Cushing Asset Management sold all 1,357,200 shares of Hess Midstream, valued at approximately $50.29 million, resulting in a significant decline in the fund's assets under management. This complete exit reflects a strategic shift towards more diversified midstream operators, as Hess Midstream had become a smaller portion of their portfolio.
Cushing Asset Management's complete exit from Hess Midstream LP, as shown in their recent SEC filing, suggests a strategic shift towards more diversified midstream operators with broader exposure and balanced risk profiles. For an investor interested in the energy sector, this could signal a preference for larger, diversified pipeline operators over more concentrated entities like Hess Midstream, which focuses primarily on the Bakken region with a single core customer.