Over $2M Bet On This Energy Stock? Check Out These 3 Stocks Insiders Are Buying

Although U.S. stocks closed higher 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.

Elicio Therapeutics

• The Trade: Elicio Therapeutics, Inc. ELTX 10% owner GKCC, LLC acquired a total of 1,213,000 shares an average price of $5.81. To acquire these shares, it cost around $7.05 million.
• What’s Happening: Elicio Therapeutics, last month, posted a narrower quarterly loss.
• What Elicio Therapeutics Does: Elicio Therapeutics Inc is a clinical-stage biotechnology company pioneering the development of cancer immunotherapies for patients with limited treatment options and poor outcomes.

Kimbell Royalty Partners

• The Trade: Kimbell Royalty Partners, LP KRP Director Scott Martin acquired a total of 30,000 shares at an average price of $15.36. To acquire these shares, it cost around $460,855.
• What’s Happening: Kimbell Royalty Partners, last month, posted downbeat quarterly results.
• What Kimbell Royalty Partners Does: Kimbell Royalty Partners LP owns and acquires mineral and royalty interests in oil and natural gas properties throughout the United States.

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HighPeak Energy

• The Trade: HighPeak Energy, Inc. HPK CEO Jack Hightower bought a total of 150,442 shares at an average price of $14.38. To acquire these shares, it cost around $2.16 million.
• What’s Happening: HighPeak Energy, last month, posted downbeat quarterly earnings.
• What HighPeak Energy Does: HighPeak Energy Inc is an independent oil and natural gas company focused on the development of unconventional oil and natural gas reserves in primarily Howard County of the Midland Basin.

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