Mark Green Continues to Sell Energy Stocks into 2023

Mr. Mark Green, who represents Tennessee's 7th congressional district and has been in that seat since 2019, disclosed that he has continued to sell his position in Energy Transfer LP (ET:US), a natural gas and propane pipeline transportation company headquartered in Dallas, Texas. 

Rep. Green sold between $15,000-$50,000 when stock closed at  $13.01, according to the filing. This is just the latest of many of his sales in the company and other energy holdings he has had, as he has been consistently selling the stock throughout 2022 after taking a sizable long position last spring. 

ET itself has had a pretty incredible run, moving higher by 12.48% year-to-date, 35.5% over the past year, and gaining 14.3% over the last month alone. The stock was initiated as a buy from Citigroup with an initial price target of $16 on December 09, 2022, and a week ago the company announced an increase in the quarterly cash distribution of $0.305 per common unit, a 75% increase over 4Q21 and a 15% increase from 3Q22. 

The stock does have an impressive dividend yield of 9.33% at current levels, and is generally in favor from stock analysts with an average recommendation of “Buy.”

Coming up in a couple of weeks on February 15 after market close, the company will announce quarterly results and will include an update for the outlook for 2023. As one of the largest and most diversified portfolios of energy assets in the whole of the United States, it could set the tone for the sector throughout the balance of the year. 

Analysts are expecting good things, but Rep. Green is being sure to take some profits off the table, at a minimum. So far, he has been on the wrong side of that trade as the stock continues to grind higher - but it is possible the heightened expectations on earnings could be a difficult hurdle to overcome. The stock is also well above its longer-term moving averages, so a reversion to the mean is possible from current levels.