Tortoise Energy Independence Fund Declares $0.63 Quarterly Dividend

Tortoise Energy Independence Fund announces a quarterly dividend of $0.63 per share, payable on May 31, 2024. The fund's forward yield is 7.39% based on its current share price.

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Aqsa Younas Rana
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Tortoise Energy Independence Fund Declares $0.63 Quarterly Dividend

Tortoise Energy Independence Fund Declares $0.63 Quarterly Dividend

The Tortoise Energy Independence Fund (NYSE:NDP), a non-diversified closed-end fund, has announced a quarterly dividend of $0.63 per share. The dividend is payable on May 31, 2024, to shareholders of record as of May 24, 2024. This distribution translates to a forward yield of 7.39% based on the fund's current share price.

Why this matters: Theenergy infrastructure sector's growth and transformation have significant implications for the US economy and energy independence. As the sector continues to evolve, investments like the Tortoise Energy Independence Fund can play a crucial role in shaping the country's energy landscape.

Tortoise Energy Independence Fund primarily invests in securities of energy infrastructure companies. The fund's investment strategy is to allocate at least 80% of its net assets, plus any borrowings for investment purposes, to this sector. Tortoise Capital Advisors, LLC, the fund's advisor, focuses mainly on equity securities of midstream infrastructure and may also invest in midstream master limited partnerships (MLPs) and power and renewable infrastructure.

As of May 10, 2024, the fund had net assets of $2.43 billion and trailing returns in the Energy Limited Partnership category. Tortoise Energy Independence Fund was incepted on May 31, 2011 and has consistently provided quarterly distributions to its shareholders.

The energy infrastructure sector has seen significant growth and transformation in recent years. Midstream companies, which are involved in the transportation, storage, and processing of oil and gas, have benefited from the surge in U.S. energy production. The Tortoise Energy Independence Fund aims to provide investors with exposure to this dynamic sector while generating attractive income through its quarterly distributions.

The fund's $0.63 per share dividend for the current quarter reflects its commitment to delivering steady income to its investors. With a forward yield of 7.39%, the Tortoise Energy Independence Fund offers an attractive option for income-seeking investors who are bullish on the long-term prospects of the energy infrastructure sector.