Saba Capital Management, L.P., a significant shareholder in Tortoise Energy Infrastructure Corp (NYSE:TYG), recently executed sales of the company’s common stock totaling $626,902. The transactions, disclosed in a recent SEC filing, occurred on December 27 and December 30. TYG, currently valued at $730 million, stands out with its impressive 10.4% dividend yield and a track record of 21 consecutive years of dividend payments, according to InvestingPro data.
On December 27, Saba Capital sold 9,211 shares at a price of $42.46 per share. This was followed by another sale on December 30, where 5,667 shares were sold at $41.61 per share. Following these transactions, Saba Capital holds 1,061,234 shares of Tortoise Energy’s common stock. The stock has demonstrated strong performance, posting a 60% return over the past year with a P/E ratio of 4.3.
These sales are part of routine portfolio management by Saba Capital, which is known for its active investment strategies. The firm, led by Boaz Weinstein, continues to hold a substantial stake in the company. For more detailed insights and additional financial metrics, including 7 more key investment tips for TYG, visit InvestingPro.
In other recent news, Tortoise Energy Infrastructure Corp. has made the decision to adjourn its Special Meeting of Stockholders, originally planned for earlier, to December 5, 2024. The reasoning behind this postponement is to provide stockholders with additional time to cast their votes on a yet undisclosed proposal. The meeting, which was set to take place at the company’s headquarters in Overland Park, Kansas, was opened and subsequently adjourned without any business being conducted.
During this adjournment period, Tortoise Energy will continue to solicit votes from its stockholders regarding the proposal. The record date for determining stockholders eligible to vote at the Special Meeting will remain as August 27, 2024. The reconvened Special Meeting is planned to be held at the same location. These are the recent developments in the company’s activities.
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