Reaves W H & Co. Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), Reaves W H & Co. Inc. reported 87 stock positions worth $5.7 billion. Its top holding was Talen Energy (TLN) at 10.0% of the portfolio, followed by Constellation Energy (CEG, 7.0%) and Vistra (VST, 6.2%). Compared with Q3 2025, it opened 10 new positions, sold out of 5, added to 27 and reduced 32. The biggest buy was Alliant Energy (LNT, shares +72%) and the biggest sale Public Service Enterprise GP (PEG, shares −70%).
- Most Recent 13F
- Q2 2026
- Location
- JERSEY CITY, NJ
- CIK
- 0000740913
- Portfolio Value
- $5.7B (Q4 2025)
- SEC Filing
- 0000740913-26-000003 ↗ filed Feb 10, 2026
Holdings Value
Holdings 87 stocks · $5.7B
| TLN Talen Energy Corp. | 9.98% | 1,521,697 | $570.4M | Add +7.9% |
| CEG Constellation Energy | 7.01% | 1,133,945 | $400.6M | Add +11.7% |
| VST Vistra Corp. | 6.20% | 2,197,292 | $354.5M | Add +14.5% |
| CNP Centerpoint Energy Inc. | 5.14% | 7,666,518 | $293.9M | Add +6.2% |
| XEL Xcel Energy Inc. | 4.63% | 3,579,918 | $264.4M | Add +13.1% |
| IDA Idacorp Inc. | 4.00% | 1,807,811 | $228.8M | Add +6.3% |
| NI Nisource Inc. | 3.96% | 5,424,733 | $226.5M | Add +8.3% |
| ETR Entergy Corp. | 3.96% | 2,446,593 | $226.1M | Add +6.9% |
| LNT Alliant Energy Corp. | 3.48% | 3,057,253 | $198.8M | Add +71.8% |
| SRE Sempra | 3.31% | 2,140,395 | $189.0M | Add +34.1% |
| PPL PPL Corp. | 2.71% | 4,424,814 | $155.0M | Add +2.0% |
| PNW Pinnacle West Capital | 2.67% | 1,719,774 | $152.5M | Reduce -4.7% |
| CMS CMS Energy Corp. | 2.55% | 2,087,283 | $146.0M | Reduce -2.9% |
| TXNM TXNM Energy Inc. | 2.55% | 2,477,663 | $145.9M | Reduce -2.9% |
| CCJ Cameco Corp. | 2.33% | 1,453,978 | $133.0M | Reduce -0.1% |
| MP MP Materials Corp. | 2.31% | 2,609,526 | $131.8M | Add +0.8% |
| EQIX Equinix Inc. | 2.26% | 168,968 | $129.5M | Add +6.5% |
| PWR Quanta Services Inc. | 2.00% | 270,609 | $114.2M | Reduce -0.1% |
| EPD Enterprise Products Partners | 1.96% | 3,493,940 | $112.0M | No change |
| AEE Ameren Corporation | 1.89% | 1,084,664 | $108.3M | Add +12.5% |
| NEE Nextera Energy Inc. | 1.87% | 1,329,628 | $106.7M | Add +123.9% |
| DTM DT Midstream Inc. | 1.60% | 762,753 | $91.3M | Add +9.4% |
| NRG NRG Energy Inc. | 1.59% | 571,628 | $91.0M | Add +93.5% |
| OGE Oge Energy Corp. | 1.45% | 1,944,201 | $83.0M | Add +45.5% |
| WMB Williams Cos Inc. | 1.36% | 1,294,417 | $77.8M | Add +18.8% |
| SBAC SBA Communications Corp. | 1.23% | 362,464 | $70.1M | Reduce -10.9% |
| GLW Corning Inc. | 1.16% | 759,075 | $66.5M | Add +50.5% |
| EQT Eqt Corp. | 1.09% | 1,161,975 | $62.3M | Add +12.9% |
| DTE DTE Energy Company | 0.94% | 417,526 | $53.9M | Reduce -28.8% |
| DY Dycom Industries Inc. | 0.85% | 143,212 | $48.4M | Reduce -0.1% |
| GEV GE Vernova Inc. | 0.84% | 73,403 | $48.0M | Add +389.4% |
| PEG Public Service Enterprise GP | 0.79% | 562,991 | $45.2M | Reduce -70.5% |
| LEU Centrus Energy Corp. Class A | 0.74% | 174,500 | $42.4M | Reduce -16.4% |
| WEC WEC Energy Group Inc. | 0.70% | 377,501 | $39.8M | Add +60.0% |
| NSC Norfolk Southern Corp. | 0.66% | 131,000 | $37.8M | Reduce -20.0% |
| MPLX MPLX LP | 0.63% | 670,500 | $35.8M | No change |
| OKE Oneok Inc. | 0.59% | 461,740 | $33.9M | Reduce -20.9% |
| TMUS T-Mobile US Inc. | 0.54% | 150,637 | $30.6M | Reduce -0.7% |
| CCI Crown Castle Inc. | 0.51% | 326,798 | $29.0M | Reduce -0.4% |
| X-ENERGY REACTOR CO. LLC SERIE | 0.48% | 1,891,802 | $27.5M | New |
| MPC Marathon Petroleum Corp. | 0.48% | 167,000 | $27.2M | Add +67.0% |
| KRSP.U Rice Acquisition Corp. 3 | 0.44% | 2,400,000 | $25.2M | New |
| NATIONAL FUEL GAS - Restricted | 0.44% | 314,465 | $25.0M | New |
| FYBR Frontier Communications Pare | 0.39% | 587,933 | $22.4M | Reduce -0.7% |
| TIC Tic Solutions Inc. | 0.38% | 2,149,991 | $21.7M | New |
| CMCSA Comcast Corp. Class A | 0.36% | 690,100 | $20.6M | Reduce -62.9% |
| UNP Union Pacific Corp. | 0.32% | 80,163 | $18.5M | Reduce -57.5% |
| AMT American Tower Corp. | 0.30% | 98,037 | $17.2M | No change |
| DLR Digital Realty Trust Inc. | 0.26% | 94,303 | $14.6M | Add +26.2% |
| VRT Vertiv Holdings Co. Class A | 0.23% | 82,880 | $13.4M | Reduce -46.2% |
| UTL Unitil Corp. | 0.23% | 275,000 | $13.3M | No change |
| WBI Waterbridge Infrastruc Class A | 0.16% | 450,000 | $9.0M | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.16% | 17,751 | $8.9M | No change |
| LITE Lumentum Holdings Inc. | 0.13% | 20,500 | $7.6M | New |
| JCI Johnson Controls Internation | 0.10% | 49,996 | $6.0M | Reduce -1.4% |
| CCOI Cogent Communications Holdin | 0.10% | 259,098 | $5.6M | Reduce -38.8% |
| CHTR Charter Communications Inc. Class A | 0.09% | 24,500 | $5.1M | Reduce -85.7% |
| COHR Coherent Corp. | 0.08% | 26,000 | $4.8M | New |
| LAC Lithium Americas Corp. | 0.08% | 1,040,000 | $4.5M | Add +420.0% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.08% | 53,900 | $4.5M | New |
| CPK Chesapeake Utilities Corp. | 0.07% | 30,000 | $3.7M | No change |
| LAMR Lamar Advertising Co. Class A | 0.06% | 25,000 | $3.2M | No change |
| ANET Arista Networks Inc. | 0.05% | 23,336 | $3.1M | New |
| UTG Reaves Utility Income Fund | 0.05% | 83,326 | $3.0M | Add +1.5% |
| ATO Atmos Energy Corp. | 0.05% | 16,678 | $2.8M | Reduce -84.1% |
| TBN Tamboran Resources Corp. | 0.05% | 100,000 | $2.7M | New |
| XOM Exxon Mobil Corp. | 0.04% | 17,910 | $2.2M | No change |
| SO The Southern Co. | 0.04% | 24,648 | $2.1M | Reduce -18.0% |
| LIN Linde PLC | 0.03% | 4,352 | $1.9M | Reduce -79.5% |
| PCG P G & E Corp. | 0.03% | 99,104 | $1.6M | Reduce -7.0% |
| CVX Chevron Corp. | 0.02% | 9,115 | $1.4M | Reduce -18.0% |
| AAPL Apple Inc. | 0.02% | 4,800 | $1.3M | No change |
| DTEGY Deutsche Telekom AG-Spon ADR | 0.02% | 37,859 | $1.2M | No change |
| ECG Everus Construction Group | 0.02% | 12,500 | $1.1M | No change |
| DUK Duke Energy Corp. | 0.02% | 8,164 | $957K | Reduce -91.8% |
| PLD Prologis Inc. | 0.02% | 7,356 | $939K | No change |
| PM Philip Morris International | 0.01% | 5,000 | $802K | No change |
| AWK American Water Works Co. Inc. | 0.01% | 6,145 | $802K | Reduce -97.8% |
| EVRG Evergy Inc. | 0.01% | 9,924 | $719K | No change |
| JNJ Johnson & Johnson | 0.01% | 3,278 | $678K | No change |
| NJR New Jersey Resources Corp. | 0.01% | 14,420 | $665K | Reduce -4.0% |
| ODFL Old Dominion Freight Line | 0.01% | 4,200 | $659K | Reduce -48.8% |
| CP Canadian Pacific Kansas City | 0.01% | 8,191 | $603K | Reduce -12.3% |
| PPG PPG Industries Inc. | 0.01% | 5,000 | $512K | No change |
| MO Altria Group Inc. | 0.01% | 8,000 | $461K | No change |
| EXC Exelon Corp. | 0.01% | 7,990 | $348K | Reduce -51.2% |
| BKR Baker Hughes Co. | 0.00% | 5,000 | $228K | New |
Portfolio Sells Q3 2025 → Q4 2025
| PEG Public Service Enterprise GP | Reduce -70.5% | 0.79% | −2.04 |
| CHTR Charter Communications Inc. Class A | Reduce -85.7% | 0.09% | −0.75 |
| AWK American Water Works Co. Inc. | Reduce -97.8% | 0.01% | −0.68 |
| CMCSA Comcast Corp. Class A | Reduce -62.9% | 0.36% | −0.68 |
| DTE DTE Energy Company | Reduce -28.8% | 0.94% | −0.54 |
| UNP Union Pacific Corp. | Reduce -57.5% | 0.32% | −0.47 |
| LEU Centrus Energy Corp. Class A | Reduce -16.4% | 0.74% | −0.41 |
| ATO Atmos Energy Corp. | Reduce -84.1% | 0.05% | −0.27 |
| CMS CMS Energy Corp. | Reduce -2.9% | 2.55% | −0.25 |
| NSC Norfolk Southern Corp. | Reduce -20.0% | 0.66% | −0.21 |
| PNW Pinnacle West Capital | Reduce -4.7% | 2.67% | −0.21 |
| DUK Duke Energy Corp. | Reduce -91.8% | 0.02% | −0.20 |
| CCOI Cogent Communications Holdin | Reduce -38.8% | 0.10% | −0.19 |
| VRT Vertiv Holdings Co. Class A | Reduce -46.2% | 0.23% | −0.18 |
| SBAC SBA Communications Corp. | Reduce -10.9% | 1.23% | −0.18 |
| OKE Oneok Inc. | Reduce -20.9% | 0.59% | −0.17 |
| LIN Linde PLC | Reduce -79.5% | 0.03% | −0.15 |
| TMUS T-Mobile US Inc. | Reduce -0.7% | 0.54% | −0.11 |
| CSX CSX Corp. | Sold out | 0.00% | −0.09 |
| T AT&T Inc. | Sold out | 0.00% | −0.09 |
| CCI Crown Castle Inc. | Reduce -0.4% | 0.51% | −0.06 |
| CNI Canadian Natl Railway Co. | Sold out | 0.00% | −0.05 |
| TXNM TXNM Energy Inc. | Reduce -2.9% | 2.55% | −0.02 |
| SO The Southern Co. | Reduce -18.0% | 0.04% | −0.01 |
| ODFL Old Dominion Freight Line | Reduce -48.8% | 0.01% | −0.01 |
| EXC Exelon Corp. | Reduce -51.2% | 0.01% | −0.01 |
| CVX Chevron Corp. | Reduce -18.0% | 0.02% | −0.01 |
| EIX Edison International | Sold out | 0.00% | −0.01 |
| VZ Verizon Communications Inc. | Sold out | 0.00% | −0.00 |
| PWR Quanta Services Inc. | Reduce -0.1% | 2.00% | −0.00 |
| FYBR Frontier Communications Pare | Reduce -0.7% | 0.39% | −0.00 |
| CP Canadian Pacific Kansas City | Reduce -12.3% | 0.01% | −0.00 |
| NJR New Jersey Resources Corp. | Reduce -4.0% | 0.01% | −0.00 |
| PCG P G & E Corp. | Reduce -7.0% | 0.03% | −0.00 |
| JCI Johnson Controls Internation | Reduce -1.4% | 0.10% | +0.01 |
| DY Dycom Industries Inc. | Reduce -0.1% | 0.85% | +0.10 |
| CCJ Cameco Corp. | Reduce -0.1% | 2.33% | +0.15 |
Portfolio Buys Q3 2025 → Q4 2025
| LNT Alliant Energy Corp. | Add +71.8% | 3.48% | +1.34 |
| NEE Nextera Energy Inc. | Add +123.9% | 1.87% | +1.07 |
| CEG Constellation Energy | Add +11.7% | 7.01% | +1.05 |
| SRE Sempra | Add +34.1% | 3.31% | +0.75 |
| NRG NRG Energy Inc. | Add +93.5% | 1.59% | +0.74 |
| GEV GE Vernova Inc. | Add +389.4% | 0.84% | +0.67 |
| X-ENERGY REACTOR CO. LLC SERIE | New | 0.48% | +0.48 |
| KRSP.U Rice Acquisition Corp. 3 | New | 0.44% | +0.44 |
| NATIONAL FUEL GAS - Restricted | New | 0.44% | +0.44 |
| GLW Corning Inc. | Add +50.5% | 1.16% | +0.43 |
| TIC Tic Solutions Inc. | New | 0.38% | +0.38 |
| OGE Oge Energy Corp. | Add +45.5% | 1.45% | +0.35 |
| WEC WEC Energy Group Inc. | Add +60.0% | 0.70% | +0.21 |
| DTM DT Midstream Inc. | Add +9.4% | 1.60% | +0.19 |
| ETR Entergy Corp. | Add +6.9% | 3.96% | +0.16 |
| CNP Centerpoint Energy Inc. | Add +6.2% | 5.14% | +0.15 |
| LITE Lumentum Holdings Inc. | New | 0.13% | +0.13 |
| MPC Marathon Petroleum Corp. | Add +67.0% | 0.48% | +0.13 |
| WMB Williams Cos Inc. | Add +18.8% | 1.36% | +0.13 |
| AEE Ameren Corporation | Add +12.5% | 1.89% | +0.10 |
| NI Nisource Inc. | Add +8.3% | 3.96% | +0.10 |
| EQT Eqt Corp. | Add +12.9% | 1.09% | +0.09 |
| COHR Coherent Corp. | New | 0.08% | +0.08 |
| XEL Xcel Energy Inc. | Add +13.1% | 4.63% | +0.08 |
| IRM Iron Mountain Inc. | New | 0.08% | +0.08 |
| LAC Lithium Americas Corp. | Add +420.0% | 0.08% | +0.06 |
| ANET Arista Networks Inc. | New | 0.05% | +0.05 |
| EQIX Equinix Inc. | Add +6.5% | 2.26% | +0.05 |
| TBN Tamboran Resources Corp. | New | 0.05% | +0.05 |
| DLR Digital Realty Trust Inc. | Add +26.2% | 0.26% | +0.03 |
| BKR Baker Hughes Co. | New | 0.00% | +0.00 |
| IDA Idacorp Inc. | Add +6.3% | 4.00% | −0.00 |
| UTG Reaves Utility Income Fund | Add +1.5% | 0.05% | −0.00 |
| PPL PPL Corp. | Add +2.0% | 2.71% | −0.16 |
| VST Vistra Corp. | Add +14.5% | 6.20% | −0.50 |
| TLN Talen Energy Corp. | Add +7.9% | 9.98% | −0.71 |
| MP MP Materials Corp. | Add +0.8% | 2.31% | −0.79 |
Notes & Other Activity Q3 2025 → Q4 2025
| SCE TRUST IV (EIX V0 PERP J) | PFD | Sold out | 63,125 | $1.5Mbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 94 | $6.6B | TLN, ETR, VST, CEG, CNP |
| Q1 2026 | 90 | $6.0B | TLN, CEG, VST, CNP, XEL |
| Q4 2025 | 87 | $5.7B | TLN, CEG, VST, CNP, XEL |
| Q3 2025 | 82 | $5.6B | TLN, VST, CEG, CNP, XEL |
| Q2 2025 | 76 | $4.5B | TLN, VST, CEG, CNP, IDA |
| Q1 2025 | 78 | $3.9B | TLN, ETR, VST, NI, XEL |
| Q4 2024 | 72 | $3.8B | TLN, VST, CEG, ETR, NI |
| Q3 2024 | 76 | $3.7B | TLN, CEG, VST, ETR, CNP |
| Q2 2024 | 76 | $3.0B | CEG, TLN, VST, CNP, NI |
| Q1 2024 | 70 | $2.7B | CEG, PEG, NI, CNP, CMS |