In recent years, congressional trading has emerged as a contentious issue, drawing attention to the financial activities of numerous US Congressmen and Representatives.
Controversy surrounds the substantial fortunes amassed through stock trading, raising concerns about the potential use of insider information to execute impeccably timed trades. Despite the gravity of these allegations, mainstream media has largely overlooked these transactions.
Today, on December 20, we delve into the latest eyebrow-raising trade—a little-known energy stock that skyrocketed by 110% after a Congress member’s purchase.
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NGL Energy up 380% in 2023
Earlier this year, US Representative Mark Green bought up to $250,000 of a small-cap stock called NGL Energy (NYSE: NGL).
Since then, this stock which has a market cap of around $720 million, has soared more than 110%, according to trading data platform Quiver Quantitative.
Remarkably, NGL skyrocketed approximately 380% since the start of the year, from $1.14 to $5.47.
The energy firm had a market cap of just around $500 million when Green made the transaction, the X account highlighted.
However, the US politician has been buying and selling this stock regularly, with his earliest trades in NGL dating back to July 2020, Quiver’s official website shows. The platform demonstrates nearly 100 filings related to Green’s trades in NGL over the past three and a half years.
According to Quiver, the Representative “has made more than his annual salary” off the $250,000 trade that we mentioned earlier.
A member of the Republican Party, Green has served as the US Representative for Tennessee’s 7th congressional district since 2019. Also, the 59-year-old has chaired the Committee on Homeland Security since 2023.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
