Tortoise Power and Energy Infrastructure Fund (NYSE:TPZ) Share Price Crosses Below 200-Day Moving Average – Here’s Why

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $21.94 and traded as low as $21.14. Tortoise Power and Energy Infrastructure Fund shares last traded at $21.1910, with a volume of 8,965 shares trading hands.

Tortoise Power and Energy Infrastructure Fund Stock Performance

The company’s fifty day simple moving average is $21.82 and its two-hundred day simple moving average is $21.94.

Institutional Investors Weigh In On Tortoise Power and Energy Infrastructure Fund

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Sound Income Strategies LLC bought a new position in shares of Tortoise Power and Energy Infrastructure Fund during the 1st quarter worth approximately $31,000. Osaic Holdings Inc. grew its holdings in shares of Tortoise Power and Energy Infrastructure Fund by 7.1% in the second quarter. Osaic Holdings Inc. now owns 26,701 shares of the investment management company’s stock valued at $547,000 after acquiring an additional 1,771 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of 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 in the last quarter. NWF Advisory Services Inc. increased its position in shares of Tortoise Power and Energy Infrastructure Fund by 16.6% during the first quarter. NWF Advisory Services Inc. now owns 16,189 shares of the investment management company’s stock valued at $354,000 after acquiring an additional 2,300 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in Tortoise Power and Energy Infrastructure Fund by 233.8% during 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 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.