Over $105M Bet On This Oil Giant? Check Out These 3 Stocks Insiders Are Buying

Although U.S. stocks closed mostly 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.

Occidental Petroleum

• The Trade: Occidental Petroleum Corporation OXY 10% owner Warren E Buffett acquired a total of 1,750,308 shares at an average price of $60.30. To acquire these shares, it cost around $105.6 million.
• What's Happening: On May 24, Citigroup analyst Scott Gruber maintained Occidental Petroleum with a Neutral and lowered the price target from $69 to $65.
• 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.

Orion

• The Trade: Orion S.A. OEC Sr. VP Global Operations Carlos Quinones acquired a total of 4,000 shares at an average price of $23.51. To acquire these shares, it cost around $94,040.
• What's Happening: On May 2, Orion Engineered Carbons posted upbeat quarterly earnings.
• What Orion Does: Orion SA is a manufacturer of carbon black products. Carbon black is a powdered form of carbon used to create the desired physical, electrical and optical qualities of various materials.

Don’t forget to check out our premarket coverage here

HF Sinclair

• The Trade: HF Sinclair Corporation DINO Director Franklin Myers bought a total of 2,000 shares at an average price of $52.04. To acquire these shares, it cost around $104,080.
• What's Happening: On June 6, Wells Fargo analyst Roger Read maintained HF Sinclair with an Overweight and lowered the price target from $76 to $75.
• What HF Sinclair Does: HF Sinclair is an integrated petroleum refiner that owns and operates seven refineries serving the Rockies, midcontinent, Southwest, and Pacific Northwest, with a total crude oil throughput capacity of 678,000 barrels per day.

Read More: Jim Cramer Likes This Energy Stock With 4% Yield, Recommends Buying DraftKings