$698 Million Bet On This Energy Stock? 3 Stocks Insiders are Buying

Although US stocks closed higher on Thursday, 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.

FedEx

• The Trade: FedEx Corporation FDX Director Vincenzo J Vena acquired a total of 900 shares at an average price of $230.05. To acquire these shares, it cost around $207.04 thousand.
• What’s Happening: Morgan Stanley recently maintained the stock with an Equal-Weight rating and raised its price target from $245 to $255.
• What FedEx Does: FedEx pioneered overnight delivery in 1973 and remains the world's largest express package provider.

Occidental Petroleum

• The Trade: Occidental Petroleum Corporation OXY 10% owner Warren E Buffett acquired a total of 12,042,470 shares at an average price of $57.94. To acquire these shares, it cost around $697.78 million.
• What’s Happening: Goldman Sachs recently maintained Occidental Petroleum with a Buy and lowered the price target from $79 to $70.
• 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.

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Alta Equipment Group

• The Trade: Alta Equipment Group Inc. ALTG 10% owner Bryant Riley bought a total of 9,211 shares at an average price of $8.82. To acquire these shares, it cost around $81.24 thousand.
• What’s Happening: Alta Equipment Group recently agreed to acquire Yale Industrial Trucks, Inc. (YIT), a privately held Yale lift truck dealer with five locations in southeastern Canada.
• What Alta Equipment Group Does: Alta Equipment Group Inc is an integrated equipment dealership platform in the U.S. Its segments are Material Handling and Construction Equipment.