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.
Occidental Petroleum
- The Trade: Occidental Petroleum Corporation (NYSE:OXY) 10% owner Warren E Buffett acquired a total of 5,182,615 shares an average price of $60.22. To acquire these shares, it cost around $312.09 million.
- What's Happening: Raymond James analyst John Freeman, last week, maintained Occidental Petroleum with a Strong Buy and lowered the price target from $84 to $70.
- 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.
Flowers Foods
- The Trade: Flowers Foods, Inc. (NYSE:FLO) CFO Steve Kinsey acquired a total of 1,780 shares at an average price of $22.46. To acquire these shares, it cost around $39,982.
- What's Happening: Flowers Foods, last month, reported worse-than-expected third-quarter revenue results and issued FY23 revenue guidance below estimates.
- What Flowers Foods Does: Flowers Foods Inc is an American company producing bakery food for retail and foodservice across the United States.
Don't forget to check out our premarket coverage here
ASA Gold and Precious Metals
- The Trade: ASA Gold and Precious Metals Limited (NYSE:ASA) 10% owner Boaz Weinstein bought a total of 223,381 shares at an average price of $15.94. To acquire these shares, it cost around $3.56 million.
- What's Happening: The company's stock gained around 12% over the past month.
- What ASA Gold and Precious Metals Does: ASA Gold And Precious Metals Ltd is a closed-end, non-diversified investment company.
Check This Out: Top 5 Industrials Stocks That Are Ticking Portfolio Bombs
