Over $153M Bet On Occidental Petroleum? Check Out These 4 Stocks Insiders Are Buying

Author: Avi Kapoor | June 10, 2024 07:55am

Although U.S. stocks closed lower on Friday, 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 2,565,477 shares at an average price of $59.75. To acquire these shares, it cost around $153.3 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.

Citi Trends

The Trade: Citi Trends, Inc. (NASDAQ:CTRN) 10% owner Pleasant Lake Partners LLC acquired a total of 54,335 shares at an average price of $22.79. To acquire these shares, it cost around $1.24 million.
What's Happening: On June 4, the company reported quarterly sales of $186.3 million, which increased by 3.7% year over year.
What Citi Trends Does: Citi Trends Inc is a retailer of urban fashion apparel and accessories in the United States.

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PBF Energy

The Trade: PBF Energy Inc. (NYSE:PBF) 10% owner Control Empresarial de Capitales S.A. de C.V. bought a total of 200,000 shares at an average price of $45.37. To acquire these shares, it cost around $9.07 million.
What's Happening: On June 6, Wells Fargo analyst Roger Read maintained PBF Energy with an Overweight and lowered the price target from $67 to $66.
What PBF Energy Does: PBF Energy Inc is an independent petroleum refiner and supplier of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products in the United States.

Ford Motor

The Trade: Ford Motor Company (NYSE:F) Director John L Thornton bought a total of 24,790 shares at an average price of $12.08. The insider spent around $299,463 to buy those shares.
What's Happening: Ford Motor recently reported a whopping 88% jump in electric vehicle sales in the U.S. for the first five months of 2024.
What Ford Does: Ford Motor Co. manufactures automobiles under its Ford and Lincoln brands.

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