NTG: Not An Attractive Entry Point, But A Robust Hold (Rating Downgrade) [Seeking Alpha]
Tortoise Midstream Energy Fund, Inc. (NTG)
US:NYSE Investor Relations:
tortoiseadvisors.com
Company Research
Source: Seeking Alpha
Follow Summary NTG is a 'Hold' due to its large discount to NAV and potential future corporate actions. The recent merger of three Tortoise CEFs into an ETF does not include NTG, leaving the fund within the closed-end management company structure. Energy MLPs have improved fundamentals but face potential headwinds in 2025 due to predicted oil surpluses and OPEC's production decisions. NTG's 7.3% distribution rate makes it attractive, but its high beta and economic risks warrant caution in the current environment. bjdlzx Thesis In 2023, we wrote an article regarding the Tortoise Midstream Energy Fund ( NYSE: NTG ) where we outlined why we were keen to buy this CEF given the high discount to NAV and prospects for the Energy MLP asset class. The fund is up significantly since our piece, producing a total return in excess of 37%: Prior Rating (Seeking Alpha) After such a huge rally, we are going to revisit NTG, the latest merger announcement with respect to its sister
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NTG
Sec Filings
- 11/13/24 - Form 8-K
- 11/8/24 - Form SC
- 10/25/24 - Form NPORT-P
- NTG's page on the SEC website