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Jerry V. Swank, associated with NXG Cushing Midstream Energy Fund (NYSE:SRV), a $139.47 million market cap fund currently trading at $47.72, recently sold 3,656 common shares in the open market. The transaction, which took place on February 11, 2025, was executed at a price of $46.7683 per share, amounting to a total sale value of $170,984. Following this transaction, Swank holds 6,529 shares of the fund. Swank is noted as the Chairman of Swank Capital, the parent company of the fund's adviser. The fund has demonstrated strong performance with a 53.63% return over the past year and offers an attractive 11.49% dividend yield. According to InvestingPro, SRV has maintained dividend payments for 19 consecutive years, with additional insights available to subscribers.
In other recent news, NXG Cushing Midstream Energy Fund has seen significant changes and developments. The Delaware-based investment fund recently announced alterations within its Board of Trustees following the retirement of Ronald P. Trout. John Musgrave, the Fund's current CEO and President, was appointed to fill the vacancy. Furthermore, John H. Alban transitioned from an Interested Trustee to an Independent (LON:IOG) Trustee status, taking on new responsibilities within the Audit Committee and the Nominating and Corporate Governance Committee.
In addition to these governance shifts, NXG Cushing Midstream Energy Fund has initiated an at-the-market share offering. The Fund entered into a distribution agreement to offer up to 745,000 common shares, aiming to raise capital flexibly by selling shares at prevailing market prices. UBS Securities LLC was engaged as a sub-placement agent in this offering, which is part of a shelf registration statement previously filed with the SEC.
These recent developments illustrate the ongoing strategic moves and adjustments within NXG Cushing Midstream Energy Fund. As these changes unfold, they provide a glimpse into the Fund's current strategies and future directions.
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