$122M Bet On Occidental Petroleum? Check Out These 3 Stocks Insiders Are Buying

Although US stocks closed mixed on Wednesday, there were a few notable insider trades.

When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.

Below is a look at a few recent notable insider purchases. For more, check out Benzinga's insider transactions platform.

Occidental Petroleum

• The Trade: Occidental Petroleum Corporation OXY 10% owner Warren E Buffett acquired a total of 2,138,250 shares an average price of $57.10. To acquire these shares, it cost around $122.1 million.
• What’s Happening: Piper Sandler recently maintained Occidental Petroleum with a Neutral and raised the price target from $61 to $62.
• What Occidental Petroleum Does: Occidental Petroleum is an independent exploration and production company with operations in the United States, Latin America, and the Middle East.

Royalty Pharma

• The Trade: Royalty Pharma plc RPRX Director, CEO, Chairman of the Board Pablo G Legorreta acquired a total of 130,000 shares at an average price of $29.51. To acquire these shares, it cost around $3.84 million.
• What’s Happening: Royalty Pharma reported mixed first-quarter financial results.
• What Royalty Pharma Does: Royalty Pharma PLC is a buyer of biopharmaceutical royalties and a funder of innovation across the biopharmaceutical industry.

Don’t forget to check out our premarket coverage here

ONEOK

• The Trade: ONEOK, Inc. OKE Director Brian L Derksen bought a total of 4,900 shares at an average price of $59.59. To acquire these shares, it cost around $291,988.
• What’s Happening: ONEOK filed for mixed shelf.
• What ONEOK Does: Oneok provides natural gas gathering, processing, storage, and transportation as well as natural gas liquids transportation and fractionation.

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