Senator Markwayne Mullin is back at it. The Oklahoma Republican, known as a staunch ally of former President Donald Trump, has been dipping into the stock market again in 2026, adding a fresh batch of buys to the ones he made just last January. Let's unpack what he bought, what he sold, and why one particular stock is causing people to do a double-take.

First, some context. Mullin has been vocal in his support of recent U.S. military action in Iran. That's noteworthy because, as has been pointed out, he owns shares in companies that tend to do well when geopolitical tensions flare up: oil majors Chevron Corporation (CVX) and ConocoPhillips (COP), and defense giant RTX Corp (RTX). Those aren't part of his latest trades, but they set the stage for the kind of portfolio he's building.

The February Shopping List

So, what did he buy and sell in February? According to data from Quiver Quantitative, all these moves happened on February 4. It was a busy day.

On the buying side, Mullin picked up stakes valued between $15,001 and $50,000 in each of the following:

• Adobe Inc (ADBE)
• Amkor Technology (AMKR)
• APi Group (APG)
• Citigroup (C)
• Carpenter Technology (CRS)
• FirstCash Holdings (FCFS)
• Stride Inc (LRN)
• McKesson (MCK)
• Monolithic Power Systems (MPWR)
• VSE Corporation (VSEC)

And on the selling side, he parted with stakes in the same $15,001-$50,000 range for:

• Coherent Corp (COHR)
• Credo Technology (CRDO)
• Dell Technologies (DELL)
• Goldman Sachs (GS)
• MasTech (MTZ)

He also made two smaller sales: between $1,001 and $15,000 worth of Applied Industrial Technologies (AIT) and Iron Mountain (IRM).

If that buy list looks familiar, it should. Adobe, Amkor, APiGroup, Citigroup, Carpenter Technology, FirstCash Holdings, Stride, McKesson, Monolithic Power, and VSE were all also on his shopping list back in January. He's doubling down.

Several of these companies are on the smaller side. FirstCash, Stride, and VSE all have market capitalizations under $10 billion. VSE, in particular, has a history with government contracts, landing a $565 million deal for Air Force aircraft back in 2023.

The Carpenter Technology Question

But the trade that's really turning heads is the purchase of Carpenter Technology. Why? Because Carpenter Technology (CRS) makes specialty alloys used by major defense contractors like Raytheon and Lockheed Martin. And Senator Mullin sits on the Senate Committee on Armed Services.

This hasn't gone unnoticed. The prominent social media account Pelosi Tracker called it out, posting: "He's back making shady trades again… Sen. Markwayne Mullin bought Carpenter Technology. $CRS makes alloys used by defense contractors like Raytheon and Lockheed Martin. Mullin sits on the Senate Armed Services Committee. He originally bought on Feb. 4th, is already up 22%, & just hit an all-time high yesterday."

It's the classic Washington optics problem: a lawmaker with oversight of military spending buying stock in a company that supplies the military-industrial complex. Even if it's perfectly legal, it looks… interesting.

A Pattern of Trading

This recent flurry of activity fits a pattern. Before focusing on these smaller companies, Mullin was loading up on the market's giants. Back in late December 2025, he disclosed buying at least $50,000 worth of stock in six of the seven "Magnificent Seven" tech stocks, only skipping Tesla (TSLA). He'd been buying those blue-chips in November too, with Microsoft Corp (MSFT) being his biggest purchase of the group in 2025.

But his move into smaller-cap stocks and companies linked to defense and oil—sectors he can influence through his committee work—is what's putting his portfolio under a microscope. Serving on Armed Services while owning RTX, Chevron, ConocoPhillips, and now Carpenter Technology is a combination that invites scrutiny.

It's worth noting this isn't Mullin's first brush with controversy over his stock dealings. In 2025, he violated the STOCK Act—the law designed to prevent insider trading in Congress—by reporting transactions from 2023 a full two years late. That's the kind of record that makes people pay closer attention the next time around.

So, there you have it. A U.S. senator is actively trading stocks, with a notable tilt toward companies that could be affected by the very geopolitical and defense policies he helps shape. It's a reminder that on Capitol Hill, the portfolio can sometimes tell a story as interesting as the policy paper.