Miller Howard Investments 13F: Adds $7.2M to ET Stake

Miller Howard Investments boosted its stake in Energy Transfer LP (ET) by 364,190 shares in a filing on October 26, 2026. The increase brings the fund's total holdings to 5,679,174 shares, valued at approximately $112.3 million. This move reflects a 6.9% rise from its previous position of 5,314,984 shares.

ET Energy Transfer LP

$20.52 ▲ +30.37% year to date

1M 3M YTD

Daily close · Oct 26, 2026

Where Energy Transfer Fits in Miller Howard Investments' Portfolio

Miller Howard's investment in Energy Transfer now makes up about 10.42% of its total reported portfolio, ranking it as the fund's largest holding.

Other Institutional Activity in Energy Transfer

Cushing Asset Management trimmed its position in Energy Transfer by 151,001 shares, leaving it with 7,772,599 shares valued at approximately $153.7 million. Blackstone Inc. added 4,661,915 shares, increasing its total to 35,782,842 shares worth about $737.1 million. Meanwhile, Alps Advisors Inc. grew its holdings by 945,545 shares, ending with 86,904,208 shares valued at roughly $1.79 billion.

Energy Transfer LP Stock Up 0.8%

Energy Transfer's shares recently traded around $20.61, about equal to the closing price of $20.60 on October 26, 2026. The stock is currently below its 50-day moving average of $20.80 but is above its 200-day moving average of $19.60. The shares are also approximately 5.6% below their 52-week high of $21.84.

Recent Earnings

For the trailing twelve months, Energy Transfer reported revenue of approximately $107.4 billion and earnings per share (EPS) of $1.46. The company has shown strong revenue growth of 78.4% year-over-year. Its next earnings report is scheduled for November 3, 2026.

Dividend

Energy Transfer pays an annual dividend of $1.37 per share, which results in a yield of about 6.65%. The company's dividend payout ratio stands at 91.4%, indicating a high proportion of earnings are returned to shareholders.

Insider Buying and Selling at Energy Transfer LP

Kelcy L. Warren, a Director at Energy Transfer, has made several insider purchases. On August 20, 2025, he bought 2,000,000 shares valued at approximately $34.7 million. He made another purchase of 2,000,000 shares on November 20, 2025, worth about $33.8 million. Additionally, on August 7, 2026, Director James Richard Perry bought 12,359 shares at an average price of $20.23 for a total of $250,000.

Analysts Set New Price Targets

Analysts maintain a positive outlook on Energy Transfer. On August 7, 2026, Citigroup maintained a "Buy" rating with a price target of $24, up from $23. Similarly, TD Cowen and Truist Securities also maintained their "Buy" ratings with targets of $25. The consensus price target for Energy Transfer is $24.7, with 23 analyst opinions supporting this estimate.

About Energy Transfer

Energy Transfer LP, based in Dallas, Texas, provides various energy-related services in the U.S. Its operations include transportation and storage of natural gas, crude oil, and refined products. The company plays a significant role in the oil and gas midstream sector, making it a critical player in the energy market.

Bottom Line

Miller Howard Investments' recent increase in its Energy Transfer stake highlights its confidence in the company as it approaches its next earnings report on November 3, 2026. Investors should watch for further filings from the fund and other institutional movements in the energy sector.