CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT 13F: Cuts ET Stake by $3M

Cushing Asset Management trimmed its position in Energy Transfer LP (ET) by 151,001 shares, valued at approximately $2.98 million, in a filing on October 26, 2026. The fund's total holdings in the company now stand at 7,772,599 shares, down from 7,923,600. This change marks a 1.9% decrease in their stake as of the end of the reporting period on September 30, 2026.

ET Energy Transfer LP

$20.52 ▲ +30.37% year to date

1M 3M YTD

Daily close · Oct 26, 2026

Where Energy Transfer Fits in Cushing Asset Management's Portfolio

Energy Transfer LP represents about 10.85% of Cushing Asset Management's total reported portfolio, making it the fund's largest position.

Other Institutional Activity in Energy Transfer

True North Advisors reduced its stake in Energy Transfer by 106,116 shares, ending with no shares held. Meanwhile, Blackstone Inc. grew its holdings by 4,661,915 shares, bringing its total to 35,782,842 shares valued at approximately $737.1 million. Alps Advisors Inc. also added 945,545 shares, increasing its holdings to 86,904,208 shares worth about $1.79 billion.

Energy Transfer LP Stock Up 0.8%

On October 26, 2026, Energy Transfer closed at $20.60, and as of October 27, the stock was recently trading around $20.61. The shares are currently below their 50-day moving average of $20.80 but above their 200-day moving average of $19.60. The stock is about 5.6% below its 52-week high of $21.84 and 27.4% above its 52-week low of $16.18.

Recent Earnings

In its most recent earnings report, Energy Transfer reported trailing twelve-month revenue of approximately $107.4 billion and an earnings per share (EPS) of $1.46. The next earnings report is scheduled for November 3, 2026.

Dividend

Energy Transfer LP pays an annual dividend rate of $1.37, which translates to a yield of 6.65% based on recent trading prices. The dividend payout ratio is 91.4%, reflecting the proportion of earnings paid out as dividends.

Insider Buying and Selling at Energy Transfer LP

Several insiders have made significant purchases recently. Director Kelcy L. Warren bought 2 million shares on August 20, 2025, valued at approximately $34.7 million. He also purchased another 2 million shares on November 20, 2025, valued at about $33.8 million. Director James Richard Perry bought 12,359 shares on August 7, 2026, for about $250,000. These transactions indicate continued insider confidence in the company.

Analysts Set New Price Targets

On August 7, 2026, Citigroup maintained a Buy rating on Energy Transfer with a price target of $24.00, up from $23.00. Similarly, TD Cowen also maintained a Buy rating with a target of $25.00. The consensus among analysts is a strong Buy, with a mean price target of $24.7 based on 23 opinions.

About Energy Transfer

Energy Transfer LP, based in Dallas, Texas, provides energy-related services across the United States. Its operations include various segments like transportation and storage of natural gas, crude oil, and refined products. The recent filing by Cushing Asset Management shows how significant Energy Transfer is in their investment strategy.

Bottom Line

Investors should keep an eye on Energy Transfer's upcoming earnings report on November 3, 2026, as well as any further filings from Cushing Asset Management and other institutional investors. The recent position trim by Cushing reflects adjustments in their portfolio strategy.