Miller Howard Investments Inc.

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

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 11, 2025), Miller Howard Investments Inc. reported 136 stock positions worth $3.2 billion. Its top holding was MPLX (MPLX) at 3.7% of the portfolio, followed by Enterprise Products Partners (EPD, 3.3%) and Energy Transfer (ET, 3.0%). Compared with Q1 2025, it opened 4 new positions, sold out of 7, added to 86 and reduced 46. The biggest buy was TC Energy (TRP, shares +94%) and the biggest sale iShares Select Dividend ETF (DVY, shares −83%).

Most Recent 13F: Q2 2026
Location: KINGSTON, NY
CIK: 0000903947
Portfolio Value: $3.2B (Q2 2025)
SEC Filing: 0000903947-25-000004 ↗ filed Jul 11, 2025

Holdings Value

Holdings 136 stocks · $3.2B


MPLX MPLX LP	3.66%	2,240,136	$115.4M	Reduce -3.4%
EPD Enterprise Products Partners	3.30%	3,358,259	$104.1M	Add +0.7%
ET Energy Transfer LP	3.00%	5,214,638	$94.5M	Add +3.6%
CSCO Cisco Systems Inc.	2.75%	1,249,066	$86.7M	Add +0.2%
PAYX Paychex Inc.	2.51%	544,447	$79.2M	Add +0.2%
JNJ Johnson & Johnson	2.51%	518,003	$79.1M	Add +0.0%
ORI Old Republic Intl Corp.	2.46%	2,020,989	$77.7M	Add +0.1%
ABBV Abbvie Inc.	2.39%	405,722	$75.3M	Add +0.1%
GILD Gilead Sciences Inc.	2.33%	663,697	$73.6M	Reduce -0.2%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP	2.27%	786,863	$71.7M	Reduce -0.2%
JPM JPMorgan Chase & Co.	2.11%	229,902	$66.7M	Add +0.2%
VICI Vici Properties Inc. filed as VICI PPTYS INC	2.09%	2,020,651	$65.9M	Add +0.3%
STT State Street Corp.	2.04%	604,916	$64.3M	Add +27.4%
MDT Medtronic PLC	2.03%	732,971	$63.9M	Add +0.1%
GSK GSK PLC-Spon ADR	2.02%	1,659,814	$63.7M	Add +0.8%
EWBC East West Bancorp Inc.	2.00%	624,044	$63.0M	Add +0.1%
EXC Exelon Corp.	1.99%	1,443,153	$62.7M	Add +0.4%
VZ Verizon Communications Inc.	1.91%	1,389,297	$60.1M	Add +0.6%
WES Western Midstream Partners L	1.80%	1,469,279	$56.9M	Add +3.0%
WMB Williams Cos Inc.	1.80%	905,078	$56.8M	Add +27.6%
TRP TC Energy Corp.	1.79%	1,153,849	$56.3M	Add +93.8%
ENB Enbridge Inc.	1.76%	1,225,865	$55.6M	Add +11.1%
PAA Plains All Amer Pipeline LP	1.66%	2,864,383	$52.5M	Add +0.1%
CMCSA Comcast Corp. Class A	1.61%	1,419,835	$50.7M	Add +1.5%
ETR Entergy Corp.	1.60%	608,244	$50.6M	Add +1.1%
C Citigroup Inc.	1.60%	592,964	$50.5M	Add +27.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP	1.59%	1,059,919	$50.2M	Add +0.1%
KMI Kinder Morgan Inc.	1.59%	1,702,682	$50.1M	Add +31.9%
HESM Hess Midstream LP Class A	1.55%	1,272,494	$49.0M	Reduce -2.1%
TTE Totalenergies SE -Spon ADR	1.55%	796,417	$48.9M	Reduce -0.2%
CNQ Canadian Natural Resources	1.45%	1,451,340	$45.6M	Add +0.8%
LNG Cheniere Energy Inc.	1.41%	182,632	$44.5M	Add +12.8%
IPG Interpublic Group of Cos Inc.	1.33%	1,714,292	$42.0M	Add +2.5%
CMS CMS Energy Corp.	1.26%	571,340	$39.6M	Add +0.7%
GS Goldman Sachs Group Inc.	1.23%	54,814	$38.8M	Add +0.2%
LAMR Lamar Advertising Co. Class A	1.23%	319,350	$38.8M	Add +0.4%
HST Host Hotels & Resorts Inc.	1.20%	2,464,422	$37.9M	Add +26.6%
TXN Texas Instruments Inc.	1.20%	182,191	$37.8M	Add +0.2%
SUN Sunoco LP	1.17%	691,096	$37.0M	Add +0.6%
USB US Bancorp	1.17%	812,165	$36.8M	Add +25.8%
AM Antero Midstream Corp.	1.16%	1,925,498	$36.5M	Add +11.2%
NTR Nutrien Ltd.	1.15%	620,588	$36.1M	Add +0.1%
PSX Phillips 66	1.07%	283,518	$33.8M	Reduce -0.7%
KO The Coca-Cola Co.	1.03%	459,793	$32.5M	Reduce -0.4%
OGE Oge Energy Corp.	1.00%	707,619	$31.4M	Add +0.2%
HRB H&R Block Inc. filed as BLOCK H & R INC	0.98%	561,218	$30.8M	Add +1.3%
JEF Jefferies Financial Group Inc.	0.90%	521,040	$28.5M	Add +0.1%
TRGP Targa Resources Corp.	0.89%	160,552	$27.9M	Reduce -32.6%
EMN Eastman Chemical Co.	0.83%	351,091	$26.2M	New
GEL Genesis Energy L.P.	0.81%	1,488,590	$25.6M	Add +20.8%
PAGP Plains GP Holdings LP	0.72%	1,174,081	$22.8M	Reduce -18.1%
STAG Stag Industrial Inc.	0.69%	602,743	$21.9M	Reduce -0.1%
OKE Oneok Inc.	0.65%	251,128	$20.5M	Reduce -30.8%
SOBO South Bow Corp.	0.61%	746,599	$19.3M	Reduce -8.7%
PBA Pembina Pipeline Corp.	0.61%	508,891	$19.1M	Add +15.9%
CAG Conagra Brands Inc.	0.60%	930,027	$19.0M	Reduce -15.5%
DTM DT Midstream Inc.	0.59%	168,482	$18.5M	Reduce -6.0%
KEYERA CORP COM	0.57%	549,845	$17.9M	Add +27.4%
CEG Constellation Energy	0.39%	38,174	$12.3M	Add +4.6%
AMT American Tower Corp.	0.38%	53,887	$11.9M	Add +3.4%
CNP Centerpoint Energy Inc.	0.35%	301,154	$11.1M	Add +2.8%
PPL PPL Corp.	0.34%	319,377	$10.8M	Add +2.8%
NI Nisource Inc.	0.33%	255,820	$10.3M	Add +3.6%
TMUS T-Mobile US Inc.	0.30%	40,241	$9.6M	Add +1.1%
WM Waste Management Inc.	0.28%	38,937	$8.9M	Add +2.5%
SRE Sempra	0.28%	116,365	$8.8M	Add +6.5%
NEE Nextera Energy Inc.	0.27%	124,634	$8.7M	Add +3.7%
ATO Atmos Energy Corp.	0.26%	53,505	$8.2M	Add +3.5%
AEE Ameren Corporation	0.26%	84,805	$8.1M	Add +7.1%
GIBSON ENERGY INC COM	0.26%	462,285	$8.1M	Add +37.1%
DVY iShares Select Dividend ETF	0.25%	59,492	$7.9M	Reduce -83.1%
ENFR Alerian Energy Infrastructur	0.24%	238,327	$7.7M	Reduce -23.1%
PEG Public Service Enterprise GP	0.24%	90,477	$7.6M	Add +2.8%
MPC Marathon Petroleum Corp.	0.24%	44,676	$7.4M	Add +62.3%
T AT&T Inc.	0.23%	246,920	$7.1M	Add +2.5%
NGG National Grid PLC-SP ADR	0.21%	89,925	$6.7M	Add +2.9%
CSX CSX Corp.	0.21%	204,640	$6.7M	Add +8.4%
UNP Union Pacific Corp.	0.19%	25,781	$5.9M	Add +1.0%
CQP Cheniere Energy Partners LP	0.19%	104,438	$5.9M	Add +0.3%
XEL Xcel Energy Inc.	0.18%	85,542	$5.8M	Add +174.5%
AWK American Water Works Co. Inc.	0.17%	38,989	$5.4M	Add +3.8%
WCN Waste Connections Inc.	0.17%	28,569	$5.3M	Add +19.9%
COP Conocophillips	0.16%	56,243	$5.0M	Reduce -6.7%
AR Antero Resources Corp.	0.16%	125,133	$5.0M	Reduce -7.7%
GPOR Gulfport Energy Corp.	0.16%	24,380	$4.9M	Add +84.4%
VST Vistra Corp.	0.14%	23,044	$4.5M	Add +5.7%
HES Hess Corp.	0.14%	31,663	$4.4M	Reduce -7.7%
SU Suncor Energy Inc.	0.13%	106,787	$4.0M	Reduce -7.7%
EQT Eqt Corp.	0.12%	66,577	$3.9M	Reduce -7.7%
EQIX Equinix Inc.	0.12%	4,788	$3.8M	Add +23.9%
KNTK Kinetik Holdings Inc.	0.11%	81,368	$3.6M	Reduce -48.0%
XOM Exxon Mobil Corp.	0.11%	31,971	$3.4M	Reduce -7.8%
OXY Occidental Petroleum Corp.	0.10%	78,104	$3.3M	Reduce -7.1%
RRC Range Resources Corp.	0.10%	80,603	$3.3M	Reduce -7.8%
SO The Southern Co.	0.09%	30,335	$2.8M	Add +5.6%
AEP American Electric Power	0.08%	23,439	$2.4M	Add +5.7%
UPS United Parcel Service Class B	0.07%	22,531	$2.3M	Add +5.0%
DUK Duke Energy Corp.	0.07%	17,586	$2.1M	Add +5.6%
D Dominion Energy Inc.	0.06%	36,018	$2.0M	Add +6.8%
DTE DTE Energy Company	0.06%	13,604	$1.8M	Add +5.7%
WTTR Select Water Solutions Inc.	0.06%	206,333	$1.8M	Reduce -7.1%
BKR Baker Hughes Co.	0.05%	43,841	$1.7M	Reduce -7.7%
WEC WEC Energy Group Inc.	0.05%	15,339	$1.6M	Add +5.7%
LNT Alliant Energy Corp.	0.05%	24,744	$1.5M	Add +5.6%
CVE Cenovus Energy Inc.	0.05%	108,985	$1.5M	Reduce -6.9%
LBRT Liberty Energy Inc.	0.04%	117,134	$1.3M	Reduce -7.7%
EVRG Evergy Inc.	0.04%	18,638	$1.3M	Add +6.0%
CHRD Chord Energy Corp.	0.04%	13,112	$1.3M	Reduce -6.9%
VLO Valero Energy Corp.	0.04%	9,187	$1.2M	Reduce -6.6%
DINO HF Sinclair Corp.	0.04%	29,198	$1.2M	Reduce -6.2%
CTRA Coterra Energy Inc.	0.04%	46,036	$1.2M	Reduce -7.8%
AVGO Broadcom Inc.	0.04%	4,153	$1.1M	Reduce -15.3%
SM SM Energy Co.	0.03%	42,706	$1.1M	Reduce -7.2%
PCG P G & E Corp.	0.03%	75,048	$1.0M	Add +6.8%
MDU Mdu Resources Group Inc.	0.03%	59,405	$990K	Add +5.6%
HAL Halliburton Co.	0.03%	47,571	$969K	Reduce -6.9%
FTS Fortis Inc.	0.03%	20,234	$966K	Add +5.6%
CME Cme Group Inc.	0.03%	3,177	$876K	Add +1.7%
OVV Ovintiv Inc.	0.03%	23,005	$875K	Reduce -7.7%
OGS One Gas Inc.	0.03%	11,799	$848K	Add +5.7%
XLU St Sr Utl SL SE SPDR ETF-Usd	0.03%	10,265	$838K	Reduce -67.5%
BKH Black Hills Corp.	0.02%	13,563	$761K	Add +5.6%
ES Eversource Energy	0.02%	11,704	$745K	Add +5.7%
CAH Cardinal Health Inc.	0.02%	4,032	$677K	Reduce -6.0%
AES AES Corp.	0.02%	55,795	$587K	Reduce -73.2%
RY Royal Bank of Canada	0.02%	4,228	$556K	Reduce -41.1%
RDN Radian Group Inc.	0.01%	12,876	$464K	Reduce -6.4%
NOMD Nomad Foods Ltd.	0.01%	26,396	$448K	New
PFE Pfizer Inc.	0.01%	16,194	$393K	Reduce -4.4%
SON Sonoco Products Co.	0.01%	8,544	$372K	Reduce -7.0%
OMC Omnicom Group	0.01%	4,991	$359K	Reduce -4.4%
TGT Target Corp.	0.01%	2,838	$280K	Reduce -4.4%
MAA Mid-America Apartment Comm	0.01%	1,838	$272K	Add +31.3%
NTAP Netapp Inc.	0.01%	2,142	$228K	New
TSM Taiwan Semiconductor-SP ADR	0.01%	973	$220K	New
CPT Camden Property Trust	0.01%	1,950	$220K	Add +2.1%

Portfolio Sells Q1 2025 → Q2 2025


DVY iShares Select Dividend ETF	Reduce -83.1%	0.25%	−1.25
MRK Merck & Co. Inc.	Sold out	0.00%	−1.04
RHI Robert Half Inc.	Sold out	0.00%	−0.73
TRGP Targa Resources Corp.	Reduce -32.6%	0.89%	−0.63
OKE Oneok Inc.	Reduce -30.8%	0.65%	−0.50
CAG Conagra Brands Inc.	Reduce -15.5%	0.60%	−0.33
MPLX MPLX LP	Reduce -3.4%	3.66%	−0.29
PAGP Plains GP Holdings LP	Reduce -18.1%	0.72%	−0.25
HESM Hess Midstream LP Class A	Reduce -2.1%	1.55%	−0.20
KNTK Kinetik Holdings Inc.	Reduce -48.0%	0.11%	−0.15
TTE Totalenergies SE -Spon ADR	Reduce -0.2%	1.55%	−0.09
ENFR Alerian Energy Infrastructur	Reduce -23.1%	0.24%	−0.08
AES AES Corp.	Reduce -73.2%	0.02%	−0.06
XLU St Sr Utl SL SE SPDR ETF-Usd	Reduce -67.5%	0.03%	−0.05
SOBO South Bow Corp.	Reduce -8.7%	0.61%	−0.05
PSX Phillips 66	Reduce -0.7%	1.07%	−0.05
EOG EOG Resources Inc.	Sold out	0.00%	−0.05
COP Conocophillips	Reduce -6.7%	0.16%	−0.04
GILD Gilead Sciences Inc.	Reduce -0.2%	2.33%	−0.04
HES Hess Corp.	Reduce -7.7%	0.14%	−0.04
OXY Occidental Petroleum Corp.	Reduce -7.1%	0.10%	−0.03
XOM Exxon Mobil Corp.	Reduce -7.8%	0.11%	−0.02
LBRT Liberty Energy Inc.	Reduce -7.7%	0.04%	−0.02
KO The Coca-Cola Co.	Reduce -0.4%	1.03%	−0.02
AESI Atlas Energy Solutions Inc.	Sold out	0.00%	−0.02
WTTR Select Water Solutions Inc.	Reduce -7.1%	0.06%	−0.02
SU Suncor Energy Inc.	Reduce -7.7%	0.13%	−0.02
AR Antero Resources Corp.	Reduce -7.7%	0.16%	−0.01
BKR Baker Hughes Co.	Reduce -7.7%	0.05%	−0.01
IWD iShares Russell 1000 Value E	Sold out	0.00%	−0.01
HAL Halliburton Co.	Reduce -6.9%	0.03%	−0.01
AMLP Alerian MLP ETF	Sold out	0.00%	−0.01
SM SM Energy Co.	Reduce -7.2%	0.03%	−0.01
CHRD Chord Energy Corp.	Reduce -6.9%	0.04%	−0.01
XLE SS Energy Select Sector	Sold out	0.00%	−0.01
CTRA Coterra Energy Inc.	Reduce -7.8%	0.04%	−0.01
RY Royal Bank of Canada	Reduce -41.1%	0.02%	−0.01
RRC Range Resources Corp.	Reduce -7.8%	0.10%	−0.01
OVV Ovintiv Inc.	Reduce -7.7%	0.03%	−0.01
CVE Cenovus Energy Inc.	Reduce -6.9%	0.05%	−0.00
OMC Omnicom Group	Reduce -4.4%	0.01%	−0.00
VLO Valero Energy Corp.	Reduce -6.6%	0.04%	−0.00
SON Sonoco Products Co.	Reduce -7.0%	0.01%	−0.00
PFE Pfizer Inc.	Reduce -4.4%	0.01%	−0.00
TGT Target Corp.	Reduce -4.4%	0.01%	−0.00
STAG Stag Industrial Inc.	Reduce -0.1%	0.69%	−0.00
RDN Radian Group Inc.	Reduce -6.4%	0.01%	+0.00
EQT Eqt Corp.	Reduce -7.7%	0.12%	+0.00
CAH Cardinal Health Inc.	Reduce -6.0%	0.02%	+0.00
DINO HF Sinclair Corp.	Reduce -6.2%	0.04%	+0.01

Portfolio Buys Q1 2025 → Q2 2025


TRP TC Energy Corp.	Add +93.8%	1.79%	+0.89
EMN Eastman Chemical Co.	New	0.83%	+0.83
STT State Street Corp.	Add +27.4%	2.04%	+0.69
C Citigroup Inc.	Add +27.4%	1.60%	+0.55
WMB Williams Cos Inc.	Add +27.6%	1.80%	+0.45
KMI Kinder Morgan Inc.	Add +31.9%	1.59%	+0.42
JPM JPMorgan Chase & Co.	Add +0.2%	2.11%	+0.32
HST Host Hotels & Resorts Inc.	Add +26.6%	1.20%	+0.32
CSCO Cisco Systems Inc.	Add +0.2%	2.75%	+0.30
USB US Bancorp	Add +25.8%	1.17%	+0.30
GS Goldman Sachs Group Inc.	Add +0.2%	1.23%	+0.28
LNG Cheniere Energy Inc.	Add +12.8%	1.41%	+0.22
EWBC East West Bancorp Inc.	Add +0.1%	2.00%	+0.22
ENB Enbridge Inc.	Add +11.1%	1.76%	+0.21
GEL Genesis Energy L.P.	Add +20.8%	0.81%	+0.20
BAC Bank of America Corp.	Add +0.1%	1.59%	+0.18
NTR Nutrien Ltd.	Add +0.1%	1.15%	+0.17
AM Antero Midstream Corp.	Add +11.2%	1.16%	+0.17
TXN Texas Instruments Inc.	Add +0.2%	1.20%	+0.16
CEG Constellation Energy	Add +4.6%	0.39%	+0.16
KEYERA CORP COM	Add +27.4%	0.57%	+0.14
XEL Xcel Energy Inc.	Add +174.5%	0.18%	+0.11
MPC Marathon Petroleum Corp.	Add +62.3%	0.24%	+0.11
GIBSON ENERGY INC COM	Add +37.1%	0.26%	+0.09
GPOR Gulfport Energy Corp.	Add +84.4%	0.16%	+0.08
LAMR Lamar Advertising Co. Class A	Add +0.4%	1.23%	+0.08
VST Vistra Corp.	Add +5.7%	0.14%	+0.06
PBA Pembina Pipeline Corp.	Add +15.9%	0.61%	+0.05
CSX CSX Corp.	Add +8.4%	0.21%	+0.04
CNQ Canadian Natural Resources	Add +0.8%	1.45%	+0.03
SRE Sempra	Add +6.5%	0.28%	+0.03
NGG National Grid PLC-SP ADR	Add +2.9%	0.21%	+0.03
WCN Waste Connections Inc.	Add +19.9%	0.17%	+0.02
EQIX Equinix Inc.	Add +23.9%	0.12%	+0.02
ET Energy Transfer LP	Add +3.6%	3.00%	+0.02
AMT American Tower Corp.	Add +3.4%	0.38%	+0.02
JEF Jefferies Financial Group Inc.	Add +0.1%	0.90%	+0.02
NOMD Nomad Foods Ltd.	New	0.01%	+0.01
CNP Centerpoint Energy Inc.	Add +2.8%	0.35%	+0.01
NI Nisource Inc.	Add +3.6%	0.33%	+0.01
PEG Public Service Enterprise GP	Add +2.8%	0.24%	+0.01
T AT&T Inc.	Add +2.5%	0.23%	+0.01
HRB H&R Block Inc.	Add +1.3%	0.98%	+0.01
NTAP Netapp Inc.	New	0.01%	+0.01
ATO Atmos Energy Corp.	Add +3.5%	0.26%	+0.01
TSM Taiwan Semiconductor-SP ADR	New	0.01%	+0.01
AEE Ameren Corporation	Add +7.1%	0.26%	+0.01
D Dominion Energy Inc.	Add +6.8%	0.06%	+0.00
SO The Southern Co.	Add +5.6%	0.09%	+0.00
NEE Nextera Energy Inc.	Add +3.7%	0.27%	+0.00

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