$2 Million Bet On Civitas Resources? 3 Stocks Insiders Are Buying

Although US stocks closed sharply 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.

Civitas Resources

• The Trade: Civitas Resources, Inc. CIVI President and CEO M. Christopher Doyle acquired a total of 33,623 shares at an average price of $59.66. To acquire these shares, it cost around $2.01 million.
• What’s Happening: The company recently posted upbeat quarterly results.
• What Civitas Resources Does: Civitas Resources Inc is a carbon neutral oil & gas producer and is focused on developing and producing crude oil, natural gas and natural gas liquids in Colorado's Denver-Julesburg Basin

Greenhill & Co

• The Trade: Greenhill & Co., Inc. GHL Chairman and CEO Scott L Bok acquired a total 119,979 shares at an average price of $8.87. To acquire these shares, it cost around $1.06 million.
• What’s Happening: The company, last week, reported downbeat Q2 results.
• What Greenhill Does: Greenhill & Co Inc is an independent investment bank that provides financial and strategic advice on significant domestic and cross-border mergers and acquisitions, divestitures, restructurings, financings, capital raising and other transactions to a diverse client base, including corporations, partnerships, institutions and governments globally.

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WeWork

• The Trade: WeWork Inc. WE Chief Financial Officer Andre J Fernandez bought a total of 40,000 shares at an average price of $5.01. To acquire these shares, it cost around $200.5 thousand.
• What’s Happening: WeWork recently reported worse-than-expected Q2 EPS and sales results.
• What WeWork Does: WeWork Inc is a commercial real estate company that provides flexible shared workspaces for technology startups and services for other enterprises.