Tortoise Power and Energy Infrastructure Fund (NYSE:TPZ) Stock Price Crosses Below Two Hundred Day Moving Average – What’s Next?

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ)’s share price passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $21.91 and traded as low as $21.15. Tortoise Power and Energy Infrastructure Fund shares last traded at $21.15, with a volume of 15,645 shares trading hands.

Tortoise Power and Energy Infrastructure Fund Stock Performance

The company’s 50 day moving average is $21.96 and its 200-day moving average is $21.91.

Hedge Funds Weigh In On Tortoise Power and Energy Infrastructure Fund

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Sound Income Strategies LLC bought a new stake in Tortoise Power and Energy Infrastructure Fund in the 1st quarter valued at about $31,000. JPMorgan Chase & Co. boosted its holdings in 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 worth $160,000 after acquiring an additional 5,463 shares in the last quarter. Breakwater Capital Group bought a new position in Tortoise Power and Energy Infrastructure Fund in the first quarter worth approximately $204,000. Walleye Capital LLC acquired a new stake in Tortoise Power and Energy Infrastructure Fund in the second quarter valued at approximately $213,000. Finally, First Trust Advisors LP grew its stake in Tortoise Power and Energy Infrastructure Fund by 19.4% in the third quarter. First Trust Advisors LP now owns 12,678 shares of the investment management company’s stock valued at $266,000 after acquiring an additional 2,059 shares during the period.

About Tortoise Power and Energy Infrastructure Fund

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.