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NXG Cushing Midstream Energy Fund - SRV STOCK NEWS

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.

Rhea-AI Summary

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.

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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.

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The NXG Cushing Midstream Energy Fund (NYSE: SRV) has declared monthly distributions of $0.45 per common share for February, March, April, and May 2024. The return of capital estimate is 100% for each distribution. The Board of Trustees has also approved the continuation of the waiver of the Fund's management fees in the amount of 0.25% of the Fund's Managed Assets for the next twelve months.
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NXG Cushing® Midstream Energy Fund (NYSE: SRV) announced the results of its transferable rights offering, oversubscribed with expected gross proceeds of approximately $24,000,000.
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NXG Cushing Midstream Energy Fund (NYSE: SRV) announced monthly distributions of $0.45 per common share for September, October, and November 2023. The return of capital estimate is 100% for each distribution, based on the Fund's anticipated earnings and profits for the fiscal year.
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NXG Cushing® Midstream Energy Fund (NYSE: SRV) Approves Issuance of Transferable Rights to Common Shareholders and Declares December Monthly Distribution of $0.45 per Common Share
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NXG Cushing® Midstream Energy Fund and NXG NextGen Infrastructure Income Fund announce the appointment of John Musgrave as president and CEO of Cushing® Asset Management, LP.
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NXG Cushing Midstream Energy Fund declares monthly distributions of $0.45 per common share for September, October, and November 2023.
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FAQ

What is the primary investment objective of NXG Cushing Midstream Energy Fund?

The primary investment objective of the fund is to achieve a high after-tax total return through a combination of capital appreciation and current income.

What types of companies does the NXG Cushing Midstream Energy Fund invest in?

The fund invests in companies that provide midstream energy services including gathering, transporting, processing, fractionation, storing, refining, and distributing natural resources like natural gas, crude oil, and renewable energy sources.

How does the fund define a midstream energy company?

A company is considered a midstream energy company if at least 50% of its assets, income, sales or profits are related to midstream energy services.

What is the significance of the recent rights offering by the fund?

The rights offering allows current shareholders to purchase additional shares at a discount, thereby increasing the fund’s assets available for investment and taking advantage of new and existing opportunities.

Who manages the NXG Cushing Midstream Energy Fund?

The fund is managed by NXG Investment Management, an SEC-registered investment adviser formerly known as Cushing Asset Management, LP.

What is the monthly distribution amount announced for December 2023?

The fund announced a monthly distribution of $0.45 per common share for December 2023.

How often does the fund declare distributions to its shareholders?

NXG Cushing Midstream Energy Fund declares regular monthly distributions to its common shareholders.

What is the fund’s strategy for utilizing leverage?

The fund makes use of leverage as part of its investment strategy to potentially enhance returns, although there can be no assurance that the fund will achieve its investment objectives.

What is the 'at-the-market' offering program initiated by the fund?

The 'at-the-market' offering program allows the fund to offer and sell common shares through a distribution agreement with Foreside Fund Services, LLC, with proceeds invested according to the fund’s objectives.

Where can investors find more information about the fund?

Investors can find more detailed information about the fund on its official website, in its prospectus, and through related materials available on the Securities and Exchange Commission’s website.

NXG Cushing Midstream Energy Fund

NYSE:SRV

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United States of America
Dallas