Cushing Asset Management Portfolio Changes in Q2 2026

As reported for the period ending June 30th, 2026, Cushing Asset Management LP, doing business as NxG Investment Management, managed substantial changes within its portfolio. The firm's focus on the Energy sector remains prominent, with several notable additions and reductions observed.

Prominent Purchases in Q2 2026

Cushing Asset Management demonstrated significant buying activity during this quarter, adding considerable weight to specific sectors and holdings. The firm notably increased its stake in PLAINS GP HLDGS L P (PAGP) by acquiring an additional 335,000 shares, boosting the position's allocation within the portfolio from previous levels to a substantial 4.12%. This was not Cushing's only Energy purchase; they also added significantly to their holdings of WILLIAMS COS INC (WMB), increasing shares by 166,000 and the allocation percentage by approximately 9.76 points year-over-year.

Furthermore, Cushing showed strong interest in smaller-cap Energy companies through purchases like KODIAK GAS SVCS INC (KGS), acquiring 300,000 shares which represented a full 100% increase from the prior period and added about 1.01% to their allocation. Similarly, they invested heavily in KINETIK HOLDINGS INC (KNTK), purchasing shares that increased the position by another full 100%, adding roughly 3.79% to their portfolio allocation for this stock.

Outside Energy, Cushing also made a strategic purchase in EXCELERATE ENERGY INC (EE), acquiring 325,000 shares which increased the allocation by 100%. In the Communication Services sector, they added a new position with IRIDIUM COMMUNICATIONS INC (IRDM), investing in all 236,000 shares and contributing about 0.58% to the portfolio.

Notable Sales and Reductions

The investor also saw reductions across several sectors during Q2 2026. Within Energy, prominent exits included KINDER MORGAN INC DEL (KMI), where they sold approximately 682,900 shares, resulting in a nearly 25% reduction (-25.09%) and lowering the allocation from previous periods to 2.92%. Another significant Energy sale was observed for MPLX LP (MPLX), with a reduction of 244,500 shares leading to an approximately 13% decrease (-13.15%) and the allocation dropping to 4.07%.

Cushing also reduced its stake in other Energy companies like WILLIAMS COS INC (WMB), although this was offset by the large purchase mentioned above. They sold shares in GENESIS ENERGY L P (GEL) entirely, reducing its allocation to zero percent.

In other sectors, Cushing disposed of positions such as PEMBINA PIPELINE CORP (PBA), selling 199,000 shares which decreased its allocation by about -14.66% to 2.4%. They also reduced their stake in MPC HOLDING INC (MPC), although this specific stock is not listed in the provided 'changed_holdings' data for Q2 2026.

Overall Portfolio Dynamics

The portfolio, managed by Cushing Asset Management LP, appears to be actively traded during the second quarter of 2026. The Energy sector remains overwhelmingly dominant, holding approximately 71.27% of the total portfolio value as of June 30th.

The data indicates a high level of turnover, with significant changes observed in many holdings. Cushing's strategy involves both adding to existing positions (like PAGP and WMB) and exiting others (like KMI), while also incorporating new investments across various sectors including Energy, Communication Services, and Utilities.