Saba Capital Management, L.P. Buys 4,725 Shares of Tortoise Midstream Energy Fund, Inc. (NYSE:NTG) Stock

Tortoise Midstream Energy Fund, Inc. (NYSE:NTG) major shareholder Saba Capital Management, L.P. bought 4,725 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was bought at an average cost of $44.84 per share, for a total transaction of $211,869.00. Following the completion of the purchase, the insider now directly owns 515,767 shares of the company’s stock, valued at $23,126,992.28. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Tortoise Midstream Energy Fund Price Performance

NTG stock opened at $44.96 on Thursday. The firm has a 50 day simple moving average of $43.56 and a two-hundred day simple moving average of $40.31. Tortoise Midstream Energy Fund, Inc. has a one year low of $31.54 and a one year high of $45.56.

Tortoise Midstream Energy Fund Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 23rd were given a $0.81 dividend. The ex-dividend date of this dividend was Friday, August 23rd. This is a positive change from Tortoise Midstream Energy Fund’s previous quarterly dividend of $0.77. This represents a $3.24 annualized dividend and a yield of 7.21%. Tortoise Midstream Energy Fund’s payout ratio is -10,475.77%.

Institutional Investors Weigh In On Tortoise Midstream Energy Fund

A number of large investors have recently added to or reduced their stakes in NTG. Financial Advocates Investment Management boosted its holdings in shares of Tortoise Midstream Energy Fund by 1.3% in the 2nd quarter. Financial Advocates Investment Management now owns 20,166 shares of the investment management company’s stock worth $866,000 after purchasing an additional 259 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its stake in Tortoise Midstream Energy Fund by 3.7% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 10,400 shares of the investment management company’s stock worth $362,000 after buying an additional 375 shares in the last quarter. Matisse Capital boosted its stake in Tortoise Midstream Energy Fund by 7.0% in the second quarter. Matisse Capital now owns 6,655 shares of the investment management company’s stock worth $286,000 after buying an additional 435 shares in the last quarter. Principal Securities Inc. bought a new position in Tortoise Midstream Energy Fund during the fourth quarter valued at approximately $32,000. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Tortoise Midstream Energy Fund by 3,900.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,000 shares of the investment management company’s stock worth $43,000 after acquiring an additional 975 shares in the last quarter.

Tortoise Midstream Energy Fund Company Profile

Tortoise MLP Fund, Inc is a close ended equity mutual fund launched and managed by Tortoise Capital Advisors LLC It invests in public equity markets. The fund primarily invests in equity securities of MLPs and their affiliates, with an emphasis on natural gas infrastructure Master Limited Partnerships.