Miller Howard Investments Inc.

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 28, 2025), Miller Howard Investments Inc. reported 139 stock positions worth $3.1 billion. Its top holding was MPLX (MPLX) at 4.0% of the portfolio, followed by Enterprise Products Partners (EPD, 3.6%) and Energy Transfer (ET, 3.0%). Compared with Q4 2024, it opened 11 new positions, sold out of 8, added to 64 and reduced 64. The biggest buy was a new position in Vici Properties (VICI) and the biggest sale Jefferies Financial (JEF, shares −61%).

Most Recent 13F: Q2 2026
Location: KINGSTON, NY
CIK: 0000903947
Portfolio Value: $3.1B (Q1 2025)
SEC Filing: 0000903947-25-000002 ↗ filed Apr 28, 2025

Holdings Value

Holdings 139 stocks · $3.1B


MPLX MPLX LP	3.95%	2,319,685	$124.1M	Reduce -1.7%
EPD Enterprise Products Partners	3.62%	3,333,886	$113.8M	Add +3.9%
ET Energy Transfer LP	2.98%	5,033,609	$93.6M	Reduce -9.8%
JNJ Johnson & Johnson	2.73%	517,996	$85.9M	Add +23.6%
ABBV Abbvie Inc.	2.70%	405,119	$84.9M	Reduce -1.0%
PAYX Paychex Inc.	2.67%	543,413	$83.8M	Reduce -1.5%
ORI Old Republic Intl Corp.	2.52%	2,018,211	$79.2M	Reduce -1.5%
CSCO Cisco Systems Inc.	2.45%	1,246,565	$76.9M	Reduce -1.3%
GILD Gilead Sciences Inc.	2.37%	664,857	$74.5M	Reduce -29.5%
EXC Exelon Corp.	2.11%	1,437,703	$66.2M	Add +5.5%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP	2.10%	788,144	$66.1M	Reduce -25.3%
MDT Medtronic PLC	2.09%	732,044	$65.8M	Reduce -0.4%
VICI Vici Properties Inc. filed as VICI PPTYS INC	2.09%	2,015,640	$65.8M	New
GSK GSK PLC-Spon ADR	2.03%	1,646,791	$63.8M	Add +138.3%
VZ Verizon Communications Inc.	1.99%	1,380,512	$62.6M	New
WES Western Midstream Partners L	1.86%	1,427,187	$58.5M	Reduce -8.9%
PAA Plains All Amer Pipeline LP	1.82%	2,861,430	$57.2M	Add +9.6%
JPM JPMorgan Chase & Co.	1.79%	229,459	$56.3M	Reduce -20.8%
EWBC East West Bancorp Inc.	1.78%	623,727	$56.0M	Reduce -1.4%
HESM Hess Midstream LP Class A	1.75%	1,299,294	$54.9M	Add +53.5%
CMCSA Comcast Corp. Class A	1.64%	1,399,291	$51.6M	Reduce -3.9%
TTE Totalenergies SE -Spon ADR	1.64%	797,687	$51.6M	Add +2.7%
ETR Entergy Corp.	1.64%	601,632	$51.4M	Reduce -3.6%
ENB Enbridge Inc.	1.56%	1,103,207	$48.9M	Add +24.1%
TRGP Targa Resources Corp.	1.52%	238,248	$47.8M	Reduce -31.8%
DVY iShares Select Dividend ETF	1.50%	351,271	$47.2M	Reduce -29.6%
IPG Interpublic Group of Cos Inc.	1.45%	1,672,120	$45.4M	Reduce -1.7%
CNQ Canadian Natural Resources	1.41%	1,439,372	$44.3M	Add +30.7%
BAC Bank of America Corp. filed as BANK AMERICA CORP	1.41%	1,058,472	$44.2M	Reduce -1.4%
CMS CMS Energy Corp.	1.36%	567,186	$42.6M	Add +0.6%
STT State Street Corp.	1.35%	474,741	$42.5M	New
WMB Williams Cos Inc.	1.35%	709,113	$42.4M	Add +3.7%
SUN Sunoco LP	1.27%	687,244	$39.9M	Add +15.5%
LNG Cheniere Energy Inc.	1.19%	161,962	$37.5M	Reduce -12.7%
KMI Kinder Morgan Inc.	1.17%	1,290,732	$36.8M	Reduce -5.3%
LAMR Lamar Advertising Co. Class A	1.15%	318,028	$36.2M	Reduce -1.4%
OKE Oneok Inc.	1.15%	362,675	$36.0M	Add +1.1%
PSX Phillips 66	1.12%	285,566	$35.3M	Add +0.1%
KO The Coca-Cola Co.	1.05%	461,508	$33.1M	Reduce -58.4%
C Citigroup Inc.	1.05%	465,517	$33.0M	New
MRK Merck & Co. Inc.	1.04%	364,668	$32.7M	Reduce -1.1%
TXN Texas Instruments Inc.	1.04%	181,909	$32.7M	Reduce -1.6%
OGE Oge Energy Corp.	1.03%	705,974	$32.4M	Reduce -0.9%
AM Antero Midstream Corp.	0.99%	1,731,216	$31.2M	Add +0.8%
NTR Nutrien Ltd.	0.98%	619,634	$30.8M	Add +36.1%
PAGP Plains GP Holdings LP	0.97%	1,432,818	$30.6M	Reduce -6.7%
HRB H&R Block Inc. filed as BLOCK H & R INC	0.97%	554,160	$30.4M	New
GS Goldman Sachs Group Inc.	0.95%	54,708	$29.9M	Reduce -66.0%
CAG Conagra Brands Inc.	0.93%	1,100,073	$29.3M	Add +26.9%
TRP TC Energy Corp.	0.89%	595,351	$28.1M	Reduce -0.2%
JEF Jefferies Financial Group Inc.	0.89%	520,350	$27.9M	Reduce -60.5%
HST Host Hotels & Resorts Inc.	0.88%	1,946,406	$27.7M	Reduce -13.8%
USB US Bancorp	0.87%	645,787	$27.3M	Reduce -16.8%
RHI Robert Half Inc.	0.73%	422,936	$23.1M	Reduce -22.2%
STAG Stag Industrial Inc.	0.69%	603,279	$21.8M	Add +0.6%
SOBO South Bow Corp.	0.66%	817,558	$20.9M	Add +87.8%
GEL Genesis Energy L.P.	0.62%	1,232,404	$19.3M	New
PBA Pembina Pipeline Corp.	0.56%	438,954	$17.6M	Reduce -20.5%
DTM DT Midstream Inc.	0.55%	179,272	$17.3M	Reduce -21.1%
KEYERA CORP COM	0.43%	431,750	$13.4M	Reduce -2.4%
AMT American Tower Corp.	0.36%	52,095	$11.3M	Add +54.5%
PPL PPL Corp.	0.36%	310,552	$11.2M	Add +6.5%
CNP Centerpoint Energy Inc.	0.34%	293,085	$10.6M	Add +6.2%
TMUS T-Mobile US Inc.	0.34%	39,787	$10.6M	Add +6.7%
ENFR Alerian Energy Infrastructur	0.32%	310,011	$10.2M	New
NI Nisource Inc.	0.32%	246,844	$9.9M	Reduce -16.3%
WM Waste Management Inc.	0.28%	38,007	$8.8M	Add +31.7%
NEE Nextera Energy Inc.	0.27%	120,153	$8.5M	Add +8.1%
KNTK Kinetik Holdings Inc.	0.26%	156,563	$8.1M	Reduce -42.0%
ATO Atmos Energy Corp.	0.25%	51,705	$8.0M	Add +45.9%
AEE Ameren Corporation	0.25%	79,159	$7.9M	Add +10.3%
SRE Sempra	0.25%	109,269	$7.8M	Add +1.8%
CEG Constellation Energy	0.23%	36,483	$7.4M	Reduce -7.7%
PEG Public Service Enterprise GP	0.23%	88,005	$7.2M	Add +6.5%
CQP Cheniere Energy Partners LP	0.22%	104,157	$6.9M	Add +2.0%
T AT&T Inc.	0.22%	240,943	$6.8M	New
COP Conocophillips	0.20%	60,294	$6.3M	Add +98.2%
UNP Union Pacific Corp.	0.19%	25,536	$6.0M	Add +6.0%
NGG National Grid PLC-SP ADR	0.18%	87,436	$5.7M	Add +1.6%
CSX CSX Corp.	0.18%	188,701	$5.6M	Add +0.8%
AWK American Water Works Co. Inc.	0.18%	37,559	$5.5M	Add +44.0%
AR Antero Resources Corp.	0.17%	135,513	$5.5M	Reduce -3.4%
HES Hess Corp.	0.17%	34,287	$5.5M	Add +2.9%
GIBSON ENERGY INC COM	0.17%	337,239	$5.2M	Reduce -2.4%
WCN Waste Connections Inc.	0.15%	23,838	$4.7M	New
SU Suncor Energy Inc.	0.14%	115,700	$4.5M	Reduce -3.3%
OXY Occidental Petroleum Corp.	0.13%	84,065	$4.1M	Add +6.8%
XOM Exxon Mobil Corp.	0.13%	34,664	$4.1M	Reduce -3.2%
MPC Marathon Petroleum Corp.	0.13%	27,521	$4.0M	Add +10.6%
EQT Eqt Corp.	0.12%	72,112	$3.9M	Reduce -2.5%
RRC Range Resources Corp.	0.11%	87,414	$3.5M	Reduce -1.8%
EQIX Equinix Inc.	0.10%	3,864	$3.2M	Add +20.1%
SO The Southern Co.	0.08%	28,731	$2.6M	Add +8.8%
AES AES Corp.	0.08%	207,942	$2.6M	Add +23.4%
VST Vistra Corp.	0.08%	21,796	$2.6M	Reduce -3.8%
XLU St Sr Utl SL SE SPDR ETF-Usd	0.08%	31,541	$2.5M	Reduce -51.3%
GPOR Gulfport Energy Corp.	0.08%	13,223	$2.4M	New
AEP American Electric Power	0.08%	22,184	$2.4M	Add +8.8%
UPS United Parcel Service Class B	0.08%	21,456	$2.4M	Add +6.3%
WTTR Select Water Solutions Inc.	0.07%	222,082	$2.3M	Reduce -5.0%
XEL Xcel Energy Inc.	0.07%	31,161	$2.2M	New
BKR Baker Hughes Co.	0.07%	47,501	$2.1M	Reduce -3.5%
DUK Duke Energy Corp.	0.06%	16,649	$2.0M	Add +8.8%
LBRT Liberty Energy Inc.	0.06%	126,880	$2.0M	Reduce -4.7%
D Dominion Energy Inc.	0.06%	33,717	$1.9M	Add +10.1%
DTE DTE Energy Company	0.06%	12,871	$1.8M	Add +8.9%
CVE Cenovus Energy Inc.	0.05%	117,076	$1.6M	Add +11.6%
CHRD Chord Energy Corp.	0.05%	14,081	$1.6M	Add +12.6%
WEC WEC Energy Group Inc.	0.05%	14,516	$1.6M	Add +8.8%
EOG EOG Resources Inc.	0.05%	12,008	$1.5M	Reduce -7.6%
LNT Alliant Energy Corp.	0.05%	23,441	$1.5M	Add +8.8%
CTRA Coterra Energy Inc.	0.05%	49,916	$1.4M	Add +0.4%
SM SM Energy Co.	0.04%	46,039	$1.4M	Add +11.9%
VLO Valero Energy Corp.	0.04%	9,839	$1.3M	Reduce -1.3%
HAL Halliburton Co.	0.04%	51,104	$1.3M	Add +1.5%
EVRG Evergy Inc.	0.04%	17,588	$1.2M	Add +49.8%
PCG P G & E Corp.	0.04%	70,275	$1.2M	Add +7.8%
OVV Ovintiv Inc.	0.03%	24,931	$1.1M	Add +9.8%
DINO HF Sinclair Corp.	0.03%	31,128	$1.0M	Add +11.9%
MDU Mdu Resources Group Inc.	0.03%	56,239	$951K	Add +9.0%
FTS Fortis Inc.	0.03%	19,162	$873K	Add +8.6%
OGS One Gas Inc.	0.03%	11,165	$844K	Add +6.0%
CME Cme Group Inc.	0.03%	3,123	$829K	Reduce -1.4%
AVGO Broadcom Inc.	0.03%	4,902	$821K	Reduce -24.2%
RY Royal Bank of Canada	0.03%	7,173	$809K	Reduce -98.5%
BKH Black Hills Corp.	0.02%	12,845	$779K	Add +8.8%
ES Eversource Energy	0.02%	11,070	$688K	Add +12.3%
AESI Atlas Energy Solutions Inc.	0.02%	33,689	$601K	Reduce -5.6%
CAH Cardinal Health Inc.	0.02%	4,289	$591K	Reduce -11.5%
RDN Radian Group Inc.	0.01%	13,759	$455K	Reduce -1.3%
SON Sonoco Products Co.	0.01%	9,192	$434K	Add +0.3%
OMC Omnicom Group	0.01%	5,223	$433K	Reduce -1.3%
PFE Pfizer Inc.	0.01%	16,937	$429K	Add +0.4%
IWD iShares Russell 1000 Value E	0.01%	2,082	$392K	Reduce -60.6%
AMLP Alerian MLP ETF	0.01%	6,315	$328K	Reduce -59.9%
TGT Target Corp.	0.01%	2,968	$310K	Reduce -1.8%
XLE SS Energy Select Sector	0.01%	3,177	$297K	Reduce -89.4%
MAA Mid-America Apartment Comm	0.01%	1,400	$235K	Reduce -59.0%
CPT Camden Property Trust	0.01%	1,909	$233K	Reduce -71.2%

Portfolio Sells Q4 2024 → Q1 2025


JEF Jefferies Financial Group Inc.	Reduce -60.5%	0.89%	−2.51
GS Goldman Sachs Group Inc.	Reduce -66.0%	0.95%	−2.08
RY Royal Bank of Canada	Reduce -98.5%	0.03%	−1.91
KO The Coca-Cola Co.	Reduce -58.4%	1.05%	−1.22
ENLC Enlink Midstream LLC	Sold out	0.00%	−1.08
EIX Edison International	Sold out	0.00%	−0.90
DVY iShares Select Dividend ETF	Reduce -29.6%	1.50%	−0.65
ET Energy Transfer LP	Reduce -9.8%	2.98%	−0.62
BNY Bank of New York Mellon Corp.	Reduce -25.3%	2.10%	−0.56
TRGP Targa Resources Corp.	Reduce -31.8%	1.52%	−0.53
RHI Robert Half Inc.	Reduce -22.2%	0.73%	−0.52
GILD Gilead Sciences Inc.	Reduce -29.5%	2.37%	−0.49
JPM JPMorgan Chase & Co.	Reduce -20.8%	1.79%	−0.49
HST Host Hotels & Resorts Inc.	Reduce -13.8%	0.88%	−0.42
USB US Bancorp	Reduce -16.8%	0.87%	−0.35
KNTK Kinetik Holdings Inc.	Reduce -42.0%	0.26%	−0.24
EWBC East West Bancorp Inc.	Reduce -1.4%	1.78%	−0.21
DTM DT Midstream Inc.	Reduce -21.1%	0.55%	−0.19
MRK Merck & Co. Inc.	Reduce -1.1%	1.04%	−0.16
CMCSA Comcast Corp. Class A	Reduce -3.9%	1.64%	−0.15
BAC Bank of America Corp.	Reduce -1.4%	1.41%	−0.14
LAMR Lamar Advertising Co. Class A	Reduce -1.4%	1.15%	−0.14
CCI Crown Castle Inc.	Sold out	0.00%	−0.12
IPG Interpublic Group of Cos Inc.	Reduce -1.7%	1.45%	−0.12
WES Western Midstream Partners L	Reduce -8.9%	1.86%	−0.12
LNG Cheniere Energy Inc.	Reduce -12.7%	1.19%	−0.12
PBA Pembina Pipeline Corp.	Reduce -20.5%	0.56%	−0.11
HCA HCA Healthcare Inc.	Sold out	0.00%	−0.10
TXN Texas Instruments Inc.	Reduce -1.6%	1.04%	−0.10
XLU St Sr Utl SL SE SPDR ETF-Usd	Reduce -51.3%	0.08%	−0.08
XLE SS Energy Select Sector	Reduce -89.4%	0.01%	−0.07
SPY SS SPDR S&P 500 ETF Trust-US	Sold out	0.00%	−0.07
CEG Constellation Energy	Reduce -7.7%	0.23%	−0.06
KMI Kinder Morgan Inc.	Reduce -5.3%	1.17%	−0.06
LYB Lyondellbasell Indu Class A	Sold out	0.00%	−0.05
NI Nisource Inc.	Reduce -16.3%	0.32%	−0.04
WTTR Select Water Solutions Inc.	Reduce -5.0%	0.07%	−0.03
GIBSON ENERGY INC COM	Reduce -2.4%	0.17%	−0.03
ASB Associated Banc-Corp.	Sold out	0.00%	−0.02
AVGO Broadcom Inc.	Reduce -24.2%	0.03%	−0.02
LBRT Liberty Energy Inc.	Reduce -4.7%	0.06%	−0.02
VST Vistra Corp.	Reduce -3.8%	0.08%	−0.02
IWD iShares Russell 1000 Value E	Reduce -60.6%	0.01%	−0.02
CPT Camden Property Trust	Reduce -71.2%	0.01%	−0.02
TRP TC Energy Corp.	Reduce -0.2%	0.89%	−0.02
KEYERA CORP COM	Reduce -2.4%	0.43%	−0.02
IGF iShares Global Infrastructur	Sold out	0.00%	−0.01
AMLP Alerian MLP ETF	Reduce -59.9%	0.01%	−0.01
CSCO Cisco Systems Inc.	Reduce -1.3%	2.45%	−0.01
MAA Mid-America Apartment Comm	Reduce -59.0%	0.01%	−0.01

Portfolio Buys Q4 2024 → Q1 2025


VICI Vici Properties Inc.	New	2.09%	+2.09
VZ Verizon Communications Inc.	New	1.99%	+1.99
STT State Street Corp.	New	1.35%	+1.35
GSK GSK PLC-Spon ADR	Add +138.3%	2.03%	+1.26
C Citigroup Inc.	New	1.05%	+1.05
HRB H&R Block Inc.	New	0.97%	+0.97
JNJ Johnson & Johnson	Add +23.6%	2.73%	+0.74
HESM Hess Midstream LP Class A	Add +53.5%	1.75%	+0.72
GEL Genesis Energy L.P.	New	0.62%	+0.62
EXC Exelon Corp.	Add +5.5%	2.11%	+0.42
PAA Plains All Amer Pipeline LP	Add +9.6%	1.82%	+0.36
SOBO South Bow Corp.	Add +87.8%	0.66%	+0.33
ENFR Alerian Energy Infrastructur	New	0.32%	+0.32
ENB Enbridge Inc.	Add +24.1%	1.56%	+0.32
EPD Enterprise Products Partners	Add +3.9%	3.62%	+0.31
NTR Nutrien Ltd.	Add +36.1%	0.98%	+0.31
CNQ Canadian Natural Resources	Add +30.7%	1.41%	+0.29
SUN Sunoco LP	Add +15.5%	1.27%	+0.26
TTE Totalenergies SE -Spon ADR	Add +2.7%	1.64%	+0.25
T AT&T Inc.	New	0.22%	+0.22
AMT American Tower Corp.	Add +54.5%	0.36%	+0.16
WCN Waste Connections Inc.	New	0.15%	+0.15
CAG Conagra Brands Inc.	Add +26.9%	0.93%	+0.14
AM Antero Midstream Corp.	Add +0.8%	0.99%	+0.14
WMB Williams Cos Inc.	Add +3.7%	1.35%	+0.13
CMS CMS Energy Corp.	Add +0.6%	1.36%	+0.12
COP Conocophillips	Add +98.2%	0.20%	+0.10
ATO Atmos Energy Corp.	Add +45.9%	0.25%	+0.09
WM Waste Management Inc.	Add +31.7%	0.28%	+0.09
GPOR Gulfport Energy Corp.	New	0.08%	+0.08
XEL Xcel Energy Inc.	New	0.07%	+0.07
AWK American Water Works Co. Inc.	Add +44.0%	0.18%	+0.07
TMUS T-Mobile US Inc.	Add +6.7%	0.34%	+0.07
PSX Phillips 66	Add +0.1%	1.12%	+0.05
CNP Centerpoint Energy Inc.	Add +6.2%	0.34%	+0.05
PPL PPL Corp.	Add +6.5%	0.36%	+0.05
AEE Ameren Corporation	Add +10.3%	0.25%	+0.04
CQP Cheniere Energy Partners LP	Add +2.0%	0.22%	+0.04
HES Hess Corp.	Add +2.9%	0.17%	+0.03
STAG Stag Industrial Inc.	Add +0.6%	0.69%	+0.03
AEP American Electric Power	Add +8.8%	0.08%	+0.02
EVRG Evergy Inc.	Add +49.8%	0.04%	+0.01
NGG National Grid PLC-SP ADR	Add +1.6%	0.18%	+0.01
MPC Marathon Petroleum Corp.	Add +10.6%	0.13%	+0.01
SO The Southern Co.	Add +8.8%	0.08%	+0.01
UNP Union Pacific Corp.	Add +6.0%	0.19%	+0.01
AES AES Corp.	Add +23.4%	0.08%	+0.01
DUK Duke Energy Corp.	Add +8.8%	0.06%	+0.01
DTE DTE Energy Company	Add +8.9%	0.06%	+0.01
NEE Nextera Energy Inc.	Add +8.1%	0.27%	+0.01

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	152	$3.8B	MPLX, EPD, JNJ, ET, ABBV
Q1 2026	138	$3.7B	MPLX, EPD, ET, JNJ, GSK
Q4 2025	140	$3.3B	MPLX, JNJ, EPD, CSCO, ABBV
Q3 2025	135	$3.3B	MPLX, EPD, JNJ, ABBV, ET
Q2 2025	136	$3.2B	MPLX, EPD, ET, CSCO, PAYX
Q1 2025	139	$3.1B	MPLX, EPD, ET, JNJ, ABBV
Q4 2024	136	$3.0B	MPLX, ET, JEF, EPD, GS
Q3 2024	195	$3.2B	MPLX, ET, EPD, GILD, KO
Q2 2024	192	$3.0B	MPLX, ET, EPD, ABBV, GS
Q1 2024	192	$3.0B	MPLX, EPD, ET, ABBV, AVGO