Saba Capital Management, L.P. Sells 1,000,000 Shares of Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) Stock

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) major shareholder Saba Capital Management, L.P. sold 1,000,000 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $225,691.06. This trade represents a 98.89 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

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

• On Tuesday, December 24th, Saba Capital Management, L.P. acquired 347,278 shares of Tortoise Power and Energy Infrastructure Fund stock. The shares were acquired at an average price of $13.78 per share, with a total value of $4,785,490.84.

Tortoise Power and Energy Infrastructure Fund Stock Performance

Shares of NYSE TPZ opened at $20.07 on Thursday. Tortoise Power and Energy Infrastructure Fund, Inc. has a fifty-two week low of $13.79 and a fifty-two week high of $20.99. The business has a 50 day moving average price of $19.92 and a two-hundred day moving average price of $18.24.

Tortoise Power and Energy Infrastructure Fund Dividend Announcement

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Envestnet Asset Management Inc. grew its position in shares of Tortoise Power and Energy Infrastructure Fund by 13.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 197,369 shares of the investment management company’s stock worth $3,116,000 after acquiring an additional 23,673 shares in the last quarter. Advisors Asset Management Inc. acquired a new position in shares of Tortoise Power and Energy Infrastructure Fund in the 3rd quarter worth approximately $1,186,000. Choreo LLC grew its position in shares of Tortoise Power and Energy Infrastructure Fund by 7.7% in the 2nd quarter. Choreo LLC now owns 44,574 shares of the investment management company’s stock worth $702,000 after acquiring an additional 3,169 shares in the last quarter. Wolverine Asset Management LLC acquired a new position in shares of Tortoise Power and Energy Infrastructure Fund in the 2nd quarter worth approximately $109,000. Finally, Kovitz Investment Group Partners LLC acquired a new position in shares of Tortoise Power and Energy Infrastructure Fund in the 3rd quarter worth approximately $13,071,000.

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.