Kayne Anderson Energy Development Co. (KED) Reaches New 52-Week Low at $16.39

Shares of Kayne Anderson Energy Development Co. (NYSE:KED) hit a new 52-week low during trading on Tuesday . The stock traded as low as $16.39 and last traded at $16.26, with a volume of 110,149 shares trading hands. The stock had previously closed at $16.98.

KED has been the topic of several recent analyst reports. Zacks Investment Research lowered Kayne Anderson Energy Development from a “buy” rating to a “hold” rating in a research note on Wednesday, May 3rd. Stifel Nicolaus set a $23.00 price target on Kayne Anderson Energy Development and gave the company a “buy” rating in a research note on Saturday, June 24th.

The company’s 50 day moving average is $17.59 and its 200 day moving average is $18.77.

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Monday, July 10th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Thursday, July 6th. This represents a $1.60 dividend on an annualized basis and a yield of 9.77%.

A number of institutional investors have recently bought and sold shares of the company. Parkside Investments LLC increased its position in shares of Kayne Anderson Energy Development by 22.8% in the second quarter. Parkside Investments LLC now owns 24,200 shares of the investment management company’s stock worth $439,000 after buying an additional 4,500 shares in the last quarter. Morgan Stanley increased its position in shares of Kayne Anderson Energy Development by 51.5% in the first quarter. Morgan Stanley now owns 211,248 shares of the investment management company’s stock worth $4,117,000 after buying an additional 71,802 shares in the last quarter. Legal & General Group Plc increased its position in shares of Kayne Anderson Energy Development by 7.1% in the first quarter. Legal & General Group Plc now owns 23,851 shares of the investment management company’s stock worth $465,000 after buying an additional 1,587 shares in the last quarter. Ameriprise Financial Inc. acquired a new position in shares of Kayne Anderson Energy Development during the first quarter worth about $314,000. Finally, Sit Investment Associates Inc. increased its position in shares of Kayne Anderson Energy Development by 9.0% in the second quarter. Sit Investment Associates Inc. now owns 126,660 shares of the investment management company’s stock worth $2,295,000 after buying an additional 10,509 shares in the last quarter.

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Kayne Anderson Energy Development Company Profile

Kayne Anderson Energy Development Company is a non-diversified, closed-end fund. The Fund’s investment objective is to generate both current income and capital appreciation, through equity and debt investments. It seeks to achieve this objective by investing approximately 80% of its total assets in securities of companies that derive their revenue from activities in the energy industry, including midstream energy companies, which operates assets used to gather, transport, process, treat, terminal and store natural gas, natural gas liquids, crude oil or refined petroleum products; upstream energy companies, which are engaged in the exploration, extraction and production of natural resources, including natural gas, natural gas liquids and crude oil, from onshore and offshore geological reservoirs, and other energy companies, which are engaged in owning, leasing, managing, producing, processing and selling of coal and coal reserves.

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