iPath Select MLP ETN (NYSEARCA:ATMP) Reaches New 1-Year High – Still a Buy?

iPath Select MLP ETN (NYSEARCA:ATMP)’s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $36.78 and last traded at $36.76, with a volume of 11269 shares changing hands. The stock had previously closed at $36.44.

iPath Select MLP ETN Trading Up 0.9%

The firm’s fifty day moving average is $34.31 and its 200 day moving average is $31.51.

iPath Select MLP ETN Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 8th. Investors of record on Friday, May 29th will be issued a dividend of $0.4088 per share. This represents a $1.64 annualized dividend and a yield of 4.4%. The ex-dividend date is Friday, May 29th. This is a positive change from iPath Select MLP ETN’s previous quarterly dividend of $0.39.

Hedge Funds Weigh In On iPath Select MLP ETN

A hedge fund recently bought a new stake in iPath Select MLP ETN stock. JPMorgan Chase & Co. purchased a new stake in shares of iPath Select MLP ETN (NYSEARCA:ATMP) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 3,900 shares of the company’s stock, valued at approximately $114,000.

About iPath Select MLP ETN

The Barclays ETN+ Select MLP ETN (ATMP) is an exchange-traded fund that is based on the CIBC Atlas Select MLP VWAP index. The fund tracks a tiered-weighted index consisting of US and Canadian MLPs and general partners of MLPs that are selected based on fundamental criteria. ATMP was launched on Mar 12, 2013 and is issued by Barclays.