MILLER HOWARD INVESTMENTS INC /NY

KINGSTON, NY · CIK 903947 · 13F filing filed 2025-07-11

SEC-registered investment adviser since 1986 · corporation

Assets managed$3.8bn
Staff34 · 12 in investment roles
Main clients (by assets)Individuals 13%, Mutual funds and ETFs 11%, High net worth individuals 9%
Websitemhinvest.com
Form ADV · 2026-03-17SEC adviser record

Legal entityMILLER/HOWARD INVESTMENTS, INC. (US)

$3.2bn reported value +0.4% vs Q1 2025

136positions

27.2%in top 10

4 new 86 added 46 reduced 7 sold out vs Q1 2025

Also in the report of:

PERSONAL CFO SOLUTIONS, LLC – $2.9m of shares are in both reports
Dorsey & Whitney Trust CO LLC – $583.3k of shares are in both reports

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

Holdings, Q2 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	MPLX LP COM UNIT REP LTD MPLX	MPLX	2,240,136	$115.4m3.66%	3.66%	Reduced -79.5k	-79,549 -3.4%
2	ENTERPRISE PRODS PARTNERS L COM EPD	EPD	3,358,259	$104.1m3.30%	3.30%	Added +24.4k	+24,373 0.7%
3	ENERGY TRANSFER L P COM UT LTD PTN ET	ET	5,214,638	$94.5m3.00%	3.00%	Added +181.0k	+181,029 3.6%
4	CISCO SYS INC COM CSCO	CSCO	1,249,066	$86.7m2.75%	2.75%	Added +2.5k	+2,501 0.2%
5	PAYCHEX INC COM PAYX	PAYX	544,447	$79.2m2.51%	2.51%	Added +1.0k	+1,034 0.2%
6	JOHNSON & JOHNSON COM JNJ	JNJ	518,003	$79.1m2.51%	2.51%	Added +7	+7 0.0%
7	OLD REP INTL CORP COM ORI	ORI	2,020,989	$77.7m2.46%	2.46%	Added +2.8k	+2,778 0.1%
8	ABBVIE INC COM ABBV	ABBV	405,722	$75.3m2.39%	2.39%	Added +603	+603 0.1%
9	GILEAD SCIENCES INC COM GILD	GILD	663,697	$73.6m2.33%	2.33%	Reduced -1.2k	-1,160 -0.2%
10	BANK NEW YORK MELLON CORP COM BNY	BNY	786,863	$71.7m2.27%	2.27%	Reduced -1.3k	-1,281 -0.2%
11	JPMORGAN CHASE & CO COM JPM	JPM	229,902	$66.7m2.11%	2.11%	Added +443	+443 0.2%
12	VICI PPTYS INC COM VICI	VICI	2,020,651	$65.9m2.09%	2.09%	Added +5.0k	+5,011 0.2%
13	STATE STR CORP COM STT	STT	604,916	$64.3m2.04%	2.04%	Added +130.2k	+130,175 27.4%
14	MEDTRONIC PLC SHS MDT	MDT	732,971	$63.9m2.03%	2.03%	Added +927	+927 0.1%
15	GSK PLC SPONSORED ADR GSK	GSK	1,659,814	$63.7m2.02%	2.02%	Added +13.0k	+13,023 0.8%
16	EAST WEST BANCORP INC COM EWBC	EWBC	624,044	$63.0m2.00%	2.00%	Added +317	+317 0.1%
17	EXELON CORP COM EXC	EXC	1,443,153	$62.7m1.99%	1.99%	Added +5.5k	+5,450 0.4%
18	VERIZON COMMUNICATIONS INC COM VZ	VZ	1,389,297	$60.1m1.91%	1.91%	Added +8.8k	+8,785 0.6%
19	WESTERN MIDSTREAM PARTNERS L COM UNIT LP INT WES	WES	1,469,279	$56.9m1.80%	1.80%	Added +42.1k	+42,092 3.0%
20	WILLIAMS COS INC COM WMB	WMB	905,078	$56.8m1.80%	1.80%	Added +196.0k	+195,965 27.6%
21	TC ENERGY CORP COM TRP	TRP	1,153,849	$56.3m1.79%	1.79%	Added +558.5k	+558,498 93.8%
22	ENBRIDGE INC COM ENB	ENB	1,225,865	$55.6m1.76%	1.76%	Added +122.7k	+122,658 11.1%
23	PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN PAA	PAA	2,864,383	$52.5m1.66%	1.66%	Added +3.0k	+2,953 0.1%
24	COMCAST CORP NEW CL A CMCSA	CMCSA	1,419,835	$50.7m1.61%	1.61%	Added +20.5k	+20,544 1.5%
25	ENTERGY CORP NEW COM ETR	ETR	608,244	$50.6m1.60%	1.60%	Added +6.6k	+6,612 1.1%
26	CITIGROUP INC COM NEW C	C	592,964	$50.5m1.60%	1.60%	Added +127.4k	+127,447 27.4%
27	BANK AMERICA CORP COM BAC	BAC	1,059,919	$50.2m1.59%	1.59%	Added +1.4k	+1,447 0.1%
28	KINDER MORGAN INC DEL COM KMI	KMI	1,702,682	$50.1m1.59%	1.59%	Added +411.9k	+411,950 31.9%
29	HESS MIDSTREAM LP CL A SHS HESM	HESM	1,272,494	$49.0m1.55%	1.55%	Reduced -26.8k	-26,800 -2.1%
30	TOTALENERGIES SE SPONSORED ADS SPONSORED ADS		796,417	$48.9m1.55%	1.55%	Reduced -1.3k	-1,270 -0.2%
31	CANADIAN NAT RES LTD COM CNQ	CNQ	1,451,340	$45.6m1.45%	1.45%	Added +12.0k	+11,968 0.8%
32	CHENIERE ENERGY INC COM NEW LNG	LNG	182,632	$44.5m1.41%	1.41%	Added +20.7k	+20,670 12.8%
33	INTERPUBLIC GROUP COS INC COM IPG	IPG	1,714,292	$42.0m1.33%	1.33%	Added +42.2k	+42,172 2.5%
34	CMS ENERGY CORP COM CMS	CMS	571,340	$39.6m1.26%	1.26%	Added +4.2k	+4,154 0.7%
35	GOLDMAN SACHS GROUP INC COM GS	GS	54,814	$38.8m1.23%	1.23%	Added +106	+106 0.2%
36	LAMAR ADVERTISING CO NEW CL A LAMR	LAMR	319,350	$38.8m1.23%	1.23%	Added +1.3k	+1,322 0.4%
37	HOST HOTELS & RESORTS INC COM HST	HST	2,464,422	$37.9m1.20%	1.20%	Added +518.0k	+518,016 26.6%
38	TEXAS INSTRS INC COM TXN	TXN	182,191	$37.8m1.20%	1.20%	Added +282	+282 0.2%
39	SUNOCO LP/SUNOCO FIN CORP COM UT REP LP SUN	SUN	691,096	$37.0m1.17%	1.17%	Added +3.9k	+3,852 0.6%
40	US BANCORP DEL COM NEW USB	USB	812,165	$36.8m1.17%	1.17%	Added +166.4k	+166,378 25.8%
41	ANTERO MIDSTREAM CORP COM AM	AM	1,925,498	$36.5m1.16%	1.16%	Added +194.3k	+194,282 11.2%
42	NUTRIEN LTD COM NTR	NTR	620,588	$36.1m1.15%	1.15%	Added +954	+954 0.1%
43	PHILLIPS 66 COM PSX	PSX	283,518	$33.8m1.07%	1.07%	Reduced -2.0k	-2,048 -0.7%
44	COCA COLA CO COM KO	KO	459,793	$32.5m1.03%	1.03%	Reduced -1.7k	-1,715 -0.4%
45	OGE ENERGY CORP COM OGE	OGE	707,619	$31.4m1.00%	1.00%	Added +1.6k	+1,645 0.2%
46	BLOCK H & R INC COM HRB	HRB	561,218	$30.8m0.98%	0.98%	Added +7.1k	+7,058 1.3%
47	JEFFERIES FINL GROUP INC COM JEF	JEF	521,040	$28.5m0.90%	0.90%	Added +690	+690 0.1%
48	TARGA RES CORP COM TRGP	TRGP	160,552	$27.9m0.89%	0.89%	Reduced -77.7k	-77,696 -32.6%
49	EASTMAN CHEM CO COM EMN	EMN	351,091	$26.2m0.83%	0.83%	New
50	GENESIS ENERGY L P UNIT LTD PARTN GEL	GEL	1,488,590	$25.6m0.81%	0.81%	Added +256.2k	+256,186 20.8%
51	PLAINS GP HLDGS L P LTD PARTNR INT A PAGP	PAGP	1,174,081	$22.8m0.72%	0.72%	Reduced -258.7k	-258,737 -18.1%
52	STAG INDL INC COM STAG	STAG	602,743	$21.9m0.69%	0.69%	Reduced -536	-536 -0.1%
53	ONEOK INC NEW COM OKE	OKE	251,128	$20.5m0.65%	0.65%	Reduced -111.5k	-111,547 -30.8%
54	SOUTH BOW CORP COM SOBO	SOBO	746,599	$19.3m0.61%	0.61%	Reduced -71.0k	-70,959 -8.7%
55	PEMBINA PIPELINE CORP COM PBA	PBA	508,891	$19.1m0.61%	0.61%	Added +69.9k	+69,937 15.9%
56	CONAGRA BRANDS INC COM CAG	CAG	930,027	$19.0m0.60%	0.60%	Reduced -170.0k	-170,046 -15.5%
57	DT MIDSTREAM INC COMMON STOCK DTM	DTM	168,482	$18.5m0.59%	0.59%	Reduced -10.8k	-10,790 -6.0%
58	KEYERA CORP COM COM COM		549,845	$17.9m0.57%	0.57%	Added +118.1k	+118,095 27.4%
59	CONSTELLATION ENERGY CORP COM CEG	CEG	38,174	$12.3m0.39%	0.39%	Added +1.7k	+1,691 4.6%
60	AMERICAN TOWER CORP NEW COM AMT	AMT	53,887	$11.9m0.38%	0.38%	Added +1.8k	+1,792 3.4%
61	CENTERPOINT ENERGY INC COM CNP	CNP	301,154	$11.1m0.35%	0.35%	Added +8.1k	+8,069 2.8%
62	PPL CORP COM PPL	PPL	319,377	$10.8m0.34%	0.34%	Added +8.8k	+8,825 2.8%
63	NISOURCE INC COM NI	NI	255,820	$10.3m0.33%	0.33%	Added +9.0k	+8,976 3.6%
64	T-MOBILE US INC COM TMUS	TMUS	40,241	$9.6m0.30%	0.30%	Added +454	+454 1.1%
65	WASTE MGMT INC DEL COM WM	WM	38,937	$8.9m0.28%	0.28%	Added +930	+930 2.5%
66	SEMPRA COM SRE	SRE	116,365	$8.8m0.28%	0.28%	Added +7.1k	+7,096 6.5%
67	NEXTERA ENERGY INC COM NEE	NEE	124,634	$8.7m0.27%	0.27%	Added +4.5k	+4,481 3.7%
68	ATMOS ENERGY CORP COM ATO	ATO	53,505	$8.2m0.26%	0.26%	Added +1.8k	+1,800 3.5%
69	AMEREN CORP COM AEE	AEE	84,805	$8.1m0.26%	0.26%	Added +5.6k	+5,646 7.1%
70	GIBSON ENERGY INC COM COM COM		462,285	$8.1m0.26%	0.26%	Added +125.0k	+125,046 37.1%
71	ISHARES TR SELECT DIVID ETF DVY	DVY	59,492	$7.9m0.25%	0.25%	Reduced -291.8k	-291,779 -83.1%
72	ALPS ETF TR ALERIAN ENERGY ENFR	ENFR	238,327	$7.7m0.24%	0.24%	Reduced -71.7k	-71,684 -23.1%
73	PUBLIC SVC ENTERPRISE GRP IN COM PEG	PEG	90,477	$7.6m0.24%	0.24%	Added +2.5k	+2,472 2.8%
74	MARATHON PETE CORP COM MPC	MPC	44,676	$7.4m0.24%	0.24%	Added +17.2k	+17,155 62.3%
75	AT&T INC COM T	T	246,920	$7.1m0.23%	0.23%	Added +6.0k	+5,977 2.5%
76	NATIONAL GRID PLC SPONSORED ADR NE NGG	NGG	89,925	$6.7m0.21%	0.21%	Added +2.5k	+2,489 2.9%
77	CSX CORP COM CSX	CSX	204,640	$6.7m0.21%	0.21%	Added +15.9k	+15,939 8.4%
78	UNION PAC CORP COM UNP	UNP	25,781	$5.9m0.19%	0.19%	Added +245	+245 1.0%
79	CHENIERE ENERGY PARTNERS LP COM UNIT CQP	CQP	104,438	$5.9m0.19%	0.19%	Added +281	+281 0.3%
80	XCEL ENERGY INC COM XEL	XEL	85,542	$5.8m0.18%	0.18%	Added +54.4k	+54,381 174.5%
81	AMERICAN WTR WKS CO INC NEW COM AWK	AWK	38,989	$5.4m0.17%	0.17%	Added +1.4k	+1,430 3.8%
82	WASTE CONNECTIONS INC COM WCN	WCN	28,569	$5.3m0.17%	0.17%	Added +4.7k	+4,731 19.9%
83	CONOCOPHILLIPS COM COP	COP	56,243	$5.0m0.16%	0.16%	Reduced -4.1k	-4,051 -6.7%
84	ANTERO RESOURCES CORP COM AR	AR	125,133	$5.0m0.16%	0.16%	Reduced -10.4k	-10,380 -7.7%
85	GULFPORT ENERGY CORP COMMON SHARES GPOR	GPOR	24,380	$4.9m0.16%	0.16%	Added +11.2k	+11,157 84.4%
86	VISTRA CORP COM VST	VST	23,044	$4.5m0.14%	0.14%	Added +1.2k	+1,248 5.7%
87	HESS CORP COM HES	HES	31,663	$4.4m0.14%	0.14%	Reduced -2.6k	-2,624 -7.7%
88	SUNCOR ENERGY INC NEW COM SU	SU	106,787	$4.0m0.13%	0.13%	Reduced -8.9k	-8,913 -7.7%
89	EQT CORP COM EQT	EQT	66,577	$3.9m0.12%	0.12%	Reduced -5.5k	-5,535 -7.7%
90	EQUINIX INC COM EQIX	EQIX	4,788	$3.8m0.12%	0.12%	Added +924	+924 23.9%
91	KINETIK HOLDINGS INC COM NEW CL A KNTK	KNTK	81,368	$3.6m0.11%	0.11%	Reduced -75.2k	-75,195 -48.0%
92	EXXON MOBIL CORP COM XOM	XOM	31,971	$3.4m0.11%	0.11%	Reduced -2.7k	-2,693 -7.8%
93	OCCIDENTAL PETE CORP COM OXY	OXY	78,104	$3.3m0.10%	0.10%	Reduced -6.0k	-5,961 -7.1%
94	RANGE RES CORP COM RRC	RRC	80,603	$3.3m0.10%	0.10%	Reduced -6.8k	-6,811 -7.8%
95	SOUTHERN CO COM SO	SO	30,335	$2.8m0.09%	0.09%	Added +1.6k	+1,604 5.6%
96	AMERICAN ELEC PWR CO INC COM AEP	AEP	23,439	$2.4m0.08%	0.08%	Added +1.3k	+1,255 5.7%
97	UNITED PARCEL SERVICE INC CL B UPS	UPS	22,531	$2.3m0.07%	0.07%	Added +1.1k	+1,075 5.0%
98	DUKE ENERGY CORP NEW COM NEW DUK	DUK	17,586	$2.1m0.07%	0.07%	Added +937	+937 5.6%
99	DOMINION ENERGY INC COM D	D	36,018	$2.0m0.06%	0.06%	Added +2.3k	+2,301 6.8%
100	DTE ENERGY CO COM DTE	DTE	13,604	$1.8m0.06%	0.06%	Added +733	+733 5.7%

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
MERCK & CO INC MRK	MRK	364,668	$32.7m364.7k shares
ROBERT HALF INC. RHI	RHI	422,936	$23.1m422.9k shares
EOG RES INC EOG	EOG	12,008	$1.5m12.0k shares
ATLAS ENERGY SOLUTIONS INC AESI	AESI	33,689	$601.0k33.7k shares
ISHARES TR IWD	IWD	2,082	$391.7k2.1k shares
ALPS ETF TR AMLP	AMLP	6,315	$328.0k6.3k shares
SELECT SECTOR SPDR TR XLE	XLE	3,177	$296.9k3.2k shares