CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT
CIK 1329375 · View on SEC EDGAR ↗
- Portfolio value
- $2.2B
- Positions
- 73
- As of
- June 30, 2026
#1,409 of 9,443 by 13F value · top 14.9%
Portfolio value QoQ: +10.6% 13F does not disclose cash
- Top 10 holdings weight
- 48.28%
- Top 25 holdings weight
- 75.86%
- Positions above 1%
- 31
- Effective number of positions
- 30.8
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 9.74% Est. buys $289,955,810 · sells $207,193,351
Median holding: 4.0 quarters Tracked Q4 2024–Q2 2026 · 61.9% still held
- New positions
- 14
- Increased
- 34
- Decreased
- 22
- Closed
- 7
On this page
- Performance vs S&P How this manager's 13F portfolio performed against the S&P 500.
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- High-conviction bets The holdings this manager is most concentrated in.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
- Related The person behind this filer, where we can match one.
Performance vs S&P 500
Annualized: +24.5% · S&P 500: +18.0%
Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.
Priceable coverage: 99.3% · Options excluded: 1.0%
Sector breakdown
Energy
72.7%
Industrials
10.9%
Utilities
7.8%
Technology
5.8%
Telecommunication
0.6%
Real Estate
0.4%
Retail
0.3%
Materials
0.1%
Consumer Discretionary
0.0%
Other/Unmapped
1.5%
Full portfolio 73 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| TRGP Targa Resources, Inc. Common Stock | $164,718,402 | 7.37% | 614,300 | $1,167,223 | Down ×3 | ||
| ET Energy Transfer LP Common Units | $151,499,232 | 6.78% | 7,923,600 | $-2,854,448 | Down ×1 | ||
| WMB Williams Companies, Inc. (The) Common Stock | $138,725,874 | 6.21% | 1,866,100 | $14,992,596 | Up ×4 | ||
| DTM DT Midstream, Inc. Common Stock | $107,134,874 | 4.79% | 730,100 | $9,216,317 | Up ×1 | ||
| PAGP Plains GP Holdings, L.P. - Class A Shares representing limited partner interests | $92,104,650 | 4.12% | 3,795,000 | $8,095,850 | Up ×1 | ||
| MPLX MPLX LP Common Units Representing Limited Partner Interests | $90,950,418 | 4.07% | 1,614,600 | $-15,148,419 | Down ×2 | ||
| OKE ONEOK, Inc. Common Stock | $85,714,146 | 3.84% | 985,900 | $-10,994,115 | Down ×2 | ||
| KNTK Kinetik Holdings Inc. Class A Common Stock | $84,691,680 | 3.79% | 1,752,000 | $-6,028,660 | Down ×1 | ||
| TRP TC Energy Corporation Common Stock | $82,584,082 | 3.70% | 1,245,800 | $2,418,522 | Down ×3 | ||
| LNG Cheniere Energy, Inc. Common Stock | $80,737,578 | 3.61% | 337,800 | $1,341,530 | Up ×1 | ||
| KMI Kinder Morgan, Inc. Common Stock | $65,199,618 | 2.92% | 2,039,400 | $-26,079,101 | Down ×2 | ||
| EPD Enterprise Products Partners L.P. Common Stock | $57,547,780 | 2.58% | 1,565,500 | $-8,501,940 | Down ×3 | ||
| WES Western Midstream Partners, LP Common Units Representing Limited Partner Interests | $55,133,224 | 2.47% | 1,259,900 | $-13,904,749 | Down ×1 | ||
| PBA Pembina Pipeline Corp. Ordinary Shares (Canada) | $53,562,125 | 2.40% | 1,158,100 | $-7,181,671 | Down ×1 | ||
| ENB Enbridge Inc Common Stock | $51,851,865 | 2.32% | 956,500 | $-2,369,345 | Down ×1 | ||
| BE Bloom Energy Corporation Class A Common Stock | $41,439,630 | 1.85% | 136,900 | $23,148,480 | Up ×2 | ||
| AGX Argan, Inc. Common Stock | $36,334,025 | 1.63% | 45,500 | $15,637,325 | Up ×4 | ||
| MTZ MasTec, Inc. Common Stock | $34,449,768 | 1.54% | 82,800 | $11,638,402 | Up ×5 | ||
| GEV GE Vernova Inc. Common Stock | $33,718,482 | 1.51% | 28,700 | $12,768,882 | Up ×1 | ||
| SEI Solaris Energy Infrastructure, Inc. Class A Common Stock | $33,632,280 | 1.50% | 418,000 | $11,706,400 | Up ×2 | ||
| PWR Quanta Services, Inc. Common Stock | $31,537,752 | 1.41% | 43,800 | $10,674,992 | Up ×1 | ||
| VST Vistra Corp. Common Stock | $31,408,740 | 1.41% | 198,000 | $3,808,152 | Up ×1 | ||
| NRG NRG Energy, Inc. Common Stock | $31,066,962 | 1.39% | 212,700 | $6,150,092 | Up ×4 | ||
| SOBO South Bow Corporation Common Shares | $30,147,820 | 1.35% | 855,500 | $1,309,360 | Down ×3 | ||
| TLN Talen Energy Corporation - Common Stock | $29,511,168 | 1.32% | 76,800 | $1,003,929 | Down ×2 | ||
| SUNC SunocoCorp LLC Common Units, representing limited liability company interests | $27,474,020 | 1.23% | 406,000 | $15,144,020 | Up ×1 | ||
| CEG Constellation Energy Corporation - Common Stock When-Issued | $26,575,590 | 1.19% | 107,000 | $3,481,615 | Up ×1 | ||
| DY Dycom Industries, Inc. Common Stock | $26,290,680 | 1.18% | 52,000 | $14,093,160 | Up ×2 | ||
| PANW Palo Alto Networks, Inc. - Common Stock | $25,576,500 | 1.14% | 75,000 | $14,033,460 | Up ×2 | ||
| EE Excelerate Energy, Inc. Class A Common Stock | $24,693,500 | 1.10% | 650,000 | $13,832,000 | Up ×1 | ||
| KGS Kodiak Gas Services, Inc. Common Stock | $22,539,000 | 1.01% | 300,000 | Up ×1 | |||
| CRWD CrowdStrike Holdings, Inc. - Class A Common Stock | $22,131,060 | 0.99% | 29,000 | $10,418,760 | Down ×1 | ||
| DOCN DigitalOcean Holdings, Inc. Common Stock | $22,047,012 | 0.99% | 140,400 | $10,706,896 | Up ×2 | ||
| NXT Nextpower Inc. - Class A Common Stock | $21,564,340 | 0.96% | 181,000 | $4,325,690 | Up ×1 | ||
| EQT EQT Corporation Common Stock | $21,441,228 | 0.96% | 403,258 | $-4,222,111 | |||
| WBI WaterBridge Infrastructure LLC Class A Shares Representing Limited Liability Company Interests | $21,247,400 | 0.95% | 620,000 | $15,822,425 | Up ×1 | ||
| WTTR Select Water Solutions, Inc. Class A common stock | $20,379,600 | 0.91% | 1,020,000 | $13,953,600 | Up ×1 | ||
| MWH SOLV Energy, Inc. - Class A common stock | $17,706,000 | 0.79% | 520,000 | $11,700,000 | Up ×1 | ||
| STRL Sterling Infrastructure, Inc. - Common Stock | $17,248,848 | 0.77% | 20,550 | $12,544,879 | Up ×1 | ||
| VG Venture Global, Inc. Class A common stock | $15,459,570 | 0.69% | 1,389,000 | Up ×1 | |||
| NET Cloudflare, Inc. Class A Common Stock | $14,716,800 | 0.66% | 60,000 | $4,399,800 | Up ×2 | ||
| IRDM Iridium Communications Inc - Common Stock | $12,944,600 | 0.58% | 236,000 | Up ×1 | |||
| MPC Marathon Petroleum Corporation Common Stock | $12,732,366 | 0.57% | 49,800 | $-22,136,538 | Down ×1 | ||
| PSX Phillips 66 Common Stock | $12,357,555 | 0.55% | 73,100 | $-20,453,063 | Down ×3 | ||
| ETR Entergy Corporation Common Stock | $11,486,000 | 0.51% | 100,000 | $4,407,320 | Up ×1 | ||
| ENTG Entegris, Inc. - Common Stock | $10,611,740 | 0.47% | 59,000 | Up ×1 | |||
| Unknown issuer (CUSIP: 27005A105) | $9,987,500 | 0.45% | 470,000 | Up ×1 | |||
| SNOW Snowflake Inc. Common Stock | $8,653,000 | 0.39% | 34,000 | $4,279,220 | Up ×3 | ||
| NBIS Nebius Group N.V. - Class A Ordinary Shares | $8,644,121 | 0.39% | 31,300 | Up ×1 | |||
| DLR Digital Realty Trust, Inc. Common Stock | $8,440,260 | 0.38% | 47,000 | $2,313,120 | Up ×1 | ||
| AEP American Electric Power Company, Inc. - Common Stock | $8,208,600 | 0.37% | 60,000 | $4,931,600 | Up ×1 | ||
| D Dominion Energy, Inc. Common Stock | $7,989,930 | 0.36% | 117,000 | Up ×1 | |||
| WEC WEC Energy Group, Inc. Common Stock | $7,823,590 | 0.35% | 67,000 | $3,771,640 | Up ×1 | ||
| DUK Duke Energy Corporation (Holding Company) Common Stock | $7,721,380 | 0.35% | 61,000 | $3,138,480 | Up ×1 | ||
| SO Southern Company (The) Common Stock | $7,656,800 | 0.34% | 80,000 | $3,313,400 | Up ×1 | ||
| IREN IREN Limited - Ordinary Shares | $7,179,610 | 0.32% | 157,000 | $1,797,650 | |||
| ARKO ARKO Corp. - Common Stock | $6,825,500 | 0.31% | 850,000 | Up ×1 | |||
| TXO TXO Partners, L.P. Common Units Representing Limited Partner Interests | $6,637,500 | 0.30% | 531,000 | $-671,480 | Down ×1 | ||
| AM Antero Midstream Corporation Common Stock | $5,710,250 | 0.26% | 251,000 | $1,127,450 | Up ×1 | ||
| APC ARKO Petroleum Corp. - Class A Common Stock | $5,655,000 | 0.25% | 300,000 | $-7,090,748 | Down ×1 | ||
| CIFR Cipher Mining Inc. - Common Stock | $5,267,500 | 0.24% | 215,000 | $3,079,600 | Up ×1 | ||
| NEE NextEra Energy, Inc. Common Stock | $4,212,960 | 0.19% | 48,000 | $-4,610,640 | Down ×1 | ||
| ARLP Alliance Resource Partners, L.P. - Common Units Representing Limited Partnership Interests | $3,597,000 | 0.16% | 150,000 | $-1,684,150 | Down ×1 | ||
| ECL Ecolab Inc. Common Stock | $2,786,100 | 0.12% | 10,000 | Up ×1 | |||
| PAA Plains All American Pipeline, L.P. - Common Units representing Limited Partner Interests | $2,343,978 | 0.10% | 105,300 | $1,109,129 | Up ×1 | ||
| SEDG SolarEdge Technologies, Inc. - Common Stock | $2,045,400 | 0.09% | 35,000 | Up ×1 | |||
| ENPH Enphase Energy, Inc. - Common Stock | $1,969,600 | 0.09% | 40,000 | Up ×1 | |||
| NGL NGL ENERGY PARTNERS LP Common Units representing Limited Partner Interests | $1,752,300 | 0.08% | 110,000 | $-97,200 | Down ×1 | ||
| CLSK CleanSpark, Inc. - Common Stock | $465,600 | 0.02% | 32,000 | $193,280 | |||
| CORZ Core Scientific, Inc. - Common Stock | $179,130 | 0.01% | 7,000 | ||||
| QS QuantumScape Corporation - Common Stock | $151,200 | 0.01% | 20,000 | Up ×1 | |||
| CRWV CoreWeave, Inc. - Class A Common Stock | $149,310 | 0.01% | 1,500 | Up ×1 | |||
| GEL Genesis Energy, L.P. Common Units | $99,190 | 0.00% | 7,000 | $-2,593,140 | Down ×3 | ||
| No matches | |||||||
Conviction holdings
Positions increased for 3+ consecutive quarters.
Share counts are as reported in 13F filings (not split-adjusted)
Biggest new bets
New positions opened this quarter, largest first.
| Security | Value | Shares | % of portfolio |
|---|---|---|---|
| KGS | $22,539,000 | 300,000 | 1.01% |
| VG | $15,459,570 | 1,389,000 | 0.69% |
| IRDM | $12,944,600 | 236,000 | 0.58% |
| ENTG | $10,611,740 | 59,000 | 0.47% |
| Unknown issuer (CUSIP: 27005A105) | $9,987,500 | 470,000 | 0.45% |
| NBIS | $8,644,121 | 31,300 | 0.39% |
| D | $7,989,930 | 117,000 | 0.36% |
| ARKO | $6,825,500 | 850,000 | 0.31% |
| ECL | $2,786,100 | 10,000 | 0.12% |
| SEDG | $2,045,400 | 35,000 | 0.09% |
| ENPH | $1,969,600 | 40,000 | 0.09% |
| CORZ | $179,130 | 7,000 | 0.01% |
| QS | $151,200 | 20,000 | 0.01% |
| CRWV | $149,310 | 1,500 | 0.01% |
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| KMI | Trimmed | -683K | -$26.1M |
| BE | Bought more | +2K | +$23.1M |
| MPC | Trimmed | -93K | -$22.1M |
| PSX | Trimmed | -107K | -$20.5M |
| WBI | Bought more | +418K | +$15.8M |
| AGX | Bought more | +8K | +$15.6M |
| MPLX | Trimmed | -244K | -$15.1M |
| SUNC | Bought more | +206K | +$15.1M |
| WMB | Bought more | +166K | +$15.0M |
| DY | Bought more | +16K | +$14.1M |
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| HESM | March 31, 2026 | 1,357,200 | $46,823,400 | 0.8% |
| ENLC | March 31, 2025 | 2,002,284 | $28,332,319 | No longer tracked |
| PRIM | June 30, 2026 | 152,000 | $21,742,080 | -19.8% |
| XIFR | March 31, 2025 | 1,205,000 | $21,449,000 | 19.3% |
| FSLR | March 31, 2026 | 68,000 | $17,763,640 | 8.9% |
| CWEN | Sept. 30, 2025 | 400,000 | $12,800,000 | 16.6% |
| ARIS | Sept. 30, 2025 | 450,000 | $10,642,500 | 109.4% |
| EIX | Dec. 31, 2025 | 190,000 | $10,503,200 | 23.0% |
| VNOMXXXX | Sept. 30, 2025 | 254,000 | $9,685,020 | No longer tracked |
| VNOM | June 30, 2026 | 205,000 | $9,632,950 | 6.1% |
| MSTR | Dec. 31, 2025 | 25,000 | $8,055,250 | -20.8% |
| ITRI | Dec. 31, 2025 | 54,000 | $6,726,240 | 6.8% |
| TMUS | Dec. 31, 2025 | 27,000 | $6,463,260 | -9.9% |
| XLE | June 30, 2026 | 100,000 | $6,126,000 | No longer tracked |
| SRE | June 30, 2025 | 82,000 | $5,851,520 | 13.9% |
| MSFT | June 30, 2025 | 15,000 | $5,630,850 | -3.1% |
| EQIX | Dec. 31, 2025 | 7,000 | $5,482,680 | 43.0% |
| NEE | Sept. 30, 2025 | 77,000 | $5,345,340 | 12.6% |
| AMLP | June 30, 2026 | 100,000 | $5,264,000 | No longer tracked |
| MSFT | March 31, 2026 | 10,000 | $4,836,200 | 30.2% |
| ORCL | March 31, 2026 | 23,000 | $4,482,930 | -0.4% |
| NTNX | Dec. 31, 2025 | 60,000 | $4,463,400 | 28.1% |
| XLE | March 31, 2025 | 50,000 | $4,283,000 | No longer tracked |
| VZ | March 31, 2025 | 105,000 | $4,198,950 | 9.0% |
| MSI | Dec. 31, 2025 | 9,000 | $4,115,610 | 24.5% |
| PEG | March 31, 2026 | 49,000 | $3,934,700 | -8.3% |
| CORZ | June 30, 2025 | 500,000 | $3,620,000 | 11.7% |
| CLSK | June 30, 2025 | 500,500 | $3,363,360 | 19.5% |
| XOP | March 31, 2025 | 25,000 | $3,309,250 | No longer tracked |
| CYBR | March 31, 2026 | 7,000 | $3,122,420 | No longer tracked |
| RSG | Sept. 30, 2025 | 11,000 | $2,712,710 | -4.2% |
| AMLP | June 30, 2025 | 50,000 | $2,597,000 | No longer tracked |
| NFE | March 31, 2025 | 150,000 | $2,268,000 | -96.4% |
| DKL | March 31, 2025 | 40,000 | $1,690,400 | 24.7% |
| HASI | March 31, 2025 | 61,000 | $1,636,630 | 39.6% |
| S | June 30, 2025 | 90,000 | $1,636,200 | 12.0% |
| CVE | June 30, 2026 | 30,000 | $795,900 | 31.9% |
| CRGY | March 31, 2025 | 41,395 | $604,781 | 24.2% |
| GLNG | June 30, 2026 | 7,000 | $378,770 | 6.9% |
| VTLE | Sept. 30, 2025 | 15,000 | $241,350 | No longer tracked |
| NFE | June 30, 2026 | 100,000 | $59,000 | -18.2% |