Over $17M Bet On This Energy Stock? Check Out These 4 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.

Energy Transfer

• The Trade: Energy Transfer LP ET Executive Chairman Kelcy Warren acquired a total of 1,339,398 shares an average price of $12.99. To acquire these shares, it cost around $17.4 million.
• What’s Happening: Energy Transfer posted weaker-than-expected quarterly results.
• What Energy Transfer Does: Energy Transfer owns a large platform of crude oil, natural gas, and natural gas liquid assets primarily in Texas and the U.S. midcontinent region.

Herbalife Nutrition

• The Trade: Herbalife Nutrition Ltd HLF Director Sophie L'Helias acquired a total of 8,500 shares at an average price of $19.48. To acquire these shares, it cost around $165.62 thousand.
• What’s Happening: Herbalife reported better-than-expected Q4 EPS and sales results.
• What Herbalife Does: Herbalife Nutrition Ltd is an international nutrition company that provides health and wellness products to consumers in 95 markets, which consists of countries and territories, through their direct-selling business model.

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IMPINJ

• The Trade: IMPINJ Inc PI Director Steve Sanghi bought a total of 16,700 shares at an average price of $119.70. To acquire these shares, it cost around $2 million.
• What’s Happening: Impinj posted upbeat Q4 results.
• What IMPINJ Does: Impinj Inc operates a platform that enables wireless connectivity to everyday items by delivering each item's identity, location, and authenticity to business and consumer applications.

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Devon Energy

• The Trade: Devon Energy Corp DVN President and CEO Richard E Muncrief bought a total 5,000 shares at an average price of $53.00. The insider spent around $265 thousand to buy those shares.
• What’s Happening: Devon Energy reported worse-than-expected Q4 adjusted EPS and sales results.
• What Devon Energy Does: Devon Energy, based in Oklahoma City, is one of the largest independent exploration and production companies in North America.