Tortoise North American Pipeline Fund (NYSEARCA:TPYP) Sees Strong Trading Volume – Here’s What Happened

Shares of Tortoise North American Pipeline Fund (NYSEARCA:TPYP) saw strong trading volume on Tuesday . 325,827 shares traded hands during trading, an increase of 303% from the previous session’s volume of 80,937 shares.The stock last traded at $42.0950 and had previously closed at $42.81.

Tortoise North American Pipeline Fund Stock Down 1.1%

The firm has a market cap of $835.09 million, a P/E ratio of 18.76 and a beta of 0.73. The firm’s fifty day moving average is $40.64 and its two-hundred day moving average is $37.27.

Tortoise North American Pipeline Fund Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Thursday, March 26th were given a $0.3407 dividend. The ex-dividend date of this dividend was Thursday, March 26th. This represents a $1.36 annualized dividend and a dividend yield of 3.3%. This is a positive change from Tortoise North American Pipeline Fund’s previous quarterly dividend of $0.34.

Hedge Funds Weigh In On Tortoise North American Pipeline Fund

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Keudell Morrison Wealth Management purchased a new stake in Tortoise North American Pipeline Fund in the fourth quarter worth about $10,911,000. Morgan Stanley boosted its position in Tortoise North American Pipeline Fund by 9.8% during the 4th quarter. Morgan Stanley now owns 3,391,404 shares of the company’s stock valued at $119,696,000 after acquiring an additional 301,857 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Tortoise North American Pipeline Fund by 15.8% during the 3rd quarter. Bank of America Corp DE now owns 1,017,255 shares of the company’s stock worth $37,079,000 after acquiring an additional 138,577 shares during the period. First National Bank of Omaha purchased a new position in shares of Tortoise North American Pipeline Fund during the 4th quarter worth approximately $3,567,000. Finally, Blueline Advisors LLC bought a new position in shares of Tortoise North American Pipeline Fund in the 4th quarter worth approximately $3,413,000.

Tortoise North American Pipeline Fund Company Profile

The Tortoise North American Pipeline Fund (TPYP) is an exchange-traded fund that is based on the Tortoise North American Pipeline index. The fund tracks an index of North American pipeline entities organized as MLPs, MLP affiliates, LLCs, and corporations. TPYP was launched on Jun 30, 2015 and is managed by Tortoise.