Shares of Reaves Utility Income Fund of Beneficial Interest (NYSE American:UTG) traded today at $35.53, eclipsing its 52-week high. This new high was reached on below average trading volume as 73,000 shares traded hands, while the average 30-day volume is approximately 176,000 shares.
Reaves Utility Income Fund of Beneficial Interest (NYSE American:UTG) defies analysts with a current price ($35.41) 0.6% above its average consensus price target of $35.18.
Reaves Utility Income Fund is a closed-end management investment company. The company’s investment objective is to provide a high level of after-tax income and total return consisting of tax-advantaged dividend income and capital appreciation. It invests a portion of its total assets in securities of utility companies, which may include companies in the electric, gas, water, telecommunications sectors, as well as other companies engaged in other infrastructure operations.
In the past 52 weeks, shares of Reaves Utility Income Fund of Beneficial Interest have traded between a low of $29.33 and a high of $35.53 and is now at $35.41, which is 21% above that low price.
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