Benzinga - 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 (ARCA: XLE (NYSE: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.
- Magellan Midstream Partners L.P. (NYSE: 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. (NYSE: NYSE: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 was first covered by Benzinga back in October for the politician's trades on Devon Energy (NYSE: DVN), Pioneer Natural Resources (NYSE: NYSE:PXD), and Williams Companies (NYSE: 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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