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.

Permian Resources

• The Trade: Permian Resources Corporation (NYSE:PR) Director William J Quinn acquired a total of 312,429 shares at an average price of $12.79. To acquire these shares, it cost around $3.99 million.
• What's Happening: On Sept. 12, JP Morgan analyst Arun Jayaram maintained Permian Resources with an Overweight and lowered the price target from $20 to $17..
• What Permian Resources Does: Permian Resources Corp is an independent oil and natural gas company focused on generating outsized returns to stakeholders through the responsible acquisition, optimization and development of oil and liquids-rich natural gas assets.

PENN Entertainment

• The Trade: PENN Entertainment, Inc. (NASDAQ:PENN) Director David A Handler acquired a total of 10,000 shares at an average price of $17.51. To acquire these shares, it cost around $175,100.
• What's Happening: On Aug. 8, PENN Entertainment posted upbeat quarterly earnings.
• What PENN Entertainment Does: Penn Entertainment's origins date back to its 1972 racetrack opening in Pennsylvania. Today, Penn operates 43 properties across 20 states and 12 brands, including Hollywood Casino and Ameristar.

Aptiv

• The Trade: Aptiv PLC (NYSE:APTV) CEO and Chairman Kevin P Clark bought a total of 29,770 shares at an average price of $65.45. To acquire these shares, it cost around $1.95 million.
• What's Happening: On Sept. 10, Deutsche Bank analyst Edison Yu reinstated Aptiv with a Hold and announced a $74 price target.
• What Aptiv Does: Aptiv's signal and power solutions segment supplies components and systems that make up a vehicle's electrical system, including wiring assemblies and harnesses, connectors, electrical centers, and hybrid electrical systems.

• PayPal Is A Buy, Jim Cramer Says: As For Rivian? 'Let It Percolate'