Tortoise Capital Advisors, L.L.C.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Tortoise Capital Advisors, L.L.C. reported 51 stock positions worth $8.3 billion. Its top holding was Targa Resources (TRGP) at 10.0% of the portfolio, followed by MPLX (MPLX, 8.9%) and Oneok (OKE, 8.6%). Compared with Q4 2024, it opened 4 new positions, sold out of 3, added to 16 and reduced 24. The biggest buy was Oneok (OKE, shares +17%) and the biggest sale an exit from Enlink Midstream (ENLC).
- Most Recent 13F
- Q2 2026
- Location
- OVERLAND PARK, KS
- CIK
- 0001280965
- Portfolio Value
- $8.3B (Q1 2025)
- SEC Filing
- 0001280965-25-000004 ↗ filed May 14, 2025
Holdings Value
Holdings 51 stocks · $8.3B
| TRGP Targa Resources Corp. | 10.01% | 4,129,139 | $827.8M | Reduce -5.7% |
| MPLX MPLX LP | 8.88% | 13,724,145 | $734.5M | Reduce -3.5% |
| OKE Oneok Inc. | 8.60% | 7,171,795 | $711.6M | Add +17.1% |
| ET Energy Transfer LP | 8.59% | 38,205,495 | $710.2M | Add +2.5% |
| LNG Cheniere Energy Inc. | 8.35% | 2,984,568 | $690.6M | Reduce -3.1% |
| WMB Williams Cos Inc. | 8.19% | 11,340,914 | $677.7M | Reduce -1.0% |
| EPD Enterprise Products Partners | 6.38% | 15,446,929 | $527.4M | Reduce -1.3% |
| TRP TC Energy Corp. | 4.95% | 8,673,255 | $409.5M | Add +4.8% |
| WES Western Midstream Partners L | 3.93% | 7,930,425 | $324.8M | Reduce -1.7% |
| HESM Hess Midstream LP Class A | 3.75% | 7,326,845 | $309.9M | Reduce -3.4% |
| KMI Kinder Morgan Inc. | 3.50% | 10,152,678 | $289.7M | Reduce -0.4% |
| ENB Enbridge Inc. | 3.44% | 6,414,282 | $284.2M | Add +3.1% |
| PAGP Plains GP Holdings LP | 3.06% | 11,854,683 | $253.2M | Reduce -5.3% |
| PAA Plains All Amer Pipeline LP | 3.01% | 12,465,499 | $249.3M | Reduce -6.4% |
| AM Antero Midstream Corp. | 2.03% | 9,311,881 | $167.6M | Add +31.7% |
| PBA Pembina Pipeline Corp. | 1.98% | 4,102,649 | $164.2M | Reduce -3.2% |
| DTM DT Midstream Inc. | 1.85% | 1,582,833 | $152.7M | Add +21.8% |
| SRE Sempra | 1.24% | 1,440,125 | $102.8M | Add +36.0% |
| CWEN Clearway Energy Inc. Class C | 1.02% | 2,777,047 | $84.1M | Reduce -0.8% |
| SUN Sunoco LP | 0.85% | 1,213,616 | $70.5M | Reduce -5.2% |
| VST Vistra Corp. | 0.59% | 414,434 | $48.7M | Reduce -9.6% |
| CQP Cheniere Energy Partners LP | 0.57% | 712,703 | $47.1M | Add +6.9% |
| CMS CMS Energy Corp. | 0.42% | 457,809 | $34.4M | Add +27.3% |
| EQT Eqt Corp. | 0.40% | 617,147 | $33.0M | Reduce -19.6% |
| CEG Constellation Energy | 0.39% | 160,659 | $32.4M | Reduce -8.4% |
| NEE Nextera Energy Inc. | 0.38% | 445,388 | $31.6M | Add +27.3% |
| SOBO South Bow Corp. | 0.37% | 1,205,314 | $30.8M | Add +0.8% |
| KGS Kodiak Gas Services Inc. | 0.35% | 776,423 | $29.0M | Reduce -2.7% |
| VG Venture Global Inc. Class A | 0.35% | 2,783,770 | $28.7M | New |
| EE Excelerate Energy Inc. Class A | 0.26% | 746,482 | $21.4M | Reduce -1.3% |
| KNTK Kinetik Holdings Inc. | 0.25% | 403,762 | $21.0M | Reduce -11.3% |
| XOM Exxon Mobil Corp. | 0.24% | 169,099 | $20.1M | Add +162.5% |
| AEE Ameren Corporation | 0.22% | 179,673 | $18.0M | No change |
| DTE DTE Energy Company | 0.21% | 127,666 | $17.7M | Reduce -25.2% |
| PSX Phillips 66 | 0.19% | 124,619 | $15.4M | Add +85.3% |
| CTRA Coterra Energy Inc. | 0.18% | 514,385 | $14.9M | Add +19.0% |
| NEXT Nextdecade Corp. | 0.16% | 1,753,186 | $13.6M | Reduce -1.2% |
| DVN Devon Energy Corp. | 0.15% | 329,426 | $12.3M | Add +106.1% |
| COP Conocophillips | 0.13% | 106,076 | $11.1M | Add +15.3% |
| FANG Diamondback Energy Inc. | 0.12% | 63,974 | $10.2M | Reduce -21.7% |
| AES AES Corp. | 0.11% | 708,155 | $8.8M | No change |
| OVV Ovintiv Inc. | 0.10% | 187,340 | $8.0M | No change |
| XIFR XPLR Infrastructure LP | 0.08% | 672,561 | $6.4M | New |
| MPC Marathon Petroleum Corp. | 0.06% | 31,275 | $4.6M | No change |
| WLKP Westlake Chemical Partners L | 0.04% | 125,546 | $2.9M | Reduce -0.9% |
| WEC WEC Energy Group Inc. | 0.03% | 19,901 | $2.2M | New |
| XEL Xcel Energy Inc. | 0.03% | 30,463 | $2.2M | New |
| GLP Global Partners LP | 0.02% | 24,362 | $1.3M | No change |
| GEL Genesis Energy L.P. | 0.01% | 32,331 | $507K | Reduce -96.0% |
| NGL NGL Energy Partners LP | 0.00% | 68,234 | $310K | No change |
| XTEAX Tortoise Sust&social Imp Ter | 0.00% | 19,362 | $220K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| ENLC Enlink Midstream LLC | Sold out | 0.00% | −1.99 |
| VST Vistra Corp. | Reduce -9.6% | 0.59% | −0.22 |
| LNG Cheniere Energy Inc. | Reduce -3.1% | 8.35% | −0.12 |
| CEG Constellation Energy | Reduce -8.4% | 0.39% | −0.11 |
| GEL Genesis Energy L.P. | Reduce -96.0% | 0.01% | −0.10 |
| KNTK Kinetik Holdings Inc. | Reduce -11.3% | 0.25% | −0.08 |
| KMI Kinder Morgan Inc. | Reduce -0.4% | 3.50% | −0.07 |
| KGS Kodiak Gas Services Inc. | Reduce -2.7% | 0.35% | −0.07 |
| NFE New Fortress Energy Inc. | Sold out | 0.00% | −0.06 |
| EQT Eqt Corp. | Reduce -19.6% | 0.40% | −0.05 |
| DTE DTE Energy Company | Reduce -25.2% | 0.21% | −0.05 |
| FANG Diamondback Energy Inc. | Reduce -21.7% | 0.12% | −0.05 |
| WES Western Midstream Partners L | Reduce -1.7% | 3.93% | −0.04 |
| EE Excelerate Energy Inc. Class A | Reduce -1.3% | 0.26% | −0.03 |
| OXY Occidental Petroleum Corp. | Sold out | 0.00% | −0.02 |
| PBA Pembina Pipeline Corp. | Reduce -3.2% | 1.98% | −0.02 |
| NEXT Nextdecade Corp. | Reduce -1.2% | 0.16% | −0.01 |
| WLKP Westlake Chemical Partners L | Reduce -0.9% | 0.04% | −0.00 |
| TRGP Targa Resources Corp. | Reduce -5.7% | 10.01% | +0.00 |
| SUN Sunoco LP | Reduce -5.2% | 0.85% | +0.01 |
| CWEN Clearway Energy Inc. Class C | Reduce -0.8% | 1.02% | +0.08 |
| EPD Enterprise Products Partners | Reduce -1.3% | 6.38% | +0.10 |
| PAA Plains All Amer Pipeline LP | Reduce -6.4% | 3.01% | +0.10 |
| PAGP Plains GP Holdings LP | Reduce -5.3% | 3.06% | +0.12 |
| HESM Hess Midstream LP Class A | Reduce -3.4% | 3.75% | +0.15 |
| MPLX MPLX LP | Reduce -3.5% | 8.88% | +0.16 |
| WMB Williams Cos Inc. | Reduce -1.0% | 8.19% | +0.25 |
Portfolio Buys Q4 2024 → Q1 2025
| OKE Oneok Inc. | Add +17.1% | 8.60% | +0.73 |
| AM Antero Midstream Corp. | Add +31.7% | 2.03% | +0.66 |
| VG Venture Global Inc. Class A | New | 0.35% | +0.35 |
| DTM DT Midstream Inc. | Add +21.8% | 1.85% | +0.19 |
| XOM Exxon Mobil Corp. | Add +162.5% | 0.24% | +0.15 |
| CQP Cheniere Energy Partners LP | Add +6.9% | 0.57% | +0.12 |
| CMS CMS Energy Corp. | Add +27.3% | 0.42% | +0.11 |
| PSX Phillips 66 | Add +85.3% | 0.19% | +0.09 |
| DVN Devon Energy Corp. | Add +106.1% | 0.15% | +0.08 |
| XIFR XPLR Infrastructure LP | New | 0.08% | +0.08 |
| NEE Nextera Energy Inc. | Add +27.3% | 0.38% | +0.06 |
| ENB Enbridge Inc. | Add +3.1% | 3.44% | +0.06 |
| SRE Sempra | Add +36.0% | 1.24% | +0.05 |
| CTRA Coterra Energy Inc. | Add +19.0% | 0.18% | +0.04 |
| WEC WEC Energy Group Inc. | New | 0.03% | +0.03 |
| XEL Xcel Energy Inc. | New | 0.03% | +0.03 |
| TRP TC Energy Corp. | Add +4.8% | 4.95% | +0.02 |
| COP Conocophillips | Add +15.3% | 0.13% | +0.02 |
| SOBO South Bow Corp. | Add +0.8% | 0.37% | +0.01 |
| ET Energy Transfer LP | Add +2.5% | 8.59% | −0.76 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 91 | $9.8B | TRGP, WMB, ET, LNG, EPD |
| Q1 2026 | 90 | $9.6B | TRGP, WMB, ET, MPLX, LNG |
| Q4 2025 | 84 | $7.9B | MPLX, WMB, ET, TRGP, TRP |
| Q3 2025 | 82 | $7.8B | WMB, MPLX, ET, LNG, TRP |
| Q2 2025 | 55 | $7.7B | WMB, MPLX, ET, LNG, TRGP |
| Q1 2025 | 51 | $8.3B | TRGP, MPLX, OKE, ET, LNG |
| Q4 2024 | 50 | $7.8B | TRGP, ET, MPLX, LNG, WMB |
| Q3 2024 | 84 | $7.8B | TRGP, MPLX, ET, OKE, LNG |
| Q2 2024 | 81 | $7.6B | TRGP, MPLX, ET, LNG, OKE |
| Q1 2024 | 84 | $7.2B | TRGP, MPLX, OKE, ET, WMB |