The Goldman Sachs MLP and Energy Renaissance Fund (GER) recently saw its stock pass above its 50-day moving average, reaching a high of $15.71. The stock last traded at $15.67 with a volume of 260,000 shares changing hands. The firm’s 50-day moving average price is $15.07, and its 200-day moving average price is $13.89.
In addition to this positive movement, the company also announced an increase in its quarterly dividend. Stockholders of record on May 23rd were issued a $0.24 dividend, representing a boost from the previous quarterly dividend of $0.22. This brings the dividend yield to 6.13% on an annualized basis.
Major shareholder Saba Capital Management, L.P. recently purchased over 25,000 shares of the company’s stock, further demonstrating confidence in the fund’s potential. Other institutional investors have also made changes to their positions, with a number of hedge funds increasing their stakes in GER.
Goldman Sachs MLP and Energy Renaissance Fund, managed by Goldman Sachs Asset Management, primarily invests in stocks of companies operating in the energy sector, with a focus on midstream Master Limited Partnerships (MLPs). The fund seeks growth opportunities across all market capitalizations.
Overall, the positive movement of the fund’s stock, increased dividend, and recent insider activity indicate a favorable outlook for the Goldman Sachs MLP and Energy Renaissance Fund.
Source: energyportal.eu
