Tortoise Energy Infrastructure (NYSE:TYG) Hits New 1-Year High – Still a Buy?

Tortoise Energy Infrastructure Co. (NYSE:TYG) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $46.60 and last traded at $46.51, with a volume of 72675 shares changing hands. The stock had previously closed at $45.25.

Tortoise Energy Infrastructure Stock Performance

The company has a 50 day moving average price of $43.81 and a 200 day moving average price of $39.69.

Tortoise Energy Infrastructure Announces Dividend

The business also recently disclosed a — dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 21st will be issued a dividend of $0.365 per share. This represents a yield of 7.4%. The ex-dividend date of this dividend is Friday, February 21st.

Insider Activity

In other news, major shareholder Prudential Financial Inc purchased 1,500,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The shares were acquired at an average cost of $10.00 per share, with a total value of $15,000,000.00. Following the transaction, the insider now owns 1,500,000 shares in the company, valued at approximately $15,000,000. The trade was a ? increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Saba Capital Management, L.P. sold 5,667 shares of Tortoise Energy Infrastructure stock in a transaction on Monday, December 30th. The stock was sold at an average price of $41.61, for a total transaction of $235,803.87. Following the completion of the transaction, the insider now directly owns 1,061,234 shares of the company’s stock, valued at approximately $44,157,946.74. This represents a 0.53 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.28% of the company’s stock.

Institutional Investors Weigh In On Tortoise Energy Infrastructure

Institutional investors have recently modified their holdings of the business. Sanctuary Advisors LLC boosted its stake in Tortoise Energy Infrastructure by 58.6% in the third quarter. Sanctuary Advisors LLC now owns 21,347 shares of the financial services provider’s stock valued at $838,000 after acquiring an additional 7,891 shares during the period. Raymond James & Associates lifted its holdings in shares of Tortoise Energy Infrastructure by 679.7% in the 3rd quarter. Raymond James & Associates now owns 75,830 shares of the financial services provider’s stock worth $2,976,000 after purchasing an additional 66,104 shares during the last quarter. Almitas Capital LLC grew its stake in Tortoise Energy Infrastructure by 157.6% during the 2nd quarter. Almitas Capital LLC now owns 25,457 shares of the financial services provider’s stock worth $888,000 after buying an additional 15,576 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Tortoise Energy Infrastructure by 604.3% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 76,567 shares of the financial services provider’s stock worth $3,005,000 after buying an additional 65,695 shares during the period. Finally, Bayshore Asset Management LLC bought a new stake in Tortoise Energy Infrastructure in the third quarter valued at $688,000. 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.