Over $16 Million Bet On Energy Transfer? Check Out These 3 Stocks Insiders Are Buying

Although US stocks closed lower on Monday, 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.

Tidewater

• The Trade: Tidewater Inc. TDW Director Robert Robotti acquired a total of 66,501 shares an average price of $30.05. To acquire these shares, it cost around $2 million.
• What’s Happening: Tidewater recently priced the registered underwritten public offering of 3.98 million shares at a public offering price of $30.25 per share.
• What Tidewater Does: Tidewater provides offshore service vessels and marine support services to the global offshore energy industry through the operation of a diversified fleet of marine service vessels.

Energy Transfer

• The Trade: Energy Transfer LP ET Executive Chairman Kelcy Warren acquired a total of 1,300,000 shares at an average price of $12.39. To acquire these shares, it cost around $16.11 million.
• What’s Happening: The company recently posted downbeat 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.

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POINT Biopharma Global

• The Trade: POINT Biopharma Global Inc. PNT Director David Charles Lubner bought a total of 3,600 shares at an average price of $6.85. To acquire these shares, it cost around $24.66 thousand.
• What’s Happening: The company recently announced a strategic collaboration and exclusive license agreement with Lantheus for the commercialization of PNT2002 & PNT2003.
• What POINT Biopharma Global Does: POINT Biopharma Global Inc is a clinical-stage global pharmaceutical company focused on the development and commercialization of radioligand therapies for the treatment of cancer.