Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) Sees Significant Decrease in Short Interest

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) was the recipient of a significant decline in short interest during the month of June. As of June 30th, there was short interest totaling 17,667 shares, a decline of 70.7% from the June 15th total of 60,385 shares. Approximately 0.3% of the shares of the company are sold short. Based on an average daily trading volume, of 11,973 shares, the days-to-cover ratio is presently 1.5 days.

Institutional Investors Weigh In On Tortoise Power and Energy Infrastructure Fund

Several hedge funds have recently added to or reduced their stakes in the business. Sound Income Strategies LLC bought a new position in Tortoise Power and Energy Infrastructure Fund during the first quarter worth $31,000. JPMorgan Chase & Co. raised its position in shares of Tortoise Power and Energy Infrastructure Fund by 233.8% in the second quarter. JPMorgan Chase & Co. now owns 7,800 shares of the investment management company’s stock valued at $160,000 after purchasing an additional 5,463 shares during the period. Breakwater Capital Group acquired a new stake in shares of Tortoise Power and Energy Infrastructure Fund during the 1st quarter worth about $204,000. Walleye Capital LLC acquired a new stake in shares of Tortoise Power and Energy Infrastructure Fund during the 2nd quarter worth about $213,000. Finally, First Trust Advisors LP boosted its holdings in shares of Tortoise Power and Energy Infrastructure Fund by 19.4% during the 3rd quarter. First Trust Advisors LP now owns 12,678 shares of the investment management company’s stock worth $266,000 after buying an additional 2,059 shares during the period.

Tortoise Power and Energy Infrastructure Fund Price Performance

NYSE:TPZ traded up $0.01 on Friday, hitting $22.09. The company’s stock had a trading volume of 5,052 shares, compared to its average volume of 13,083. Tortoise Power and Energy Infrastructure Fund has a one year low of $19.93 and a one year high of $23.03. The stock has a fifty day moving average of $22.03 and a two-hundred day moving average of $21.77.

Tortoise Power and Energy Infrastructure Fund Company Profile

Tortoise Power and Energy Infrastructure Fund, Inc (NYSE: TPZ) is a closed-end management investment company that seeks total return through a mix of current income and capital appreciation. The fund pursues its objectives by investing primarily in exchange-listed closed-end funds that themselves hold securities of energy infrastructure companies. This fund-of-funds structure allows TPZ to offer diversified exposure to multiple segments of the energy infrastructure sector without directly purchasing individual corporate securities.

TPZ’s underlying investments include equity, debt and hybrid instruments issued by companies involved in the transportation, storage and processing of oil and natural gas, as well as utilities and power generation businesses.