John Alban, a trustee of NXG Cushing Midstream Energy Fund (NYSE:SRV), has sold 1,000 shares of the company at a price of $41.74 per share, according to a recent SEC filing. The transaction, which took place on June 21, 2024, resulted in a total sale value of $41,740.
The sale by Alban, who serves as a director and is listed as having an 'other' role described as a trustee with the fund, comes as a notable transaction from a key insider of the company. Following the sale, Alban's remaining holdings in NXG Cushing Midstream Energy Fund consist of 890 shares.
The price per share of $41.74 reflects the value investors were willing to pay for NXG Cushing Midstream Energy Fund shares on the date of the transaction. The company, which is incorporated in Delaware, has a business address in Dallas, Texas.
Investors often look to the trading activities of insiders such as directors and trustees to gain insights into the company's performance and value. Transactions like Alban's can provide a glimpse into the perspective of those who are closely involved with the company.
NXG Cushing Midstream Energy Fund, under the ticker symbol SRV, is part of the financial sector and operates within the investment management industry. The fund's shares are traded on the New York Stock Exchange, where investors can follow the latest price movements and trading volumes.
This transaction has been publicly reported in accordance with SEC regulations, and the details are accessible for investors who wish to consider the implications of such insider activities as part of their investment research.
InvestingPro Insights
As market participants digest the recent insider sale by John Alban, trustee of NXG Cushing Midstream Energy Fund (NYSE:SRV), it's worth noting the company's current financial metrics and what they could imply for investors. With a market capitalization of $122.08 million and a P/E ratio standing at 27.29, NXG Cushing Midstream Energy Fund presents a particular profile in the investment management industry.
The company's robust dividend yield of 12.87% as of June 17, 2024, underscores its commitment to returning value to shareholders. This is further evidenced by the company's track record of maintaining dividend payments for 18 consecutive years, a testament to its financial resilience and management's confidence in the business's stability. Despite a slight 0.07% decrease in the one-week total return, the six-month price total return of 32.92% indicates a significant appreciation in the company's share price, which could be a sign of growing investor confidence or sector momentum.
However, investors should consider the InvestingPro Tips which highlight that NXG Cushing Midstream Energy Fund suffers from weak gross profit margins and the valuation implies a poor free cash flow yield. These factors could impact the company's ability to sustain its high dividend yield over the long term. Additionally, there are 4 more InvestingPro Tips available at InvestingPro, which could provide deeper insights into the company's financial health and future prospects.
For those considering an investment in NXG Cushing Midstream Energy Fund, or for current shareholders looking to reassess their position, the InvestingPro platform offers a comprehensive analysis. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and gain access to valuable financial information that can inform your investment decisions.
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