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.
The Cushing MLP & Infrastructure Total Return Fund (NYSE: SRV) has officially changed its name to the "NXG Cushing Midstream Energy Fund" effective April 3, 2023. This alteration follows changes to the Fund's investment policies, which now focus on midstream energy investments rather than exclusively MLP investments. The Fund aims to maintain its strategy of achieving a high after-tax total return through capital appreciation and current income, investing at least 80% of net assets in midstream energy companies. No further changes to investment policies are anticipated, and no action is required from shareholders.
The Cushing MLP & Infrastructure Total Return Fund (NYSE: SRV) has declared monthly distributions of $0.45 per common share for February through May 2023. Key dates include the record date of 2/15/2023, ex-dividend date of 2/14/2023, and payment date of 2/28/2023. Approximately 86% of these distributions are anticipated to be treated as a return of capital, based on current earnings and profits projections. The Fund focuses on investing in energy infrastructure and midstream investments, aiming for a high after-tax total return. It operates as a closed-end investment company.
The Cushing MLP & Infrastructure Total Return Fund (NYSE: SRV) announced a name change to NXG Cushing Midstream Energy Fund effective April 3, 2023. The Fund will continue to pursue its investment objective of high after-tax total returns through capital appreciation and current income. Post-change, the Fund will invest at least 80% of its net assets in midstream energy investments, transitioning from a focus on infrastructure MLPs. As of January 27, 2023, 92.42% of its net assets were already in midstream investments, suggesting minimal impact on the Fund's portfolio. This change aims to align better with market trends while maintaining its regulatory investment company status.
The Cushing MLP & Infrastructure Total Return Fund (NYSE: SRV) and NXG NextGen Infrastructure Income Fund (NYSE: NXG) announced leadership changes effective November 30, 2022. John H. Alban retired as CEO, with Mark Rhodes, previously of Focal Point Consulting, Bank of America Merrill Lynch, and J.P. Morgan, succeeding him. The Board of Trustees expressed gratitude for Alban's service. The press release includes disclaimers about investment risks and the nature of closed-end funds, emphasizing fluctuations in net asset value and potential discounts on market value.
The Cushing MLP & Infrastructure Total Return Fund (NYSE: SRV) announced monthly distributions of $0.45 per common share for December 2022 and January 2023. The record dates for these payments are December 13 and January 18, with ex-dividend dates on December 12 and January 17, and payments scheduled for December 30 and January 31
Additionally, approximately 86% of these distributions are expected to be treated as a return of capital, based on current earnings estimations.
The Cushing MLP & Infrastructure Total Return Fund (NYSE: SRV) has announced a significant increase in monthly distributions to $0.45 per common share for September, October, and November 2022, marking a 200% rise from the August distribution of $0.15. The new distribution rate equates to approximately 12.68% of the Fund's net asset value (NAV) as of August 30, 2022. The Fund's Board believes this adjustment benefits shareholders, providing flexibility in managing their investments, and reflects strong fundamentals in the midstream sector.
The Cushing MLP & Infrastructure Total Return Fund (NYSE: SRV) has announced monthly distributions of $0.15 per common share for June, July, and August 2022. The record and ex-dividend dates for these distributions are outlined as follows: June 14 (ex June 13), July 18 (ex July 15), and August 16 (ex August 15), with payment dates on June 30, July 29, and August 31 respectively. Approximately 97% of the distributions are estimated to be treated as a return of capital. The Fund's investment strategy focuses on energy infrastructure MLPs.
The Cushing MLP & Infrastructure Total Return Fund (NYSE: SRV) announced a 25% increase in its monthly distributions from $0.12 to $0.15 per share for February to May 2022. Shareholders will receive these distributions on set payment dates, with approximately 97% expected to be treated as a return of capital. Additionally, the Fund's management fees will be waived for the next year. The declaration anticipates compliance with financial covenants and consideration of net income and available cash.
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