Over $352 Million Bet On Occidental Petroleum? 3 Stocks Insiders Are Buying

Although US stocks closed higher 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.

Tricida

• The Trade: Tricida, Inc. TCDA 10% owner Nimish Shah acquired a total of 587,214 shares an average price of $8.90. To acquire these shares, it cost around $5.23 million.
• What’s Happening: Tricida, last month, posted a Q2 loss of $0.49 per share.
• What Tricida Does: Tricida Inc is a pharmaceutical company focused on the development and commercialization of its drug candidate, veverimer (TRC101), a non-absorbed, orally-administered polymer designed to treat metabolic acidosis by binding and removing acid from the gastrointestinal, or GI, tract.

Occidental Petroleum

• The Trade: Occidental Petroleum Corporation OXY 10% owner Warren E Buffett acquired a total of 5,985,190 shares at an average price of $58.89. To acquire these shares, it cost around $352.49 million.
• What’s Happening: Citigroup recently downgraded Occidental Petroleum from Buy to Neutral and raised the price target from $65 to $67.
• 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.

Don’t forget to check out our premarket coverage here .

Also check this: Apple To Rally Around 30%? Here Are 5 Other Price Target Changes For Thursday

Scholastic

• The Trade: Scholastic Corporation SCHL President and CEO Peter Warwick bought a total of 3,245 shares at an average price of $31.03. To acquire these shares, it cost around $100.69 thousand.
• What’s Happening: Scholastic recently posted a Q1 loss of $1.33 per share.
• What Scholastic Does: Scholastic Corp is an American publishing and education media company that focuses on books and educational material for schools, teachers, parents, and children.