CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT 13F: Cuts MPLX Stake by $16M

Cushing Asset Management has reduced its stake in MPLX LP by 283,800 shares, as disclosed in a filing on October 26, 2026. This cut brings their total holdings down to 1,330,800 shares, valued at about $74.95 million, a decrease of approximately 17.6% from their previous position of 1,614,600 shares.

MPLX MPLX LP

$58.65 ▲ +15.23% year to date

1M 3M YTD

Daily close · Oct 26, 2026

Where MPLX Fits in Cushing Asset Management's Portfolio

This reduction accounts for 5.29% of Cushing's reported portfolio, ranking it seventh among the fund's 73 positions.

Other Institutional Activity in MPLX

Alps Advisors Inc. grew its holdings by 1,529,569 shares, ending with 28,601,592 shares worth about $1.68 billion. In contrast, Blackstone Inc. reduced its stake by 2,393,066 shares, bringing its total to 12,956,943 shares valued at approximately $759.9 million. Tortoise Capital Advisors, LLC also cut its position by 2,759,373 shares, now holding 10,500,469 shares worth about $615.9 million.

MPLX LP Stock Up 0.8%

As of October 27, 2026, MPLX traded recently around $58.65. The stock's performance is relevant considering the recent position change by Cushing Asset Management and the analysts' positive outlook. The stock's current price is slightly above its 52-week low, indicating a potential opportunity for investors.

Recent Earnings

MPLX reported trailing twelve-month revenue of approximately $12.03 billion, with a net margin of 39.3%. The next earnings report is set for November 3, 2026.

Analysts Set New Price Targets

On August 5, 2026, Wells Fargo maintained an Overweight rating on MPLX with a price target of $63.00. Barclays followed suit on August 6, also maintaining an Overweight rating and raising its target to $63.00. Morgan Stanley kept an Equal-Weight rating with a target of $66.00 on August 12, and RBC Capital maintained an Outperform rating with a target of $64.00 on August 21. The consensus among analysts suggests a positive outlook for MPLX, with a mean price target around $63.00.

About MPLX

MPLX LP owns and operates midstream energy infrastructure and logistics assets in the United States. The company focuses on two segments: Crude Oil and Products Logistics, and Natural Gas and NGL Services. The recent position change by Cushing Asset Management reflects the ongoing dynamics in the energy sector.

Bottom Line

Investors will be watching MPLX closely, especially with the upcoming earnings report on November 3, 2026. Cushing Asset Management's recent filing shows a strategic adjustment in their portfolio, which may be indicative of broader market trends.