International Assets Investment Management LLC significantly increased its stake in Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) during the fourth quarter, according to its latest Form 13F filing with the Securities & Exchange Commission. The institutional investor now holds 9,529 shares of the investment management company’s stock, representing a remarkable growth of 2,710.9% compared to the previous quarter. This surge in holdings followed the purchase of an additional 9,190 shares.
At the end of the quarter, the value of International Assets Investment Management LLC’s holdings in Tortoise Pipeline & Energy Fund amounted to $268,000.
Several other hedge funds also adjusted their positions in TTP during the same period. Saba Capital Management L.P. increased its stake by 1.3%, owning 169,084 shares valued at $4,736,000. D.A. Davidson & CO. augmented its position by 6.9%, holding 13,895 shares valued at $389,000. Additionally, Thomas J. Herzfeld Advisors Inc. expanded its stake by 9.8%, owning 4,268 shares valued at $120,000.
Despite these significant investments, Tortoise Pipeline & Energy Fund’s stock experienced a slight decrease of 0.8% in trading, opening at $32.28 on Friday. The stock has been fluctuating around its 50-day moving average price of $30.67 and its 200-day moving average price of $29.01. Over the past year, the stock has ranged from a low of $24.75 to a high of $32.79.
In terms of dividends, Tortoise Pipeline & Energy Fund recently announced a quarterly dividend, which was paid on Thursday, February 29th. Investors of record on Thursday, February 22nd received a dividend of $0.59 per share. This translates to an annualized dividend of $2.36 per share and a yield of 7.31%.
Tortoise Pipeline & Energy Fund, Inc. is a closed-end equity mutual fund managed by Tortoise Capital Advisors, LLC. It primarily invests in pipeline companies involved in the transportation of natural gas, natural gas liquids, crude oil, and refined petroleum products within North America.