Energy stocks have been on a tear since giving up their August gains, they have now returned to October’s trading levels, as the SPDR Select Sector Fund - Energy Select Sector XLE is down over 6% in the past month.
Congressman Kevin Hern (R-OK) has made over 400 trades in the past three years, commonly filed as a joint ownership holding, reported Capitol Trades.
Hern's filings reveal shares of two more energy stocks with high yields have been scooped up.
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- Magellan Midstream Partners L.P. MMP is offering a forward dividend yield of 8.64% or $4.19 per share annually, making quarterly payments, with a superb track record of increasing its dividends for 21 consecutive years. Magellan has the longest refined petroleum products pipeline system in the country, with access to nearly 50% of the nation’s refining capacity, and can store more than 100 million barrels of petroleum products such as gasoline, diesel fuel and crude oil. Reported as a joint ownership holding, Hern purchased a range of between $1,000 to $15,000 in shares of Magellan Midstream on Nov. 14, for $53.15 per share, per Capitol Trades.
- ONEOK Inc. OKE is offering a forward dividend yield of 5.89% or $3.74 per share annually, making quarterly payments, with an infrequent track record of increasing its dividends. ONEOK is a leading midstream service provider and one of the nation’s premier natural gas liquids systems. It provides natural gas gathering, processing, storage, and transportation as well as natural gas liquids transportation and fractionation. Hern purchased a range of between $1,000 to $15,000 in shares of ONEOK on Nov. 14, for $64.38 per share, filed as a joint ownership holding, reported Capitol Trades.
Hern sits on the House Committee of Ways and Means and also holds a number of caucus memberships such as the House Action Energy Team. Membership of the House Action Energy Team may provide politicians with insider knowledge of the industry, as the committee strives to address rising energy prices, create thousands of good jobs and enhance our national security by promoting energy independence for America.
Hern was first covered by Benzinga back in October for the politician's trades on Devon Energy DVN, Pioneer Natural Resources PXD, and Williams Companies WMB.
As of Sept. 29, 72 congress members violated the federal STOCK Act, which was formed to prevent insider trading. Although lawmakers like Sen. Elizabeth Warren (D-MA) and Sen. Steve Daines (R-MT) want to go a step further and ban members of Congress and their spouses from owning or trading individual stocks.
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