United States Representative from North Carolina, Virginia Foxx, has disclosed the sale of up to $100,000 in stock from Pembina Pipeline Corporation (NYSE: PBA).
The offloading of her stake in the Canadian energy sector giant coincides with what appears to be a buildup of strain in trade relations between the United States and its northern neighbor amid key political developments in both countries.
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Indeed, the politician first acquired a stake in the company in October 2017, investing between $1,001 to $15,000. Since her purchase, PBA has experienced a rollercoaster ride, gaining about 11% over the period. Since her PBA share sale in early December 2024, the equity has dropped by over 3%.
As of press time, PBA was trading at $36.09, having rallied about 9% over the past year.
Besides selling her holding in Pembina, recent filings indicate that at the end of 2024, the lawmaker’s other Congress trades also included snapping up a stake in biotech firm AbbVie (NYSE: ABBV) and American Electric Power Company (NYSE: AEP), among others.
Impact of U.S.-Canada tensions
Her disclosure of the sale comes when incoming President Donald Trump has reignited discussions about Canada potentially joining the United States as the 51st state.
Trump’s remarks, which include promises of significant tax reductions and enhanced military security for Canada, have stirred both support and controversy.
This proposal has been met with skepticism and humor in equal measure, viewed by some as part of Trump’s provocative style of diplomacy, as it remains politically unfeasible.
The situation is further complicated by the recent announcement from Canadian Prime Minister Justin Trudeau that he will step down once his Liberal Party selects a new leader.
Trudeau’s decision to resign has introduced significant uncertainty into Canada’s political landscape, especially when the country navigates its relationship with an incoming Trump administration known for its unpredictable trade policies.
The sale of Pembina Pipeline stock by Representative Foxx might be seen in this context as a cautious move away from Canadian investments.
Overall, the actual motivation behind the sale might not be known. Still, given the current relationship between the United States and Canada, concerns will remain about the potential use of insider information to make the transaction when several politicians have come under scrutiny for a series of suspicious trades.
Featured image via Shutterstock
