Welcome to our dedicated page for NXG Cushing Midstream Energy Fund news (Ticker: SRV), a resource for investors and traders seeking the latest updates and insights on NXG Cushing Midstream Energy Fund stock.
NXG Cushing Midstream Energy Fund (NYSE: SRV) is a non-diversified, closed-end management investment company aiming to achieve a high after-tax total return through a combination of capital appreciation and current income. The fund strategically invests at least 80% of its net assets, including any borrowings for investment purposes, in midstream energy investments.
The fund focuses on companies that provide essential midstream energy services such as gathering, transporting, processing, fractionation, storing, refining, and distributing natural resources including natural gas, natural gas liquids, crude oil, refined petroleum products, biofuels, carbon sequestration, solar, and wind energy. A company qualifies as a midstream energy company if at least 50% of its assets, income, sales or profits are committed to, derived from, or related to midstream energy services.
NXG Cushing Midstream Energy Fund is managed by NXG Investment Management, an SEC-registered investment adviser headquartered in Dallas, Texas. Formerly known as Cushing Asset Management, LP, NXG Investment Management specializes in 'Next Generation' investment strategies focusing on long-term growth in companies dedicated to a clean and sustainable future as well as those involved in traditional and transformational infrastructure.
Recently, the fund's board of trustees approved the issuance of transferable rights to holders of common shares, allowing them to subscribe for additional shares. This offer, aimed at increasing the assets available for investment, underscores the fund's commitment to maximizing existing and future investment opportunities.
In addition, the fund has established an 'at-the-market' offering program, permitting the sale of common shares through Foreside Fund Services, LLC. The proceeds will be used in line with the fund's investment objectives and policies.
Financially, NXG Cushing Midstream Energy Fund demonstrates strong performance metrics, having recently declared a monthly distribution of $0.45 per common share for December 2023. This declaration is part of its regular monthly distributions to common shareholders.
For the latest updates, news, and more detailed financial data about the NXG Cushing Midstream Energy Fund, please visit their official website or consult their prospectus and related materials.
NXG Cushing® Midstream Energy Fund (NYSE: SRV) has announced a special distribution of $0.31477 per common share, payable on December 31, 2024, to shareholders of record on December 27, 2024. This special distribution comes in addition to the previously announced December distribution of $0.45 per share.
The special distribution is being made to meet the Fund's 2024 distribution requirements as a regulated investment company for U.S. federal income tax purposes. It is estimated that 100% of the special distribution will consist of long-term capital gain. The Fund is a non-diversified, closed-end management investment company that invests at least 80% of its net assets in midstream energy investments under normal market conditions.
The NXG Cushing® Midstream Energy Fund (NYSE: SRV) has announced monthly distributions of $0.45 per common share for December 2024 and January 2025. The December distribution is expected to have 0.00% return of capital, while the January distribution is anticipated to be 100% return of capital. Final tax status determinations will be reported to shareholders in early 2025 for 2024 dividends and 2026 for 2025 dividends.
The Fund is a non-diversified, closed-end management investment company that invests at least 80% of its assets in midstream energy investments, focusing on companies providing services in energy infrastructure sectors.
NXG Cushing® Midstream Energy Fund (NYSE: SRV) has announced the preliminary results of its transferable rights offering, which ran from October 23 to November 14, 2024. The oversubscribed offering allowed rights holders to subscribe for up to 1,004,176 common shares at $41.80 per share, representing 89% of the Fund's NAV at closing. The offering is expected to generate gross proceeds of approximately $42,000,000. The Fund plans to invest the net proceeds in alignment with its investment objectives and policies. Common shares will be issued after completion of shareholder payments and pro-rata allocation of oversubscription privileges.
NXG Cushing® Midstream Energy Fund (NYSE: SRV) has announced a rights offering to existing shareholders. The offer allows shareholders to purchase one new common share for every three rights held. The subscription price will be 92.5% of the average last reported sales price over five trading days, with a minimum of 89% of NAV. The record date is expected to be October 23, 2024, and the offer is anticipated to expire on November 14, 2024.
Additionally, the Fund has changed the record date for its November distribution to November 4, 2024. The $0.45 per share distribution will be payable on November 29, 2024. This distribution will not apply to shares issued after the new record date through the rights offering.
The NXG Cushing® Midstream Energy Fund (NYSE: SRV) has announced monthly distributions of $0.45 per common share for September, October, and November 2024. These distributions are payable to common shareholders on specific dates, with an estimated 100% return of capital. The Fund, a closed-end management investment company, focuses on midstream energy investments, aiming for high after-tax total returns from capital appreciation and current income. It invests at least 80% of its net assets in midstream energy companies involved in various aspects of energy infrastructure. The Fund's shares are traded on the NYSE under the symbol 'SRV'.
The NXG Cushing Midstream Energy Fund (NYSE: SRV) announced monthly distributions of $0.45 per common share for June, July, and August 2024. These distributions, 100% estimated as a return of capital, will be paid on June 28, July 31, and August 30, 2024, respectively, provided there are no deferrals by the Board of Trustees. The Fund aims for high after-tax returns through midstream energy investments, trading on the NYSE under 'SRV.' The final tax status will be confirmed in early 2025, and the Fund's ability to meet its investment objectives isn't guaranteed.
On May 17, 2024, NXG Cushing Midstream Energy Fund (NYSE: SRV) announced an at-the-market offering program for its common shares. The sales will be managed by Foreside Fund Services as the distributor. The fund aims to invest the proceeds in alignment with its investment objectives, focusing on midstream energy investments. The offering will be conducted under an effective registration statement filed with the SEC, with a prospectus supplement dated the same day. These associated expenses will be indirectly borne by the Fund's shareholders. Investors are advised to consider the Fund's investment objectives, risks, and expenses before investing.
FAQ
What is the current stock price of NXG Cushing Midstream Energy Fund (SRV)?
What is the market cap of NXG Cushing Midstream Energy Fund (SRV)?
What is the primary investment objective of NXG Cushing Midstream Energy Fund?
What types of companies does the NXG Cushing Midstream Energy Fund invest in?
How does the fund define a midstream energy company?
What is the significance of the recent rights offering by the fund?
Who manages the NXG Cushing Midstream Energy Fund?
What is the monthly distribution amount announced for December 2023?
How often does the fund declare distributions to its shareholders?
What is the fund’s strategy for utilizing leverage?
What is the 'at-the-market' offering program initiated by the fund?
Where can investors find more information about the fund?
