Market Commentary

Congressman green is cashing in on his investment in this energy stock

Rahul Joshua4 Aug 2022 · 1 minutes

Mark Green, the United States House of Representatives from the 7th congressional district of Tennessee, has disclosed new trades.

Congressman Green stands for one of the more active stock traders among peers. This time, Green disclosed that he exited a portion of his stake in Energy Transfer LP (NYSE: ET), a US-based company that is engaged in natural gas and propane pipeline transport.

Green’s interest in the Energy sector seems to be real given that he already sponsored legislation related to the energy sector. Congressman Green sits on important committees, namely the Committee on Foreign Affairs and the Committee on Armed Services.

New filings showed that he sold somewhere between $50,000 and $100,000 in ET shares on July 25. He was previously selling smaller amounts, more precisely on June 21, and July 12 and 18.

This is not the first time that Green sold shares of ET after accumulating a stake in the neutral gas company. Congressman previously sold between $250,000 and $500,000 on April 19.

Prior to that, Green was aggressively buying Energy Transfer shares. As many as 7 transactions were disclosed in the period between February 09 and April 14, including a buy position worth between $500,000 and $1 million opened on February 09.

Given that Green was buying Energy Transfer shares starting from late January 2022, in addition to his previous investments in the same company, it is to be believed that he made significant profits.

Energy Transfer stock had traded below $10 a share in late January before surging to print a 27-month high of $12.48 in early May. Shares trade above the $11 a share mark today.

For the first quarter of 2022, the company reported muc stronger-than-expected results. Energy Transfer is due to report on Q2 earnings later this week.