Tortoise Energy Independence Fund, Inc. (NYSE:NDP) Sees Significant Increase in Short Interest

Posted by on Apr 27th, 2023

Tortoise Energy Independence Fund, Inc. (NYSE:NDP – Get Rating) saw a significant increase in short interest in April. As of April 15th, there was short interest totalling 2,600 shares, an increase of 36.8% from the March 31st total of 1,900 shares. Based on an average daily volume of 6,100 shares, the days-to-cover ratio is currently 0.4 days.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of NDP. UBS Group AG raised its stake in Tortoise Energy Independence Fund by 30.9% during the third quarter. UBS Group AG now owns 6,230 shares of the company’s stock valued at $176,000 after buying an additional 1,471 shares in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new position in Tortoise Energy Independence Fund in the 4th quarter worth approximately $224,000. Commonwealth Equity Services LLC bought a new position in Tortoise Energy Independence Fund in the 4th quarter worth approximately $324,000. Raymond James Financial Services Advisors Inc. grew its holdings in Tortoise Energy Independence Fund by 27.5% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 14,289 shares of the company’s stock worth $405,000 after buying an additional 3,084 shares in the last quarter. Finally, Morgan Stanley lifted its position in Tortoise Energy Independence Fund by 17.6% in the fourth quarter. Morgan Stanley now owns 18,805 shares of the company’s stock worth $548,000 after purchasing an additional 2,821 shares during the period.

Tortoise Energy Independence Fund Stock Performance

Shares of NDP opened at $28.47 on Thursday. Tortoise Energy Independence Fund has a 12 month low of $24.79 and a 12 month high of $35.56. The stock’s 50-day moving average is $28.66 and its two-hundred day moving average is $30.53.

Tortoise Energy Independence Fund Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 28th. Investors of record on Tuesday, February 21st were paid a $0.63 dividend. This is a boost from Tortoise Energy Independence Fund’s previous quarterly dividend of $0.56. The ex-dividend date was Friday, February 17th. This represents a $2.52 annualized dividend and a dividend yield of 8.85%.

About Tortoise Energy Independence Fund

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Tortoise Energy Independence Fund, Inc is a close ended equity mutual fund launched and managed by Tortoise Capital Advisors LLC The fund invests in the public equity markets of the North American. It seeks to invest primarily in the energy sector. The fund employs a fundamental analysis with a bottom up stock picking approach with focus on factors like quantitative, qualitative, and relative value factors to create its portfolio.

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