TYG
Tortoise Energy Infrastructure CorporationTortoise Energy Infrastructure Corporation is a closed ended equity mutual fund launched and managed by Tortoise Capital Advisors L.L.C. The fund invests in the public equity markets of the United States. It seeks to invest in the stocks of companies operating in the energy infrastructure sector, with an emphasis on those companies that are engaged in transporting, processing, storing, distributing or marketing natural gas, natural gas liquids (primarily propane), coal, crude oil or refined petr
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q4 | 10.0 | 0.0 | -- | 38.0 | -- | 15.5 | -0.0 | 130.3 | -- | -- | -- | -- | -- |
| Est | 2027-Q3 | 9.6 | 0.0 | -- | 40.3 | -- | 15.4 | -0.0 | 114.8 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 9.8 | 0.0 | -- | 39.2 | -- | 16.2 | -0.0 | 99.4 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 9.5 | 0.0 | -- | 42.8 | -- | 16.2 | -0.0 | 83.3 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 9.2 | 0.0 | -- | 50.6 | -- | 16.1 | -0.0 | 67.1 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 8.8 | 0.0 | -- | 52.8 | -- | 16.7 | -0.0 | 51.0 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 9.0 | 0.0 | -- | 45.0 | -- | 16.2 | -0.0 | 34.3 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 8.5 | 0.0 | -- | 68.0 | -- | 17.0 | -0.0 | 18.1 | -- | -- | -- | -- | -- |
| Act | 2025-Q4 | 0.1 | 89.1 | 43.7 | 70.3 | 16.5 | 16.5 | -0.0 | 1.1 | 279.1 | 18.1 | 6.6% | 17.7x | 11.5x |
| Act | 2025-Q2 | 10.8 | 0.0 | 4.2 | -50.9 | 49.2 | 49.2 | -0.0 | 0.2 | 185.7 | 17.2 | 0.9% | 0.0x | -- |
| Act | 2024-Q4 | 7.3 | 0.0 | 3.2 | 140.3 | 5.2 | 5.2 | -0.0 | 0.3 | 127.1 | 10.8 | 1.7% | 0.0x | -- |
| Act | 2024-Q2 | 6.4 | 0.0 | 3.2 | 70.6 | 7.5 | 7.5 | -0.0 | 0.6 | 115.5 | 10.8 | 2.8% | -- | -- |
| Act | 2023-Q4 | 7.3 | 0.0 | 3.4 | 34.6 | 0.8 | 41.3 | -0.0 | 0.4 | 79.4 | 10.8 | 3.6% | 0.0x | -- |
| Act | 2023-Q2 | 8.5 | 0.0 | 5.2 | -50.2 | 49.4 | 49.4 | -0.0 | 0.3 | 79.0 | 11.3 | 8.4% | 0.0x | -- |
| Act | 2022-Q4 | 6.0 | 0.0 | 2.8 | 17.4 | 36.7 | 36.7 | -0.0 | 0.3 | 117.1 | 11.3 | 1.6% | 0.0x | -- |
| Act | 2022-Q2 | 7.2 | 0.0 | 3.8 | 85.9 | 7.4 | 7.4 | -0.0 | 0.8 | 109.2 | 11.9 | 1.8% | 0.0x | -- |
AI Analysis
LLM Evaluations
TYG is a leveraged closed-end fund focused on energy infrastructure that has doubled its asset base via the TEAF merger but diluted portfolio quality by adding underperforming renewable assets. The NAV discount has compressed to ~6% (from historical double-digits), removing the margin of safety. A distribution cut from ~12.8% to ~8-9% is imminent, which will likely pressure the share price. With 80-100% ROC distributions eroding NAV, a high expense ratio (~0.9% management fee), underperformance vs. peers like KYN and EMO, and management governance concerns (attempted shareholder rights limitations), TYG offers below-average risk/reward. The midstream energy tailwind is real but better captured through lower-cost, better-managed vehicles. DCF analysis is unreliable for CEFs — this should be evaluated on NAV discount, distribution sustainability, and total return vs. peers, all of which currently argue against overweighting.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Forward Projections & Estimates
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are roughly balanced — bought 4.3% of float, sold 3.3%. 1 filer moved >1% of shares (1 buying, 0 selling).
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| MORGAN STANLEY | $57.3M | $33.80 | −$4.6M | +$8.1M | -0.3% | $1.65T |
| Penserra Capital Management LLC | $26.9M | $46.75 | +$19.0M | +$21.2M | +0.8% | $8.52B |
| Advisors Asset Management, Inc. | $21.1M | $32.85 | +$2.0M | −$166K | -0.4% | $6.01B |
| ROYAL BANK OF CANADA | $19.5M | $39.02 | +$2.9M | +$7.1M | -0.2% | $526.36B |
| RAYMOND JAMES FINANCIAL INC | $16.5M | $38.39 | +$219K | +$3.7M | -0.0% | $322.69B |
| BARD ASSOCIATES INC | $9.8M | $40.14 | +$40K | +$9.0M | -7.1% | $398M |
| Eagle Bluffs Wealth Management LLC | $7.5M | $29.88 | +$87K | +$3.4M | +0.9% | $257M |
| GUGGENHEIM CAPITAL LLC | $7.3M | $32.53 | +$770K | +$2.3M | -0.2% | $12.48B |
| Arete Wealth Advisors, LLC | $6.8M | $31.59 | +$164K | +$796K | -0.2% | $1.33B |
| WELLS FARGO & COMPANY/MN | $6.4M | $34.60 | −$4.3M | −$5.6M | -0.2% | $497.71B |
| LPL Financial LLC | $6.0M | $32.79 | −$289K | +$987K | -0.2% | $372.65B |
| AMERICAN FINANCIAL GROUP INC | $5.5M | $23.64 | +$0 | +$0 | -2.8% | $270M |
| Meixler Investment Management, Ltd. | $4.8M | $37.78 | +$388K | +$10K | +0.1% | $186M |
| Janney Montgomery Scott LLC | $4.3M | $39.99 | +$651K | +$2.7M | -0.2% | $40.39B |
| CERTUITY, LLC | $4.2M | $23.16 | +$0 | +$0 | +0.5% | $1.52B |
| UBS Group AG | $3.9M | $36.03 | +$444K | +$1.8M | -0.3% | $562.11B |
| Cambridge Investment Research Advisors, Inc. | $3.4M | $31.26 | −$106K | +$1.2M | -0.4% | $38.49B |
| BANK OF AMERICA CORP /DE/ | $3.1M | $38.79 | −$1.5M | −$308K | -0.1% | $1.36T |
| Steward Partners Investment Advisory, LLC | $3.1M | $43.29 | +$1.2M | +$2.4M | -0.2% | $19.55B |
| Mariner, LLC | $2.9M | $40.48 | +$76K | +$1.1M | -0.1% | $85.47B |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
Top-5 holders · 49.3%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Corporate
Insider Trading (last 12mo)
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2025-11-12 | BUY | Iseman Andrew J | director | 6,000 | $46.83 | $281K | $140K |
| 2025-08-21 | BUY | PRUDENTIAL FINANCIAL INC | 10 percent owner | 1,500,000 | $10.00 | $15.00M | $15.00M |
Order Flow (FINRA, ~3w lag)
Counter-Thesis
Counter-Thesis & Recent News
In November 2025, TYG completed a major merger with the Tortoise Sustainable and Social Impact Term Fund (TEAF), significantly increasing its assets to $1.3 billion but also introducing lower-performing renewable assets into the portfolio. As of January 2026, analysts have warned that while the fund currently offers a forward yield of 12.77%, this is expected to 'reset' downward to a range of 7%–10% in the coming months as the fund stabilizes post-merger (Seeking Alpha, Jan 2026). Additionally, the fund's NAV has traded sideways despite a market rally, failing to capture full upside momentum (StockTitan, March 2026).
The primary bear case rests on a looming distribution cut and NAV erosion. Roughly 80%–100% of TYG's distributions are characterized as 'Return of Capital' (ROC), which can deplete the fund's underlying net asset value over time if internal growth doesn't offset the payout (StockTitan, March 2026). Furthermore, the 'Renewables' segment of the portfolio has been a drag on performance, frequently producing losses that offset gains in the stronger midstream sector (Seeking Alpha, July 2025). With the NAV discount nearly closed (trading at only ~6% discount compared to historical double-digits), the 'margin of safety' for new investors has largely evaporated.
A major red flag is the ongoing legal and regulatory pushback regarding management's attempts to limit shareholder rights. A court ruling recently forced Tortoise funds to abandon their enforcement of the Maryland Control Share Acquisition Act, a defensive tactic typically used to block activist investors (Nasdaq, Nov 2024). Additionally, the fund has a high expense ratio (approximately 0.9% management fee plus high SG&A), where $0.59 of every dollar of fee revenue is consumed by operating expenses (DCFmodeling, Nov 2025). The fund also changed its independent accounting firm to a smaller provider (Tait Weller & Baker) in 2025, which can sometimes precede reporting friction.
TYG faces stiff competition from other energy infrastructure Closed-End Funds (CEFs) like Kayne Anderson (KYN), SRV, and EMO, which have outpaced TYG in total returns following the 2024 U.S. elections (Seeking Alpha, Jan 2026). Analysts at MarketBeat recently identified five other stocks in the sector that are 'better buys,' explicitly excluding TYG from their recommended list for March 2026 due to higher risk and lower relative performance compared to peers.
Sentiment among income investors is shifting toward caution. While historical sentiment was bullish due to a 30% distribution hike in late 2024, the current consensus has cooled to a 'Hold' (MarketBeat, Feb 2026). Retail investors are increasingly concerned about the 'distribution reset' expected in 2026, which may alienate yield-hungry shareholders. Sentiment scores remain low (0.29 bullishness) as the fund remains at a 52-week high with little room for further multiple expansion (GNG Research, March 2026).