Opposite Congressional Stock Trades Made in Energy Company and Subsidiary
Posted at 10:58 a.m. on April 19, 2013
Two members of Congress, who each reported more than $1.5 million in stock transactions during March, had trades involving the same energy company and its subsidiary. In one of his March transactions, Rep. Bill Flores (R-Texas) reported he purchased $250,001 to $500,000 of Linn Co LLC (NASDAQ: LNCO) stock on 3/22. Linn Co LLC is a C corporation and a subsidiary of Linn Energy LLC. At the close of that day the stock was at a March low, and it has since steadily gone up. On the other hand, the spouse of Sen. Frank Lautenberg (D-N.J.) reported she sold over $1 million of Linn Energy LLC (NASDAQ: LINE) on 3/26 and another $500,0001 to $1 million on 3/27. The stock has gone up since then.
Rep. Flores also reported purchasing $100,001 to $250,000 in each of the following: Access Midstream Partners LP; Calumete Specialty Prods/partners LP Common; DCP Midstream Partners LP Com Units (sold later in March); Enbridge Energy Mgmt LLC Shs Uts; EV Energy Partners LP Com Stk; Nustar GP Holdings LP; Williams Companies Inc Com Stk (sold later in March).
Flores also purchased $250,001 to $500,000 of Memorial Production Partners LP and purchased $250,001 to $500,000 in Eagle Rock Energy Partners.
Rep. Flores sits on the House Natural Resources Committee and its subcommittee on Energy and Mineral Resources.
In another filing, Sen. Mark Warner (D-Va.) reported he sold $1 million to $5 million in X-10 Capital Partners (QP) LP on March 7. X-10 Capital Partners, based in Alexandria, Va., is a hedge fund dealing with the telecommunications, media and technology sector.
Members of Congress are required by the Stop Trading on Congressional Knowledge (STOCK) Act to file regular reports on their stock transactions.