More Than $246M Bet On Occidental Petroleum? Check Out These 4 Stocks Insiders Are Buying

Although U.S. stocks closed lower 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 3,921,835 shares an average price of $62.83. To acquire these shares, it cost around $246.41 million.
• What’s Happening: Susquehanna recently maintained Occidental Petroleum with a Positive and raised the price target from $72 to $78.
• 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.

SMART Global Holdings

• The Trade: SMART Global Holdings, Inc. SGH SVP and CFO Ken Rizvi acquired a total of 1,800 shares at an average price of $13.57. To acquire these shares, it cost around $24,417.
• What’s Happening: SMART Global reported worse-than-expected fourth-quarter financial results and issued first-quarter guidance below estimates.
• What SMART Global Does: SMART Global Holdings Inc is a designer and manufacturer of electronic products focused on memory and computing technology areas.

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American Express

• The Trade: American Express Company AXP Director Joseph Walter Clayton III bought a total of 1,000 shares at an average price of $143.93. To acquire these shares, it cost around $143,930.
• What’s Happening: American Express reported better-than-expected earnings for the third quarter.
• What American Express Does: American Express is a global financial institution, operating in about 130 countries, that provides consumers and businesses charge and credit card payment products.

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Nasdaq

• The Trade: Nasdaq, Inc. NDAQ Director Johan Torgeby bought a total of 14,000 shares at an average price of $50.42. The insider spent around $705,880 to buy those shares.
• What’s Happening: Nasdaq reported strong earnings results for the third quarter.
• What Nasdaq Does: Founded in 1971, Nasdaq is primarily known for its equity exchange, but in addition to its market-services business, the company sells and distributes market data as well as offers Nasdaq-branded indexes to asset managers and investors through its information-services segment.