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.
Occidental Petroleum
- The Trade: Occidental Petroleum Corporation (NYSE:OXY) 10% owner Warren E Buffett acquired a total of 1,942,900 shares at an average price of $57.70. To acquire these shares, it cost around $112.11 million.
- What’s Happening: Goldman Sachs recently downgraded Occidental Petroleum from Buy to Neutral and announced a $70 price target.
- 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.
Energy Transfer
- The Trade: Energy Transfer LP (NYSE:ET) Director Richard Brannon acquired a total of 137,680 shares at an average price of $9.69. To acquire these shares, it cost around $1.33 million.
- What’s Happening: Energy Transfer is expected to release earnings for the second quarter on August 3, 2022.
- 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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Comtech Telecommunications
- The Trade: Comtech Telecommunications Corp. (NASDAQ:CMTL) CEO and President Michael Porcelain bought a total of 6,250 shares at an average price of $9.53. To acquire these shares, it cost around $59.55 thousand.
- What’s Happening: The company’s shares dipped around 57% over the past six months.
- What Comtech Telecommunications Does: Comtech Telecommunications Corp is a provider of advanced communications solutions.
Fastenal
- The Trade: Fastenal Company (NASDAQ:FAST) CAO/CONTROLLER/TREASURER Ann Sheryl Lisowski bought a total of 1,058 shares at an average price of $46.63. The insider spent around $49.33 thousand to buy those shares.
- What’s Happening: Fastenal recently reported in-line Q2 EPS results.
- What Fastenal Does: Fastenal opened its first fastener store in 1967 in Winona, Minnesota. Since then, Fastenal has greatly expanded its footprint as well as its products and services.
