$176M Bet On Occidental Petroleum? Check Out These 3 Stocks Insiders Are Buying

Although U.S. stocks closed higher 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 OXY 10% owner Warren E Buffett acquired a total of 2,947,611 shares at an average price of $59.70. To acquire these shares, it cost around $175.98 million.
• What's Happening: On May 24, Citigroup analyst Scott Gruber maintained Occidental Petroleum with a Neutral and lowered the price target from $69 to $65.
• 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.

Beyond

• The Trade: Beyond, Inc. BYON Director, Executive Chairman of Board Marcus Lemonis acquired a total of 3,700 shares at an average price of $13.64. To acquire these shares, it cost around $50,468.
• What's Happening: On Monday, Beyond announced structural leadership changes.
• What Beyond Does: Beyond Inc is an online retailer that provides products and services through websites.

Matador Resources

• The Trade: Matador Resources Company MTDR EVP, GC and Head of M&A Bryan A Erman bought a total of 1,750 shares at an average price of $55.90. To acquire these shares, it cost around $97,825.
• What's Happening: On June 12, Matador Resources disclosed that its subsidiary has entered into an agreement to acquire Ameredev II's oil and gas properties in Lea County, New Mexico, and Loving and Winkler Counties, Texas, for $1.905 billion.
• What Matador Resources Does: Matador Resources Co is an independent energy company engaged in the exploration, development, production, and acquisition of oil and natural gas resources.

Read More: Jim Cramer Says He’s ‘Going To Have To Wait’ On SoFi, But Recommends This ‘Great Little Industrial Company‘