REAVES W H & CO INC

JERSEY CITY, NJ · CIK 740913 · 13F filing filed 2026-02-10

No investment adviser registration (Form ADV) found for this filer. It may be a parent company whose subsidiaries are the registered advisers, a bank or insurer, or a manager based outside the US.

$5.7bn reported value +1.8% vs Q3 2025

87positions

51.7%in top 10

10 new 27 added 32 reduced 6 sold out vs Q3 2025

This report includes the holdings of 1 other manager that shares the investment decisions:

VIRTUS ADVISERS, LLC – files its own report too; $2.6m of shares are in both

Shares in two reports are counted once in each security's totals.

Holdings, Q4 2025

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	TALEN ENERGY CORP COM TLN	TLN	1,521,697	$570.4m9.98%	9.98%	Added +111.2k	+111,160 7.9%
2	CONSTELLATION ENERGY CORP COM CEG	CEG	1,133,945	$400.6m7.01%	7.01%	Added +118.6k	+118,566 11.7%
3	VISTRA CORP COM VST	VST	2,197,292	$354.5m6.20%	6.20%	Added +278.8k	+278,763 14.5%
4	CENTERPOINT ENERGY INC COM CNP	CNP	7,666,518	$293.9m5.14%	5.14%	Added +446.3k	+446,252 6.2%
5	XCEL ENERGY INC COM XEL	XEL	3,579,918	$264.4m4.62%	4.62%	Added +415.8k	+415,759 13.1%
6	IDACORP INC COM IDA	IDA	1,807,811	$228.8m4.00%	4.00%	Added +107.1k	+107,131 6.3%
7	NISOURCE INC COM NI	NI	5,424,733	$226.5m3.96%	3.96%	Added +415.1k	+415,089 8.3%
8	ENTERGY CORP NEW COM ETR	ETR	2,446,593	$226.1m3.96%	3.96%	Added +158.2k	+158,226 6.9%
9	ALLIANT ENERGY CORP COM LNT	LNT	3,057,253	$198.8m3.48%	3.48%	Added +1.3m	+1,278,166 71.8%
10	SEMPRA COM SRE	SRE	2,140,395	$189.0m3.31%	3.31%	Added +544.6k	+544,567 34.1%
11	PPL CORP COM PPL	PPL	4,424,814	$155.0m2.71%	2.71%	Added +88.5k	+88,531 2.0%
12	PINNACLE WEST CAP CORP COM PNW	PNW	1,719,774	$152.5m2.67%	2.67%	Reduced -84.3k	-84,340 -4.7%
13	CMS ENERGY CORP COM CMS	CMS	2,087,283	$146.0m2.55%	2.55%	Reduced -61.7k	-61,735 -2.9%
14	TXNM ENERGY INC COM TXNM	TXNM	2,477,663	$145.9m2.55%	2.55%	Reduced -73.7k	-73,735 -2.9%
15	CAMECO CORP COM CCJ	CCJ	1,453,978	$133.0m2.33%	2.33%	Reduced -1.8k	-1,801 -0.1%
16	MP MATERIALS CORP COM CL A MP	MP	2,609,526	$131.8m2.31%	2.31%	Added +19.6k	+19,618 0.8%
17	EQUINIX INC COM EQIX	EQIX	168,968	$129.5m2.26%	2.26%	Added +10.3k	+10,342 6.5%
18	QUANTA SVCS INC COM PWR	PWR	270,609	$114.2m2.00%	2.00%	Reduced -353	-353 -0.1%
19	ENTERPRISE PRODS PARTNERS L COM EPD	EPD	3,493,940	$112.0m1.96%	1.96%	Unchanged
20	AMEREN CORP COM AEE	AEE	1,084,664	$108.3m1.89%	1.89%	Added +120.7k	+120,652 12.5%
21	NEXTERA ENERGY INC COM NEE	NEE	1,329,628	$106.7m1.87%	1.87%	Added +735.9k	+735,867 123.9%
22	DT MIDSTREAM INC COMMON STOCK DTM	DTM	762,753	$91.3m1.60%	1.60%	Added +65.3k	+65,327 9.4%
23	NRG ENERGY INC COM NEW NRG	NRG	571,628	$91.0m1.59%	1.59%	Added +276.2k	+276,157 93.5%
24	OGE ENERGY CORP COM OGE	OGE	1,944,201	$83.0m1.45%	1.45%	Added +608.5k	+608,454 45.5%
25	WILLIAMS COS INC COM WMB	WMB	1,294,417	$77.8m1.36%	1.36%	Added +205.2k	+205,190 18.8%
26	SBA COMMUNICATIONS CORP NEW CL A SBAC	SBAC	362,464	$70.1m1.23%	1.23%	Reduced -44.4k	-44,380 -10.9%
27	CORNING INC COM GLW	GLW	759,075	$66.5m1.16%	1.16%	Added +254.6k	+254,553 50.5%
28	EQT CORP COM EQT	EQT	1,161,975	$62.3m1.09%	1.09%	Added +132.7k	+132,741 12.9%
29	DTE ENERGY CO COM DTE	DTE	417,526	$53.9m0.94%	0.94%	Reduced -169.2k	-169,168 -28.8%
30	DYCOM INDS INC COM DY	DY	143,212	$48.4m0.85%	0.85%	Reduced -216	-216 -0.1%
31	GE VERNOVA INC COM GEV	GEV	73,403	$48.0m0.84%	0.84%	Added +58.4k	+58,403 389.4%
32	PUBLIC SVC ENTERPRISE GRP IN COM PEG	PEG	562,991	$45.2m0.79%	0.79%	Reduced -1.3m	-1,343,505 -70.5%
33	CENTRUS ENERGY CORP CL A LEU	LEU	174,500	$42.4m0.74%	0.74%	Reduced -34.3k	-34,289 -16.4%
34	WEC ENERGY GROUP INC COM WEC	WEC	377,501	$39.8m0.70%	0.70%	Added +141.5k	+141,501 60.0%
35	NORFOLK SOUTHN CORP COM NSC	NSC	131,000	$37.8m0.66%	0.66%	Reduced -32.7k	-32,700 -20.0%
36	MPLX LP COM UNIT REP LTD MPLX	MPLX	670,500	$35.8m0.63%	0.63%	Unchanged
37	ONEOK INC NEW COM OKE	OKE	461,740	$33.9m0.59%	0.59%	Reduced -122.4k	-122,383 -20.9%
38	T-MOBILE US INC COM TMUS	TMUS	150,637	$30.6m0.53%	0.53%	Reduced -1.1k	-1,115 -0.7%
39	CROWN CASTLE INC COM CCI	CCI	326,798	$29.0m0.51%	0.51%	Reduced -1.4k	-1,419 -0.4%
40	X-ENERGY REACTOR CO. LLC SERIE PFD PFD		1,891,802	$27.5m0.48%	0.48%	New
41	MARATHON PETE CORP COM MPC	MPC	167,000	$27.2m0.48%	0.48%	Added +67.0k	+67,000 67.0%
42	RICE ACQUISITION CORP 3 UNIT 99/99/9999 KRSP.U	KRSP.U	2,400,000	$25.2m0.44%	0.44%	New
43	NATIONAL FUEL GAS - Restricted COM COM		314,465	$25.0m0.44%	0.44%	New
44	FRONTIER COMMUNICATIONS PARE COM FYBR	FYBR	587,933	$22.4m0.39%	0.39%	Reduced -4.2k	-4,215 -0.7%
45	TIC SOLUTIONS INC COM TIC	TIC	2,149,991	$21.7m0.38%	0.38%	New
46	COMCAST CORP NEW CL A CMCSA	CMCSA	690,100	$20.6m0.36%	0.36%	Reduced -1.2m	-1,168,500 -62.9%
47	UNION PAC CORP COM UNP	UNP	80,163	$18.5m0.32%	0.32%	Reduced -108.4k	-108,375 -57.5%
48	AMERICAN TOWER CORP NEW COM AMT	AMT	98,037	$17.2m0.30%	0.30%	Unchanged
49	DIGITAL RLTY TR INC COM DLR	DLR	94,303	$14.6m0.26%	0.26%	Added +19.6k	+19,570 26.2%
50	VERTIV HOLDINGS CO COM CL A VRT	VRT	82,880	$13.4m0.23%	0.23%	Reduced -71.3k	-71,265 -46.2%
51	UNITIL CORP COM UTL	UTL	275,000	$13.3m0.23%	0.23%	Unchanged
52	WATERBRIDGE INFRASTRUCTURE L CL A SHS REPSTG WBI	WBI	450,000	$9.0m0.16%	0.16%	Unchanged
53	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	17,751	$8.9m0.16%	0.16%	Unchanged
54	LUMENTUM HLDGS INC COM LITE	LITE	20,500	$7.6m0.13%	0.13%	New
55	JOHNSON CTLS INTL PLC SHS JCI	JCI	49,996	$6.0m0.10%	0.10%	Reduced -702	-702 -1.4%
56	COGENT COMMUNICATIONS HLDGS COM NEW CCOI	CCOI	259,098	$5.6m0.10%	0.10%	Reduced -164.0k	-164,000 -38.8%
57	CHARTER COMMUNICATIONS INC N CL A CHTR	CHTR	24,500	$5.1m0.09%	0.09%	Reduced -146.4k	-146,420 -85.7%
58	COHERENT CORP COM COHR	COHR	26,000	$4.8m0.08%	0.08%	New
59	LITHIUM AMERS CORP NEW COM SHS LAC	LAC	1,040,000	$4.5m0.08%	0.08%	Added +840.0k	+840,000 420.0%
60	IRON MTN INC DEL COM IRM	IRM	53,900	$4.5m0.08%	0.08%	New
61	CHESAPEAKE UTILS CORP COM CPK	CPK	30,000	$3.7m0.07%	0.07%	Unchanged
62	LAMAR ADVERTISING CO NEW CL A LAMR	LAMR	25,000	$3.2m0.06%	0.06%	Unchanged
63	ARISTA NETWORKS INC COM SHS ANET	ANET	23,336	$3.1m0.05%	0.05%	New
64	REAVES UTIL INCOME FD COM SH BEN INT UTG	UTG	83,326	$3.0m0.05%	0.05%	Added +1.3k	+1,266 1.5%
65	ATMOS ENERGY CORP COM ATO	ATO	16,678	$2.8m0.05%	0.05%	Reduced -88.5k	-88,508 -84.1%
66	TAMBORAN RES CORP COM TBN	TBN	100,000	$2.7m0.05%	0.05%	New
67	EXXON MOBIL CORP COM XOM	XOM	17,910	$2.2m0.04%	0.04%	Unchanged
68	SOUTHERN CO COM SO	SO	24,648	$2.1m0.04%	0.04%	Reduced -5.4k	-5,400 -18.0%
69	LINDE PLC SHS LIN	LIN	4,352	$1.9m0.03%	0.03%	Reduced -16.9k	-16,887 -79.5%
70	PG&E CORP COM PCG	PCG	99,104	$1.6m0.03%	0.03%	Reduced -7.5k	-7,466 -7.0%
71	CHEVRON CORP NEW COM CVX	CVX	9,115	$1.4m0.02%	0.02%	Reduced -2.0k	-2,000 -18.0%
72	APPLE INC COM AAPL	AAPL	4,800	$1.3m0.02%	0.02%	Unchanged
73	Deutsche Telekom AG ADR COM DTEGY	DTEGY	37,859	$1.2m0.02%	0.02%	Unchanged
74	EVERUS CONSTR GROUP COM ECG	ECG	12,500	$1.1m0.02%	0.02%	Unchanged
75	DUKE ENERGY CORP NEW COM NEW DUK	DUK	8,164	$956.9k0.02%	0.02%	Reduced -91.3k	-91,295 -91.8%
76	PROLOGIS INC. COM PLD	PLD	7,356	$939.1k0.02%	0.02%	Unchanged
77	PHILIP MORRIS INTL INC COM PM	PM	5,000	$802.0k0.01%	0.01%	Unchanged
78	AMERICAN WTR WKS CO INC NEW COM AWK	AWK	6,145	$801.9k0.01%	0.01%	Reduced -275.0k	-275,000 -97.8%
79	EVERGY INC COM EVRG	EVRG	9,924	$719.4k0.01%	0.01%	Unchanged
80	JOHNSON & JOHNSON COM JNJ	JNJ	3,278	$678.4k0.01%	0.01%	Unchanged
81	NEW JERSEY RES CORP COM NJR	NJR	14,420	$665.0k0.01%	0.01%	Reduced -600	-600 -4.0%
82	OLD DOMINION FREIGHT LINE IN COM ODFL	ODFL	4,200	$658.6k0.01%	0.01%	Reduced -4.0k	-4,000 -48.8%
83	CANADIAN PACIFIC KANSAS CITY COM CP	CP	8,191	$603.1k0.01%	0.01%	Reduced -1.2k	-1,153 -12.3%
84	PPG INDS INC COM PPG	PPG	5,000	$512.3k0.01%	0.01%	Unchanged
85	ALTRIA GROUP INC COM MO	MO	8,000	$461.3k0.01%	0.01%	Unchanged
86	EXELON CORP COM EXC	EXC	7,990	$348.3k0.01%	0.01%	Reduced -8.4k	-8,375 -51.2%
87	BAKER HUGHES COMPANY CL A BKR	BKR	5,000	$227.7k0.00%	0.00%	New

Sold out since Q3 2025

Security	Ticker	Shares held before	Value then
CSX CORP CSX	CSX	150,000	$5.3m150.0k shares
AT&T INC T	T	180,652	$5.1m180.7k shares
CANADIAN NATL RY CO CNI	CNI	28,796	$2.7m28.8k shares
SCE Trust IV EIX V0 PERP J	EIX V0 PERP J	63,125	$1.5m63.1k shares
EDISON INTL EIX	EIX	6,520	$360.4k6.5k shares
VERIZON COMMUNICATIONS INC VZ	VZ	4,665	$205.0k4.7k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
RICE ACQUISITION CORP 3 KRSP.U · 13G · filed 2026-02-06	KRSP.U	8.0%≈ $25.7m	new	13G	2026-02-06