Around $355M Bet On Occidental Petroleum? Check Out These 3 Stocks Insiders Are Buying

Although US stocks closed lower on Tuesday, 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.

Montrose Environmental Group

• The Trade: Montrose Environmental Group, Inc. MEG Director James Price acquired a total of 27,636 shares an average price of $36.18. To acquire these shares, it cost around $1 million
• What’s Happening: Montrose Environmental Group reported worse-than-expected Q4 sales results.
• What Montrose Environmental Does: Montrose Environmental Group Inc is an environmental services company.

Red Robin Gourmet Burgers

• The Trade: Red Robin Gourmet Burgers, Inc. RRGB Chief Legal Officer Todd Joshua Wilson acquired a total of 10,000 shares at an average price of $11.23. To acquire these shares, it cost around $112.25 thousand.
• What’s Happening: Red Robin reported better-than-expected Q4 sales results.
• What Red Robin Does: Red Robin Gourmet Burgers Inc is a restaurant operator. The company develops, operates, and franchises casual-dining restaurants and fast-casual restaurants in North America.

Don’t forget to check out our premarket coverage here

Occidental Petroleum

• The Trade: Occidental Petroleum Corporation OXY 10% owner Warren E Buffett bought a total of 5,801,791 shares at an average price of $61.10. To acquire these shares, it cost around $354.51 million .
• What’s Happening: Occidental Petroleum recently reported worse-than-expected earnings results.
• 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.

Check This Out: Investor Optimism Declines Further Following Powell's Comments