ClearBridge Energy Midstream Opportunity Fund Inc
EMO
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- ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO) is a closed-end management investment company that seeks to provide long-term investors a high level of total return with an emphasis on cash distributions by investing primarily in energy midstream entities. Under normal market conditions, the Fund invests at least 80% of its managed assets in such entities, including those structured as master limited partnerships (MLPs) and corporations engaged in midstream services such as the gathering, transporting, processing, fractionation, storing, refining, and distribution of oil, natural gas liquids, and natural gas; it targets MLPs and similar entities with long-lived assets, predictable cash flows, and relatively low direct commodity exposure. The Fund operates in the asset management industry within the financials sector, focusing on U.S. public equity markets and energy infrastructure, with its portfolio managed by Franklin Templeton Fund Adviser, LLC as investment manager and ClearBridge Investments, LLC as subadvisor; portfolio managers include Peter Vanderlee and Patrick McElroy. Founded on April 5, 2011, as ClearBridge Energy MLP Opportunity Fund Inc. and later renamed ClearBridge Energy Midstream Opportunity Fund Inc., the Fund is domiciled in Maryland with headquarters at One Madison Avenue, 17th Floor, New York, New York 10010. It trades on the New York Stock Exchange under the ticker EMO and employs leverage through loans and mandatory redeemable preferred shares, with total leverage reported at $219.7 million ($10.98 per share) as of recent filings, including asset coverage of 759% for senior indebtedness and 523% for total leverage. In recent major developments, the Fund completed mergers with ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM) and ClearBridge MLP and Midstream Total Return Fund Inc. (NYSE: CTR) effective September 9, 2024, converting CEM and CTR stockholders into EMO stockholders based on net asset values as of September 6, 2024, thereby expanding its asset base and scale. Additionally, the Fund executed a rights offering issuing 1,824,401 shares at $42.11 per share, and in September 2024, Corebridge Financial, Inc. acquired a new stake of 560,003 shares (representing 21.20% ownership) at $42.20 per share, marking a significant institutional investment. Earlier, the Fund underwent a 1-for-5 reverse stock split on July 28, 2020, consolidating shares for common stockholders.