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Tortoise Pipeline & Energy Fund, Inc. (NYSE:TTP) is a non-diversified, closed-end investment management company specializing in the energy and power infrastructure sector. TTP focuses on investing in equity securities of North American pipeline companies. These companies are involved in the transportation of natural gas, natural gas liquids, crude oil, and refined products. By targeting fixed-income and dividend-paying equity securities, TTP aims to offer its investors stability and defensiveness across economic cycles.
With a commitment to essential assets and services, TTP seeks to meet crucial societal needs while also addressing client needs for diversification and income. The company's portfolio includes traditional energy investments spanning the entire energy value chain, sustainable infrastructure projects like wind, solar, and water infrastructure, and credit investments through direct lending to social infrastructure projects.
In recent updates, TTP announced distributions paid on August 31, 2023, November 30, 2023, February 29, 2024, and May 31, 2024. These distributions include net investment income, net realized short-term and long-term capital gains, and return of capital. Notably, TTP and Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) have estimated that a portion of recent distributions may be a return of capital, highlighting the need for investors to consider the distributions' sources in their total return assessments.
Managed by Tortoise Capital Advisors, TTP benefits from the adviser’s extensive experience and research in the energy value chain, dating back more than two decades. As an early investor in midstream energy, Tortoise is well-positioned to lead during the global energy transition. With a steady approach and long-term perspective, Tortoise strives to make a positive impact on clients and communities.
Tortoise Pipeline & Energy Fund, Inc. (NYSE:TTP) and Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) announced distributions paid on February 28, 2023. The current distribution for TTP is $0.5900 per share, sourced mainly from a 87% return of capital, while TPZ's current distribution is $0.1050, with 46% from return of capital. Year-to-date performance shows TTP with an average annual total return of -9.07% and TPZ at 1.17%. The cumulative fiscal year distributions as a percentage of NAV stand at 1.73% for TTP and 1.98% for TPZ.
KBRA has assigned a rating of ‘AAA’ for the Senior Notes and ‘A+’ for the Mandatory Redeemable Preferred Shares (MRPS) of Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP). Both ratings carry a ‘Stable’ Outlook. The Fund, under the Investment Company Act of 1940, primarily invests in equity securities of pipeline companies. As of
Tortoise Pipeline & Energy Fund, Inc. (TTP) and Tortoise Power and Energy Infrastructure Fund, Inc. (TPZ) announced distributions as of November 30, 2022. TTP's current distribution totals $0.5900 per share, with 100% sourced from net realized long-term capital gains. Cumulative distributions for TTP fiscal year-to-date amount to $2.3600. TPZ's current distribution is $0.1050, with 67% from long-term capital gains, and $1.1700 cumulatively this fiscal year. Furthermore, TTP and TPZ are distributing more than their income, indicating potential returns of capital.
Tortoise Pipeline & Energy Fund (TTP) and Tortoise Power and Energy Infrastructure Fund (TPZ) provided an update on their distributions as of August 31, 2022. TTP's current distribution amounts to $0.5900 per share, with a significant portion classified as a return of capital (100%). For TPZ, the current distribution is $0.1050 per share, also primarily a return of capital (100%). The funds reported average annual total returns of -10.11% for TTP and -0.20% for TPZ over five years, while TTP's current distribution rate stands at 6.90% and TPZ's at 8.06%.
Tortoise Pipeline & Energy Fund, Inc. (NYSE:TTP) and Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) announced their distributions for May 31, 2022. TTP's current distribution is $0.5900 per share, consisting of 8% net investment income and a 92% return of capital. Cumulatively, TTP has paid $1.1800 this fiscal year, with 10% from investment income.
For TPZ, the current distribution is $0.1050 per share, with 21% from net investment income and 79% as a return of capital, totaling $0.5400 cumulatively this fiscal year.
This press release informs stockholders of Tortoise Pipeline & Energy Fund (TTP) and Tortoise Power and Energy Infrastructure Fund (TPZ) about their distributions paid on February 28, 2022. TTP pays a total distribution of $0.5900 per share, with 21% from net investment income and 79% as a return of capital. TPZ pays a total distribution of $0.1050 per share, with 28% from net investment income and 72% as a return of capital. Cumulative total returns for the fiscal year were 12.02% for TTP and 5.98% for TPZ. Distributions may not reflect the funds' investment performance.
This notice informs stockholders of Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) and Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) about distributions paid on
On August 31, 2021, Tortoise Pipeline & Energy Fund (NYSE:TTP) and Tortoise Power and Energy Infrastructure Fund (NYSE:TPZ) announced distribution details for the fiscal year-to-date. TTP's current distribution is $0.3700 per share, entirely from return of capital, while its year-to-date distribution totals $0.6900. TPZ reported a current distribution of $0.0600 per share, with 38% from net investment income and a year-to-date total of $0.4600. Both funds noted that they might have distributed more than their income and capital gains, indicating returns of capital to investors.
Tortoise Capital Advisors announced the termination of the merger between Tortoise Energy Independence Fund (NDP) and Tortoise Pipeline & Energy Fund (TTP) due to insufficient shareholder votes. CEO Brad Adams emphasized the merger aimed to enhance investment strategies aligned with global energy trends. Both funds will maintain their current investment strategies and explore future strategic options. The merger's failure reflects the challenges in securing shareholder consensus, but Tortoise remains committed to long-term shareholder value.
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