TYG Stock Recent News

OVERLAND PARK, KS / ACCESSWIRE / June 3, 2024 / Tortoise today announced the following preliminary unaudited balance sheet information and asset coverage ratio updates for TYG, NTG, TTP, NDP and TPZ. Tortoise Energy Infrastructure Corp. (NYSE:TYG) today announced that as of May 31, 2024, the company's unaudited total assets were approximately $553.7 million and its unaudited net asset value was $435.8 million, or $40.48 per share.

Tortoise Energy Infrastructure Corp. is a closed-end fund that invests in midstream and renewable energy companies to provide high current income. The fund has underperformed the S&P 500 Index and Alerian MLP Index since our last discussion, but its distributions have helped offset the underperformance. The fund's focus on renewable energy has contributed to its recent underperformance, as the sector has faced setbacks in an inflationary environment.

Tortoise Energy Infrastructure Corporation is a closed-end fund that provides access to a diversified portfolio of pipeline operators and renewable energy producers. The TYG closed-end fund offers a higher yield of 9.92% compared to other energy infrastructure funds. The fund's performance has been mediocre, but its leverage has decreased, and its net asset value has increased, making it potentially undervalued.

Tortoise Energy Infrastructure Corporation focuses on investing in midstream companies and other energy infrastructure companies. Rising energy prices are driving the demand for energy production and infrastructure, potentially, leading to growth for the companies in which the fund invests. The TYG closed-end fund has a high dividend yield of 9.83% and a portfolio that includes a balance of natural gas-focused midstream companies and renewable energy and utility plays.

9 out of 22 CEF sectors positive on price and 12 out of 22 sectors positive on NAV. Tortoise tender offers are announced. Tender offers are part of the funds' discount management program.

Midstream MLPs have long been favorites of income investors due to their stable cash flows and very high yields. TYG invests in a portfolio of natural gas MLPs and renewable companies in an attempt to give investors exposure to the energy transition. The fund historically underperforms its benchmark indices by quite a lot, which is unfortunate.

TYG has seen its discount expand a bit since our last update. Energy and utilities were weaker performers in 2023 so far.

In light of dimming prospects for oil and gas, I've avoided adding funds that hold energy companies.

TYG's discount is heading back out wider after volatility in the energy sector, and their tender offer ends. The fund is attractively discounted for investors lacking some energy infrastructure exposure.

The markets have added to the gains they started in October. I add to my investments every month; however, this month, I did quite a bit of movement with several positions I sold too.