In a recent transaction, Saba Capital Management, L.P., a significant stakeholder in Tortoise Energy Infrastructure Corp (NYSE:TYG), sold 12,355 shares of the company's common stock. The sale, which took place on December 31, 2024, was executed at a price of $42.24 per share, amounting to a total transaction value of $521,875. TYG, currently valued at $725 million in market capitalization, has demonstrated strong performance with a 59% return over the past year. Following this sale, Saba Capital Management retains ownership of 1,048,879 shares in the company. This transaction highlights the ongoing portfolio adjustments by major investors in the energy infrastructure sector. The company maintains a notable 10.4% dividend yield and has sustained dividend payments for 22 consecutive years. InvestingPro analysis reveals 8 additional key insights about TYG's financial health and market position.
In other recent news, Tortoise Energy Infrastructure Corp. has announced a postponement of its Special Meeting of Stockholders, originally slated for earlier this month, to December 5, 2024. The adjournment will provide stockholders with additional time to cast their votes on an undisclosed proposal, as detailed in the Joint Proxy Statement/Prospectus dated November 5, 2024. The meeting, initially convened at the company's headquarters in Overland Park, Kansas, was adjourned without any business being conducted, with the record date for determining stockholders eligible to vote remaining on August 27, 2024. During the adjournment, Tortoise Energy will continue to solicit votes from its stockholders regarding the proposal. The reconvened Special Meeting will be held at the same location in Overland Park, Kansas. These are among the recent developments for the company.
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