Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) Announces Dividend Increase – $0.07 Per Share

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) announced a — dividend on Thursday, January 30th,Wall Street Journal reports. Investors of record on Thursday, January 30th will be given a dividend of 0.0679 per share by the investment management company on Friday, January 31st. The ex-dividend date is Thursday, January 30th. This is a boost from Tortoise Power and Energy Infrastructure Fund’s previous — dividend of $0.03.

Tortoise Power and Energy Infrastructure Fund Price Performance

TPZ stock opened at $21.35 on Friday. Tortoise Power and Energy Infrastructure Fund has a 52-week low of $14.04 and a 52-week high of $22.30. The company’s 50-day simple moving average is $20.65 and its 200-day simple moving average is $19.02.

Insider Buying and Selling

In other news, major shareholder Saba Capital Management, L.P. sold 1,000,000 shares of Tortoise Power and Energy Infrastructure Fund stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $20.09, for a total value of $20,090,000.00. Following the sale, the insider now owns 11,234 shares in the company, valued at $225,691.06. This trade represents a 98.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

About Tortoise Power and Energy Infrastructure Fund

Tortoise Power and Energy Infrastructure Fund, Inc is a closed-ended balanced mutual fund launched and managed by Tortoise Capital Advisors, LLC. The fund invests in the fixed income and public equity markets of the United States. It invests in securities of companies operating in the power and energy infrastructure sectors.