Strategic sector diversification accelerates
Miller Howard Investments Expands Holdings in Key Energy, Utilities, and Telecom Sectors
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Key Points
1
TC Energy (TRP) became Miller Howard Investments NY's 8th biggest holding, comprising about 2.2% of the portfolio after increasing by 158,686 shares to 1,294,518. The stake was valued at roughly $81.0 million.
2
National Grid Transco (NGG) position rose by 23.5% to 120,490 shares, worth about $10.19 million.
3
Targa Resources (TRGP) stake increased 37.3% to 230,592 shares, making it Miller Howard's 23rd largest holding with an implied value of about $57.82 million.
4
Marathon Petroleum (MPC) stake grew 6.7% to 47,097 shares, valued at about $11.5 million, as part of the first-quarter activity.
5
T-Mobile US (TMUS) position increased 10.4% to 46,707 shares, about $9.81 million, and the stock has notable institutional ownership at roughly 42.49%.
Miller Howard Investments NY made a major push into infrastructure stocks in the first quarter of 2026, growing its stakes across energy pipelines, utilities, and telecom. The Woodstock-based firm boosted its position in TC Energy (TRP) by 14%, reaching 1,294,518 shares worth roughly $81 million, according to Watchlist News.
The moves are part of Miller Howard's "Essential Services" strategy — a focus on companies that power, heat, and connect everyday life. CIO Adam Fackler wrote in April that "companies with a lower P/E may offer a margin of safety... that is essentially a hedge against the unknown."
TC Energy and Targa Lead the Biggest Buys
TC Energy is now Miller Howard's 8th largest holding, making up 2.2% of its total portfolio. The firm added 158,686 shares in Q1, pushing its total stake to 1,294,518 shares. TC Energy pays a $3.51 annualized dividend — exactly the kind of steady income Miller Howard targets, according to Watchlist News.
The firm's biggest percentage jump was in Targa Resources (TRGP). Miller Howard grew that stake by 37.3%, adding 62,919 shares to reach 230,592 total, valued at $57.82 million. Targa is now the firm's 23rd largest holding. The bet looks well-timed: Targa announced a 25% quarterly dividend hike to $1.25 per share in April, and reported record Q1 adjusted EBITDA of $1.4 billion — up 19% year-over-year, per Watchlist News.
National Grid and Marathon Round Out the Energy Expansion
Miller Howard also grew its stake in National Grid Transco (NGG) by 23.5%, adding 22,898 shares to reach 120,490 total, worth about $10.19 million, according to Watchlist News. National Grid is spending heavily on its "Great Grid Upgrade" — a capital push to rewire electricity networks for AI data centers and electric vehicles.
In refining, the firm raised its Marathon Petroleum (MPC) position by 6.7% to 47,097 shares, valued at about $11.5 million. The timing was sharp: MPC reported Q1 adjusted earnings per share of $1.65, well above the $1.09 analyst estimate. CEO Michael Hennigan said the results "demonstrate the strength of our integrated business model."
T-Mobile Bet Signals a Telecom Income Play
Miller Howard added 4,401 shares of T-Mobile US (TMUS) in Q1, lifting its stake by 10.4% to 46,707 shares worth roughly $9.81 million, per Watchlist News. T-Mobile held a Capital Markets Day in February where it shifted its story from subscriber growth to free cash flow — projecting roughly $18 billion in free cash flow for 2025.
Institutional investors own about 44.58% of TMUS shares. Miller Howard's small but growing position fits its income playbook: bet on companies generating real cash, not just revenue.
The Strategy Behind the Moves: Income Over Hype
Miller Howard manages roughly $3.31 billion in assets. The firm has been dividend-focused since a 1989 internal study on long-term wealth building. Its investment approach concentrates on "Essential Services" — the pipelines, power lines, and cell towers that keep the economy running no matter what markets do.
The Q1 2026 push leans into that thesis hard. TC Energy CEO François Poirier said in May that "constructive market conditions continue to translate into attractive, disciplined growth opportunities." Critics note that firms like National Grid and Targa each plan roughly $4.5 billion in growth capital spending — a risk if interest rates stay high through late 2026. But for now, Miller Howard is doubling down on the infrastructure that powers the modern world.
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