Congressperson Mark Green, representing Tennessee's 7th congressional district, has made a significant transaction in the stock market, selling stocks of NGL Energy Partners LP (NYSE:NGL). The transaction was conducted within his Equitable Retirement Account.
The sale, which took place on April 1, 2024, was notified to the authorities on April 4, 2024. The value of the stocks sold by Green falls within the range of $100,001 to $250,000. The stocks were common units representing limited partner interests in NGL Energy Partners LP.
NGL Energy Partners LP is a prominent player in the energy sector, focusing on the midstream segment. The company's shares are traded on the New York Stock Exchange under the ticker NGL.
Green's transaction was conducted within his Equitable Retirement Account, a type of investment vehicle often used by individuals to secure their financial future post-retirement. It's worth noting that this account allows for a diversified range of investments, including stocks, bonds, and mutual funds among others.
The sale of stocks by Green represents a shift in his investment portfolio, although the specific reasons behind this move are not disclosed in the report. It's also unknown whether Green plans to reinvest the proceeds from the sale into other assets or sectors.
This transaction is in compliance with the STOCK Act, which requires members of Congress to disclose their stock trades. The Act is designed to ensure transparency and prevent any potential conflicts of interest.
As always, investors are encouraged to monitor the market activity of influential individuals such as Green, as it can provide valuable insights into market trends and potential investment opportunities. However, it's important to conduct thorough research and consider a variety of factors before making any investment decisions.
InvestingPro Insights
Following the recent transaction by Congressperson Mark Green involving NGL Energy Partners LP, key metrics and insights from InvestingPro provide a deeper understanding of the company's current market position. NGL Energy Partners LP has a market capitalization of $781.83 million, indicating its size and significance within the midstream energy sector.
InvestingPro data reveals that the company has experienced a substantial price increase over the last six months, with a 50.88% return, which aligns with the stock trading near its 52-week high at 96.69% of that value. This could suggest why an investor like Green might consider it an opportune time to sell. Moreover, the stock has shown a high return over the last year, with a 101.68% price total return, potentially making it an attractive stock for those looking to capitalize on recent gains.
Despite these positive price movements, NGL Energy Partners LP has been grappling with weak gross profit margins, currently at 14.12%, and analysts do not anticipate the company will be profitable this year. This could be a factor influencing investment decisions and portfolio adjustments.
For investors interested in gaining further insights into NGL Energy Partners LP, InvestingPro offers additional InvestingPro Tips that could help in making informed decisions. Currently, there are 9 more tips available, including expectations on net income and profitability, which can be found at: https://www.investing.com/pro/NGL. For those considering a subscription to access these valuable insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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