# Miller-Howard Q2 2026 Quarterly Report

> High-yield stocks outperform broad market despite elevated valuations.
- Title: Miller-Howard Q2 2026 Quarterly Report · Seekingalpha
- Summary: High-yield stocks outperform broad market despite elevated valuations. Miller-Howard's high-yield portfolios offer 3.4% dividend yield with 5.3% annualized…
- Keywords: miller howard, q2 2026, dividend yield, s&p 500, income equity, high-yield stocks, dividend growth, midstream energy, infrastructure, north american energy, money, business
- Source: Seekingalpha — https://seekingalpha.com/article/4955089-miller-howard-q2-2026-quarterly-report
- Author: Miller-Howard Investments
- Published: 2026-10-19T03:45:00+00:00
- Read time: 1 min
- Topics: miller howard, q2 2026, dividend yield, s&p 500, income equity, high-yield stocks, dividend growth, midstream energy, infrastructure, north american energy, money, business
## S&P 500 Dividend Yield Drops
S&P 500 dividend yield fell to its lowest level in over 55 years, dropping below 1.1% in May 2026.
## High-Yield Stocks Outperform
High-yield stocks offer more attractive relative returns compared to low-yielders and non-payers in current market conditions.
## Elevated P/FE Ratios
S&P 500 trades at 25.5x P/E ratio with high-yield portfolios at 17.0x P/E ratio in Q2 2026.
## Dividend Growth Projections
Miller-Howard projects 5.3% annualized dividend growth for income equity portfolios versus 6.8% for S&P 500.
## Dividend Coverage Strength
Income equity portfolios maintain 1.9x dividend coverage ratio with reasonable leverage levels at 2.8x net debt/EBITDA.
## Midstream Energy Performance
Midstream energy portfolios outperform benchmarks with 2.6% average dividend growth in Q2 2026.
## Infrastructure Portfolio Strength
Infrastructure portfolio offers 2.8% dividend yield with strong growth potential and low common holdings with S&P 500.
## North American Energy Outlook
North American energy portfolio benefits from higher oil prices and increased LNG demand in Q2 2026.
## Yield Comparison
Income equity portfolios offer 3.4% dividend yield versus 1.1% for S&P 500 in Q2 2026.
## Market Performance
Income equity portfolios outperform Russell 1000 Value Index with 11.53% annualized return in Q2 2026.
## Key takeaway

Miller-Howard's high-yield portfolios offer 3.4% dividend yield with 5.3% annualized growth potential amid market volatility.