Over $390 Million Bet On Occidental Petroleum? 4 Stocks Insiders Are Buying

Although US stocks closed mixed on Monday, 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 6,681,669 shares at an average price of $58.48. To acquire these shares, it cost around $390.72 million.
• What’s Happening: The company, last week, posted upbeat quarterly earnings.
• 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.

WESCO International

• The Trade: WESCO International, Inc. WCC 10% owner GEI Capital VII, LLC acquired a total 600,000 shares at an average price of $131.08. To acquire these shares, it cost around $78.65 million.
• What’s Happening: WESCO, last week, reported better-than-expected Q2 results.
• What WESCO International Does: Wesco International is a value-added industrial distributor that has three reportable segments, electrical and electronic solutions, communications and security solutions, and utility and broadband solutions.

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Exxon Mobil

• The Trade: Exxon Mobil Corporation XOM Director Jeffrey W Ubben bought a total of 1,000,000 shares at an average price of $88.45. To acquire these shares, it cost around $88.45 million.
• What’s Happening: The company recently reported upbeat quarterly earnings.
• What Exxon Mobil Does: ExxonMobil is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2021, it produced 2.3 million barrels of liquids and 8.5 billion cubic feet of natural gas per day.

Parsons

• The Trade: Parsons Corporation PSN CFO George Ball bought a total of 70,000 shares at an average price of $41.50. The insider spent around $2.9 million to buy those shares.
• What’s Happening: Parsons disclosed the addition of Aurora Insight as a strategic partner for commercial space research, development, and mission exploration and advancement.
• What Parsons Does: Parsons Corp is a provider of technology-driven solutions in the defense, intelligence, and critical infrastructure markets.