Tortoise Energy Infrastructure Corp. (NYSE:TYG) declared a quarterly dividend on Tuesday, May 7th, Wall Street Journal reports. Investors of record on Friday, May 24th will be paid a dividend of 0.655 per share by the financial services provider on Friday, May 31st. This represents a $2.62 dividend on an annualized basis and a yield of 11.87%. The ex-dividend date is Thursday, May 23rd.
Tortoise Energy Infrastructure has increased its dividend payment by an average of 0.4% per year over the last three years. Tortoise Energy Infrastructure has a dividend payout ratio of -689.5% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.
TYG traded up $0.07 during trading on Thursday, reaching $22.07. 285,294 shares of the stock were exchanged, compared to its average volume of 199,558. Tortoise Energy Infrastructure has a twelve month low of $18.36 and a twelve month high of $30.20.
About Tortoise Energy Infrastructure
Tortoise Energy Infrastructure Corporation is a closed ended equity mutual fund launched and managed by Tortoise Capital Advisors LLC The fund invests in the public equity markets of the United States. It seeks to invest in the stocks of companies operating in the energy infrastructure sector, with an emphasis on those companies that are engaged in transporting, processing, storing, distributing or marketing natural gas, natural gas liquids (primarily propane), coal, crude oil or refined petroleum products, or exploring, developing, managing or producing such commodities.
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