Over $13M Bet On This Energy Stock? Check Out These 4 Stocks Insiders Are Buying

Author: Avi Kapoor | July 08, 2024 08:12am

Although U.S. stocks closed higher 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.

Noble

• The Trade: Noble Corporation plc (NYSE:NE) 10% owner APMH Invest A/S acquired a total of 300,000 shares at an average price of $44.15. To acquire these shares, it cost around $13.2 million.
• What's Happening: Last month, Noble announced an agreement to acquire Diamond Offshore Drilling, Inc. for $2.15 billion in a cash & stock deal.
• What Noble Does: Noble Corp PLC is an offshore drilling contractor for the oil and gas industry that provides contract drilling services to the international oil and gas industry with its fleet of mobile offshore drilling units.

Friedman Industries

• The Trade: Friedman Industries, Incorporated (NYSE:FRD) Director, President / CEO Mike J Taylor acquired a total of 5,000 shares at an average price of $14.50. To acquire these shares, it cost around $72,500.
• What's Happening: On June 26, Friedman Industries declared a cash dividend of 4 cents per share.
• What Friedman Industries Does: Friedman Industries Inc is engaged in the manufacturing and processing of steel products.

Don’t forget to check out our premarket coverage here

Dave & Buster’s Entertainment

• The Trade: Dave & Buster’s Entertainment, Inc. (NASDAQ:PLAY) CFO Darin Harper bought a total of 13,578 shares at an average price of $38.77. To acquire these shares, it cost around $526,420.
• What's Happening: On June 12, Dave & Buster’s reported worse-than-expected first-quarter financial results.
• What Dave & Buster’s Entertainment Does: Dave & Buster’s Entertainment Inc owns and operates nearly a hundred entertainment and dining establishments in the United States where customers can eat, drink, play games, and watch televised sports.

First National

• The Trade: First National Corporation (NASDAQ:FXNC) Director Kirtesh Patel bought a total of 7,500 shares at an average price of $15.56. The insider spent around $116,700 to buy those shares.
• What's Happening: On April 30, First National Corporation reported unaudited consolidated net income of $3.2 million for the three months ended March 31, 2024.
• What First National Does: First National Corp is a bank holding company of First Bank, which is a commercial bank.

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Posted In: FRD FXNC NE PLAY