Although U.S. 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 Buffett acquired a total of 4,302,324 shares an average price of $57.15. To acquire these shares, it cost around $245,879,813.
• What's Happening: Raymond James analyst John Freeman recently maintained Occidental Petroleum with a Strong Buy and lowered the price target from $70 to $68.
• 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.

Teradyne

• The Trade: Teradyne, Inc. (NASDAQ:TER) Director Ernest E Maddock acquired a total of 1,000 shares at an average price of $94.07. To acquire these shares, it cost around $94,070.
• What's Happening: Teradyne reported mixed fourth-quarter financial results and issued first-quarter guidance below estimates.
• What Teradyne Does: Teradyne provides testing equipment, including automated test equipment for semiconductors, system testing for hard disk drives, circuit boards, and electronics systems and wireless testing for devices.

Don't forget to check out our premarket coverage here

Citizens Holding

• The Trade: Citizens Holding Company (OTC:CIZN) CEO Stacy M Brantley bought a total of 13,649 shares at an average price of $7.73. To acquire these shares, it cost around $105,507.
• What's Happening: The company said net loss for the three months ended Dec. 31, 2023 was $794, or 14 cents per share-basic.
• What Citizens Holding Does: Citizens Holding Co is a bank holding company. Through its subsidiary, it engages in various commercial and personal banking activities, such as accepting demand deposits, savings, and time deposit accounts, making secured and unsecured loans, issuing letters of credit, originating mortgage loans, and providing personal and corporate trust services.