Over $201M Bet On This Oil Giant? Check Out These 3 Stocks Insiders Are Buying

Although U.S. stocks closed higher on Thursday, 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.

Ritchie Bros. Auctioneers

• The Trade: Ritchie Bros. Auctioneers Incorporated RBA CEO Ann Fandozzi acquired a total 18,522 shares an average price of $54.06. To acquire these shares, it cost around $1 million. The company’s Director also purchased the company’s shares.
• What’s Happening: Ritchie Bros Auctioneers reported better-than-expected first-quarter results.
• What Ritchie Bros. Auctioneers Does: Ritchie Bros. operates the world's largest auction for heavy equipment.

Occidental Petroleum

• The Trade: Occidental Petroleum Corporation OXY 10% owner Warren E Buffett acquired a total of 3,457,222 shares at an average price of $58.26. To acquire these shares, it cost around $201.42 million.
• What’s Happening: Piper Sandler maintained Occidental Petroleum with a Neutral and lowered the price target from $62 to $61.
• 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.

Don’t forget to check out our premarket coverage here

Genpact

• The Trade: Genpact Limited G Director James C Madden bought a total of 2,500 shares at an average price of $36.86. To acquire these shares, it cost around $92.16 thousand.
• What’s Happening: Genpact posted upbeat earnings for its first quarter.
• What Genpact Does: Genpact Ltd is a provider of business process management services.

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