Tortoise Energy Infrastructure Corporation (TYG) Announces Quarterly Dividend of $0.66

Tortoise Energy Infrastructure Corporation (NYSE:TYG) declared a quarterly dividend on Tuesday, August 8th, Wall Street Journal reports. Stockholders of record on Thursday, August 24th will be paid a dividend of 0.655 per share by the financial services provider on Thursday, August 31st. This represents a $2.62 annualized dividend and a dividend yield of 9.16%. The ex-dividend date of this dividend is Tuesday, August 22nd.

Tortoise Energy Infrastructure Corporation has increased its dividend payment by an average of 4.7% per year over the last three years. Tortoise Energy Infrastructure Corporation has a payout ratio of -689.5% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Tortoise Energy Infrastructure Corporation to earn ($0.35) per share next year, which means the company may not be able to cover its $2.62 annual dividend with an expected future payout ratio of -748.6%.

Shares of Tortoise Energy Infrastructure Corporation (NYSE TYG) traded up 0.92% during trading on Friday, hitting $28.61. 140,491 shares of the stock traded hands. The company has a 50 day moving average of $29.89 and a 200-day moving average of $32.30. Tortoise Energy Infrastructure Corporation has a 1-year low of $27.40 and a 1-year high of $37.11.

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Separately, Stifel Nicolaus upgraded shares of Tortoise Energy Infrastructure Corporation from a “hold” rating to a “buy” rating and cut their price target for the company from $35.00 to $34.00 in a research report on Wednesday, June 28th. They noted that the move was a valuation call.

About Tortoise Energy Infrastructure Corporation

Tortoise Energy Infrastructure Corporation (the Fund) is a non-diversified, closed-end management investment company. The Fund seeks a high level of total return with a focus on current distributions paid to stockholders. The Fund invests primarily in equity securities of master limited partnerships (MLPs) and their affiliates that transport, gather, process or store natural gas, natural gas liquids (NGLs), crude oil and refined petroleum products.

Dividend History for Tortoise Energy Infrastructure Corporation (NYSE:TYG)

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