Insider Buying: Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) Major Shareholder Purchases 347,278 Shares of Stock

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) major shareholder Saba Capital Management, L.P. bought 347,278 shares of the stock in a transaction dated Tuesday, December 24th. The stock was purchased at an average price of $13.78 per share, with a total value of $4,785,490.84. Following the acquisition, the insider now directly owns 1,011,234 shares in the company, valued at approximately $13,934,804.52. The trade was a 52.30 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Saba Capital Management, L.P. also recently made the following trade(s):

• On Thursday, December 26th, Saba Capital Management, L.P. sold 1,000,000 shares of Tortoise Power and Energy Infrastructure Fund stock. The stock was sold at an average price of $20.09, for a total transaction of $20,090,000.00.

Tortoise Power and Energy Infrastructure Fund Stock Down 0.0 %

NYSE:TPZ opened at $20.07 on Wednesday. The company has a 50-day moving average of $19.89 and a 200 day moving average of $18.23. Tortoise Power and Energy Infrastructure Fund, Inc. has a 1-year low of $13.79 and a 1-year high of $20.99.

Tortoise Power and Energy Infrastructure Fund Dividend Announcement

The firm also recently declared a — dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.0252 per share. The ex-dividend date of this dividend is Tuesday, December 31st.

Hedge Funds Weigh In On Tortoise Power and Energy Infrastructure Fund

Several hedge funds have recently modified their holdings of TPZ. Wolverine Asset Management LLC acquired a new position in shares of Tortoise Power and Energy Infrastructure Fund in the second quarter valued at about $109,000. Sanctuary Advisors LLC acquired a new stake in Tortoise Power and Energy Infrastructure Fund during the 2nd quarter worth about $258,000. Quarry LP purchased a new position in shares of Tortoise Power and Energy Infrastructure Fund during the 3rd quarter valued at about $335,000. Carmichael Hill & Associates Inc. lifted its holdings in shares of Tortoise Power and Energy Infrastructure Fund by 3.4% in the 2nd quarter. Carmichael Hill & Associates Inc. now owns 21,429 shares of the investment management company’s stock valued at $338,000 after buying an additional 705 shares during the period. Finally, Choreo LLC boosted its stake in shares of Tortoise Power and Energy Infrastructure Fund by 7.7% in the second quarter. Choreo LLC now owns 44,574 shares of the investment management company’s stock worth $702,000 after buying an additional 3,169 shares during the last quarter.

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.