Miller Howard Investments Inc.

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

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 27, 2026), Miller Howard Investments Inc. reported 140 stock positions worth $3.3 billion. Its top holding was MPLX (MPLX) at 3.7% of the portfolio, followed by Johnson & Johnson (JNJ, 3.2%) and Enterprise Products Partners (EPD, 3.0%). Compared with Q3 2025, it opened 11 new positions, sold out of 6, added to 63 and reduced 63. The biggest buy was iShares Select Dividend ETF (DVY, shares +746%) and the biggest sale JPMorgan Chase (JPM, shares −96%).

Most Recent 13F: Q2 2026
Location: KINGSTON, NY
CIK: 0000903947
Portfolio Value: $3.3B (Q4 2025)
SEC Filing: 0000903947-26-000001 ↗ filed Jan 27, 2026

Holdings Value

Holdings 140 stocks · $3.3B


MPLX MPLX LP	3.73%	2,315,921	$123.6M	Add +2.5%
JNJ Johnson & Johnson	3.20%	512,294	$106.0M	Reduce -1.3%
EPD Enterprise Products Partners	3.01%	3,112,119	$99.8M	Add +1.0%
CSCO Cisco Systems Inc.	2.87%	1,234,292	$95.1M	Reduce -1.3%
ABBV Abbvie Inc.	2.77%	401,292	$91.7M	Reduce -1.3%
ORI Old Republic Intl Corp.	2.75%	1,996,225	$91.1M	Reduce -1.3%
ET Energy Transfer LP	2.60%	5,229,111	$86.2M	Reduce -2.3%
GSK GSK PLC-Spon ADR	2.43%	1,642,114	$80.5M	Reduce -1.2%
GILD Gilead Sciences Inc.	2.43%	654,778	$80.4M	Reduce -1.3%
STT State Street Corp.	2.33%	599,630	$77.4M	Reduce -1.2%
DVY iShares Select Dividend ETF	2.15%	505,689	$71.4M	Add +745.9%
MDT Medtronic PLC	2.10%	723,893	$69.5M	Reduce -1.4%
EWBC East West Bancorp Inc.	2.10%	618,551	$69.5M	Reduce -1.2%
C Citigroup Inc.	2.07%	587,187	$68.5M	Reduce -1.3%
EXC Exelon Corp.	1.90%	1,443,215	$62.9M	Reduce -0.4%
TRP TC Energy Corp.	1.89%	1,135,832	$62.5M	Add +0.2%
WES Western Midstream Partners L	1.78%	1,491,432	$58.9M	Add +0.7%
BAC Bank of America Corp. filed as BANK AMERICA CORP	1.74%	1,048,024	$57.6M	Reduce -1.3%
ETR Entergy Corp.	1.73%	618,714	$57.2M	Add +1.1%
WMB Williams Cos Inc.	1.72%	950,538	$57.1M	Add +3.3%
COP Conocophillips	1.60%	567,548	$53.1M	Reduce -7.2%
ENB Enbridge Inc.	1.59%	1,099,664	$52.6M	Add +1.3%
PAA Plains All Amer Pipeline LP	1.55%	2,854,516	$51.3M	Reduce -0.8%
HESM Hess Midstream LP Class A	1.51%	1,446,315	$49.9M	Reduce -4.0%
KMI Kinder Morgan Inc.	1.47%	1,765,707	$48.5M	Add +2.9%
GS Goldman Sachs Group Inc.	1.45%	54,810	$48.2M	Reduce -0.4%
CNQ Canadian Natural Resources	1.41%	1,384,034	$46.8M	Reduce -3.4%
OMC Omnicom Group	1.40%	575,156	$46.4M	Add +9971.0%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP	1.35%	386,133	$44.8M	Reduce -36.1%
VICI Vici Properties Inc. filed as VICI PPTYS INC	1.34%	1,577,879	$44.4M	Reduce -22.0%
RF Regions Financial Corp.	1.30%	1,584,109	$42.9M	New
MTB M & T Bank Corp. filed as M & T BK CORP	1.29%	212,511	$42.8M	New
PAYX Paychex Inc.	1.28%	379,071	$42.5M	Reduce -30.3%
USB US Bancorp	1.28%	792,964	$42.3M	Reduce -2.9%
HST Host Hotels & Resorts Inc.	1.24%	2,314,224	$41.0M	Reduce -6.5%
CMS CMS Energy Corp.	1.22%	577,414	$40.4M	Add +0.7%
LAMR Lamar Advertising Co. Class A	1.20%	315,193	$39.9M	Reduce -1.3%
ELS Equity Lifestyle Properties	1.19%	648,571	$39.3M	Reduce -1.5%
NTR Nutrien Ltd.	1.14%	610,343	$37.7M	Reduce -1.4%
PSX Phillips 66	1.13%	290,810	$37.5M	Add +2.9%
SUN Sunoco LP	1.09%	689,269	$36.1M	Reduce -0.8%
EMN Eastman Chemical Co.	1.07%	555,291	$35.4M	Add +94.2%
AM Antero Midstream Corp.	1.06%	1,978,405	$35.2M	Add +2.5%
VZ Verizon Communications Inc.	0.98%	800,496	$32.6M	Reduce -42.7%
LNG Cheniere Energy Inc.	0.94%	160,277	$31.2M	Reduce -13.6%
TRGP Targa Resources Corp.	0.94%	167,940	$31.0M	Add +2.7%
GEL Genesis Energy L.P.	0.93%	1,977,044	$30.8M	Reduce -3.6%
TXN Texas Instruments Inc.	0.93%	177,743	$30.8M	Reduce -2.0%
OGE Oge Energy Corp.	0.91%	702,739	$30.0M	Reduce -0.8%
CMCSA Comcast Corp. Class A	0.82%	909,243	$27.2M	Reduce -30.4%
DTM DT Midstream Inc.	0.79%	218,539	$26.2M	Add +3.9%
KO The Coca-Cola Co.	0.69%	328,551	$23.0M	Reduce -28.5%
SOBO South Bow Corp.	0.66%	798,348	$21.9M	Add +4.6%
STAG Stag Industrial Inc.	0.66%	594,090	$21.8M	Reduce -1.6%
PAGP Plains GP Holdings LP	0.65%	1,130,121	$21.6M	Add +2.7%
OKE Oneok Inc.	0.63%	283,212	$20.8M	Add +12.1%
GAP The Gap Inc.	0.62%	803,166	$20.6M	New
PBA Pembina Pipeline Corp.	0.60%	522,146	$19.9M	Add +2.4%
KEYERA CORP COM	0.52%	540,069	$17.3M	Reduce -1.8%
HRL Hormel Foods Corp.	0.51%	709,640	$16.8M	Reduce -11.4%
HRB H&R Block Inc. filed as BLOCK H & R INC	0.49%	370,841	$16.2M	Reduce -33.8%
CEG Constellation Energy	0.44%	41,570	$14.7M	Add +7.3%
SRE Sempra	0.43%	159,597	$14.1M	Add +34.0%
CNP Centerpoint Energy Inc.	0.37%	318,415	$12.2M	Add +7.0%
PPL PPL Corp.	0.36%	344,670	$12.1M	Add +5.8%
NEE Nextera Energy Inc.	0.34%	141,569	$11.4M	Add +11.2%
NI Nisource Inc.	0.33%	261,635	$10.9M	Add +7.4%
ATO Atmos Energy Corp.	0.30%	58,819	$9.9M	Add +7.7%
AEE Ameren Corporation	0.28%	92,529	$9.2M	Add +7.0%
WM Waste Management Inc.	0.28%	42,035	$9.2M	Add +7.5%
AMT American Tower Corp.	0.27%	50,094	$8.8M	Reduce -6.1%
TMUS T-Mobile US Inc.	0.26%	42,299	$8.6M	Add +3.3%
XEL Xcel Energy Inc.	0.25%	110,252	$8.1M	Add +24.7%
CSX CSX Corp.	0.24%	223,507	$8.1M	Add +7.8%
GIBSON ENERGY INC COM	0.24%	438,136	$8.0M	Reduce -7.3%
NGG National Grid PLC-SP ADR	0.23%	97,592	$7.5M	Add +7.3%
MPC Marathon Petroleum Corp.	0.22%	44,139	$7.2M	Add +1.8%
ENFR Alerian Energy Infrastructur	0.21%	217,385	$6.8M	Reduce -0.3%
UNP Union Pacific Corp.	0.20%	28,193	$6.5M	Add +11.0%
T AT&T Inc.	0.19%	259,130	$6.4M	Add +3.7%
XLU St Sr Utl SL SE SPDR ETF-Usd	0.17%	131,131	$5.6M	Add +203.3%
CQP Cheniere Energy Partners LP	0.17%	103,786	$5.6M	Reduce -0.7%
AWK American Water Works Co. Inc.	0.16%	41,814	$5.5M	Add +5.0%
AR Antero Resources Corp.	0.16%	149,397	$5.1M	Reduce -4.5%
WCN Waste Connections Inc.	0.14%	26,950	$4.7M	Reduce -6.1%
GPOR Gulfport Energy Corp.	0.13%	20,989	$4.4M	Reduce -4.2%
RPGSF Rockpoint Gas Storag Class A	0.13%	210,930	$4.3M	New
VST Vistra Corp.	0.13%	25,729	$4.2M	Add +7.0%
SU Suncor Energy Inc.	0.12%	91,718	$4.1M	Reduce -4.5%
VLO Valero Energy Corp.	0.12%	24,766	$4.0M	Add +199.8%
SPY SS SPDR S&P 500 ETF Trust-US	0.11%	5,508	$3.8M	Add +1364.9%
EQIX Equinix Inc.	0.11%	4,722	$3.6M	Reduce -0.7%
KNTK Kinetik Holdings Inc.	0.09%	86,375	$3.1M	Add +3.8%
AEP American Electric Power	0.09%	26,384	$3.0M	Add +7.9%
OXY Occidental Petroleum Corp.	0.09%	73,671	$3.0M	Add +4.8%
SO The Southern Co.	0.09%	34,154	$3.0M	Add +7.9%
XOM Exxon Mobil Corp.	0.08%	23,221	$2.8M	Reduce -4.4%
CHRD Chord Energy Corp.	0.08%	27,353	$2.5M	Add +134.8%
WTTR Select Water Solutions Inc.	0.08%	240,603	$2.5M	Reduce -8.2%
CCI Crown Castle Inc.	0.07%	27,538	$2.4M	Add +3.1%
UPS United Parcel Service Class B	0.07%	24,555	$2.4M	Add +19.3%
D Dominion Energy Inc.	0.07%	40,497	$2.4M	Add +7.8%
JPM JPMorgan Chase & Co.	0.07%	7,221	$2.3M	Reduce -95.5%
DUK Duke Energy Corp.	0.07%	19,801	$2.3M	Add +7.9%
PEG Public Service Enterprise GP	0.07%	27,377	$2.2M	Reduce -70.4%
AMLP Alerian MLP ETF	0.06%	44,910	$2.1M	New
DTE DTE Energy Company	0.06%	15,347	$2.0M	Add +7.9%
XLE SS Energy Select Sector	0.06%	40,814	$1.8M	New
WEC WEC Energy Group Inc.	0.05%	17,256	$1.8M	Add +7.8%
LNT Alliant Energy Corp.	0.05%	27,815	$1.8M	Add +7.8%
LBRT Liberty Energy Inc.	0.05%	96,234	$1.8M	Reduce -8.5%
JEF Jefferies Financial Group Inc.	0.05%	28,608	$1.8M	Reduce -94.5%
BKR Baker Hughes Co.	0.05%	37,646	$1.7M	Reduce -4.5%
CVX Chevron Corp.	0.05%	10,601	$1.6M	Reduce -50.5%
EVRG Evergy Inc.	0.05%	21,010	$1.5M	Add +8.0%
MDU Mdu Resources Group Inc.	0.04%	67,262	$1.3M	Add +8.5%
PCG P G & E Corp.	0.04%	81,575	$1.3M	Add +4.4%
IWD iShares Russell 1000 Value E	0.04%	6,101	$1.3M	New
AVGO Broadcom Inc.	0.04%	3,683	$1.3M	Reduce -2.9%
NRG NRG Energy Inc.	0.04%	7,684	$1.2M	Add +8.7%
FTS Fortis Inc.	0.04%	22,878	$1.2M	Add +8.4%
HAL Halliburton Co.	0.03%	39,180	$1.1M	Reduce -8.4%
BKH Black Hills Corp.	0.03%	15,357	$1.1M	Add +8.6%
OGS One Gas Inc.	0.03%	13,277	$1.0M	Add +8.0%
CTRA Coterra Energy Inc.	0.03%	37,967	$999K	Reduce -8.2%
CME Cme Group Inc.	0.03%	3,640	$994K	Add +1.4%
RRC Range Resources Corp.	0.03%	26,139	$922K	Reduce -63.9%
AES AES Corp.	0.03%	62,377	$894K	Add +7.8%
ES Eversource Energy	0.03%	13,169	$887K	Add +7.9%
CAH Cardinal Health Inc.	0.02%	3,930	$808K	No change
OVV Ovintiv Inc.	0.02%	18,910	$741K	Reduce -9.7%
RY Royal Bank of Canada	0.02%	3,867	$659K	Reduce -2.6%
TTE Totalenergies SE	0.02%	9,208	$602K	Reduce -33.0%
VXUS Vanguard Total Intl Stock	0.02%	6,779	$511K	New
IGF iShares Global Infrastructur	0.01%	8,099	$497K	New
RDN Radian Group Inc.	0.01%	11,612	$418K	Reduce -16.0%
TSM Taiwan Semiconductor-SP ADR	0.01%	973	$296K	No change
HDV iShares Core High Dividend E	0.01%	2,086	$254K	New
NTAP Netapp Inc.	0.01%	2,142	$229K	No change
CPT Camden Property Trust	0.01%	1,854	$204K	New

Portfolio Sells Q3 2025 → Q4 2025


JPM JPMorgan Chase & Co.	Reduce -95.5%	0.07%	−1.48
IPG Interpublic Group of Cos Inc.	Sold out	0.00%	−1.47
JEF Jefferies Financial Group Inc.	Reduce -94.5%	0.05%	−0.99
VZ Verizon Communications Inc.	Reduce -42.7%	0.98%	−0.89
PAYX Paychex Inc.	Reduce -30.3%	1.28%	−0.82
VICI Vici Properties Inc.	Reduce -22.0%	1.34%	−0.67
BNY Bank of New York Mellon Corp.	Reduce -36.1%	1.35%	−0.65
CMCSA Comcast Corp. Class A	Reduce -30.4%	0.82%	−0.43
LNG Cheniere Energy Inc.	Reduce -13.6%	0.94%	−0.39
HRB H&R Block Inc.	Reduce -33.8%	0.49%	−0.38
KO The Coca-Cola Co.	Reduce -28.5%	0.69%	−0.24
ET Energy Transfer LP	Reduce -2.3%	2.60%	−0.20
PEG Public Service Enterprise GP	Reduce -70.4%	0.07%	−0.17
COP Conocophillips	Reduce -7.2%	1.60%	−0.16
GEL Genesis Energy L.P.	Reduce -3.6%	0.93%	−0.11
ABBV Abbvie Inc.	Reduce -1.3%	2.77%	−0.10
EQT Eqt Corp.	Sold out	0.00%	−0.10
HRL Hormel Foods Corp.	Reduce -11.4%	0.51%	−0.10
OGE Oge Energy Corp.	Reduce -0.8%	0.91%	−0.09
EXC Exelon Corp.	Reduce -0.4%	1.90%	−0.09
TXN Texas Instruments Inc.	Reduce -2.0%	0.93%	−0.09
HESM Hess Midstream LP Class A	Reduce -4.0%	1.51%	−0.08
RRC Range Resources Corp.	Reduce -63.9%	0.03%	−0.06
CVX Chevron Corp.	Reduce -50.5%	0.05%	−0.05
CVE Cenovus Energy Inc.	Sold out	0.00%	−0.05
AMT American Tower Corp.	Reduce -6.1%	0.27%	−0.05
HST Host Hotels & Resorts Inc.	Reduce -6.5%	1.24%	−0.05
KEYERA CORP COM	Reduce -1.8%	0.52%	−0.04
MDT Medtronic PLC	Reduce -1.4%	2.10%	−0.03
ELS Equity Lifestyle Properties	Reduce -1.5%	1.19%	−0.03
SM SM Energy Co.	Sold out	0.00%	−0.03
GIBSON ENERGY INC COM	Reduce -7.3%	0.24%	−0.03
SON Sonoco Products Co.	Sold out	0.00%	−0.01
NOMD Nomad Foods Ltd.	Sold out	0.00%	−0.01
WCN Waste Connections Inc.	Reduce -6.1%	0.14%	−0.01
ENFR Alerian Energy Infrastructur	Reduce -0.3%	0.21%	−0.01
WTTR Select Water Solutions Inc.	Reduce -8.2%	0.08%	−0.01
BKR Baker Hughes Co.	Reduce -4.5%	0.05%	−0.01
TTE Totalenergies SE	Reduce -33.0%	0.02%	−0.01
AR Antero Resources Corp.	Reduce -4.5%	0.16%	−0.00
EQIX Equinix Inc.	Reduce -0.7%	0.11%	−0.00
CQP Cheniere Energy Partners LP	Reduce -0.7%	0.17%	−0.00
OVV Ovintiv Inc.	Reduce -9.7%	0.02%	−0.00
RDN Radian Group Inc.	Reduce -16.0%	0.01%	−0.00
AVGO Broadcom Inc.	Reduce -2.9%	0.04%	+0.00
CTRA Coterra Energy Inc.	Reduce -8.2%	0.03%	+0.00
SU Suncor Energy Inc.	Reduce -4.5%	0.12%	+0.00
XOM Exxon Mobil Corp.	Reduce -4.4%	0.08%	+0.00
HAL Halliburton Co.	Reduce -8.4%	0.03%	+0.00
RY Royal Bank of Canada	Reduce -2.6%	0.02%	+0.00

Portfolio Buys Q3 2025 → Q4 2025


DVY iShares Select Dividend ETF	Add +745.9%	2.15%	+1.90
OMC Omnicom Group	Add +9971.0%	1.40%	+1.39
RF Regions Financial Corp.	New	1.30%	+1.30
MTB M & T Bank Corp.	New	1.29%	+1.29
GAP The Gap Inc.	New	0.62%	+0.62
EMN Eastman Chemical Co.	Add +94.2%	1.07%	+0.52
MPLX MPLX LP	Add +2.5%	3.73%	+0.29
RPGSF Rockpoint Gas Storag Class A	New	0.13%	+0.13
XLU St Sr Utl SL SE SPDR ETF-Usd	Add +203.3%	0.17%	+0.11
SPY SS SPDR S&P 500 ETF Trust-US	Add +1364.9%	0.11%	+0.11
TRGP Targa Resources Corp.	Add +2.7%	0.94%	+0.10
SRE Sempra	Add +34.0%	0.43%	+0.10
VLO Valero Energy Corp.	Add +199.8%	0.12%	+0.08
EPD Enterprise Products Partners	Add +1.0%	3.01%	+0.07
OKE Oneok Inc.	Add +12.1%	0.63%	+0.07
DTM DT Midstream Inc.	Add +3.9%	0.79%	+0.06
AMLP Alerian MLP ETF	New	0.06%	+0.06
XLE SS Energy Select Sector	New	0.06%	+0.06
CEG Constellation Energy	Add +7.3%	0.44%	+0.05
NEE Nextera Energy Inc.	Add +11.2%	0.34%	+0.05
CHRD Chord Energy Corp.	Add +134.8%	0.08%	+0.04
PAGP Plains GP Holdings LP	Add +2.7%	0.65%	+0.04
IWD iShares Russell 1000 Value E	New	0.04%	+0.04
XEL Xcel Energy Inc.	Add +24.7%	0.25%	+0.03
NGG National Grid PLC-SP ADR	Add +7.3%	0.23%	+0.03
UPS United Parcel Service Class B	Add +19.3%	0.07%	+0.02
CSX CSX Corp.	Add +7.8%	0.24%	+0.02
CNP Centerpoint Energy Inc.	Add +7.0%	0.37%	+0.02
VXUS Vanguard Total Intl Stock	New	0.02%	+0.02
WM Waste Management Inc.	Add +7.5%	0.28%	+0.02
IGF iShares Global Infrastructur	New	0.01%	+0.01
UNP Union Pacific Corp.	Add +11.0%	0.20%	+0.01
ATO Atmos Energy Corp.	Add +7.7%	0.30%	+0.01
NI Nisource Inc.	Add +7.4%	0.33%	+0.01
AEP American Electric Power	Add +7.9%	0.09%	+0.01
HDV iShares Core High Dividend E	New	0.01%	+0.01
CPT Camden Property Trust	New	0.01%	+0.01
MDU Mdu Resources Group Inc.	Add +8.5%	0.04%	+0.01
BKH Black Hills Corp.	Add +8.6%	0.03%	+0.01
TRP TC Energy Corp.	Add +0.2%	1.89%	+0.01
WES Western Midstream Partners L	Add +0.7%	1.78%	+0.00
AES AES Corp.	Add +7.8%	0.03%	+0.00
PCG P G & E Corp.	Add +4.4%	0.04%	+0.00
SOBO South Bow Corp.	Add +4.6%	0.66%	+0.00
AEE Ameren Corporation	Add +7.0%	0.28%	+0.00
FTS Fortis Inc.	Add +8.4%	0.04%	+0.00
NRG NRG Energy Inc.	Add +8.7%	0.04%	+0.00
LNT Alliant Energy Corp.	Add +7.8%	0.05%	+0.00
D Dominion Energy Inc.	Add +7.8%	0.07%	+0.00
EVRG Evergy Inc.	Add +8.0%	0.05%	+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