrastructure Fund by 126.5% in the third quarter. Sanctuary Advisors LLC now owns 38,653 shares of the investment management company’s stock worth $700,000 after buying an additional 21,589 shares during the last quarter.

Insider Buying and Selling

In related news, major shareholder Saba Capital Management, L.P. sold 1,000,000 shares of the company’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $20.09, for a total value of $20,090,000.00. Following the completion of the transaction, the insider now owns 11,234 shares of the company’s stock, valued at approximately $225,691.06. This represents a 98.89 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Tortoise Power and Energy Infrastructure Fund Stock Performance

Shares of TPZ opened at $21.04 on Friday. Tortoise Power and Energy Infrastructure Fund, Inc. has a 52 week low of $14.36 and a 52 week high of $22.30. The stock’s 50-day moving average price is $20.86 and its 200-day moving average price is $19.56.

Tortoise Power and Energy Infrastructure Fund Increases Dividend

The firm also recently declared a — dividend, which was paid on Friday, January 31st. Investors of record on Thursday, January 30th were issued a $0.0679 dividend. This is a boost from Tortoise Power and Energy Infrastructure Fund’s previous — dividend of $0.03. The ex-dividend date was Thursday, January 30th.

About Tortoise Power and Energy Infrastructure Fund

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.