Benzinga - by Lisa Levin, Benzinga Editor. Although U.S. stocks closed mostly higher 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.
Energy Transfer
- The Trade: Energy Transfer LP (NYSE: ET) Executive Chairman Kelcy Warren acquired a total of 3,000,000 shares an average price of $12.96. To acquire these shares, it cost around $38.89 million.
- What’s Happening: Energy Transfer penned a merger agreement to acquire Crestwood Equity Partners in an all-equity of around $7.1 billion.
- What Energy Transfer Does: Energy Transfer owns a large platform of crude oil, natural gas, and natural gas liquid assets primarily in Texas and the U.S. midcontinent region.
- The Trade: Orion S.A. (NYSE: OEC) CEO Corning F Painter acquired a total of 15,000 shares at an average price of $21.59. To acquire these shares, it cost around $323,850.
- What’s Happening: Orion Engineered Carbons reported upbeat second-quarter earnings.
- What Orion Does: Orion SA is a supplier of carbon black, a solid form of carbon produced as powder or pellets. The company's operating segments are Specialty Carbon Black and Rubber Carbon Black.
Westlake Chemical Partners
- The Trade: Westlake Chemical Partners LP (NYSE: WLKP) SVP, Olefin Material & Corp Pr Andrew Kenner bought a total of 5,000 shares at an average price of $22.08. To acquire these shares, it cost around 110,410.
- What’s Happening: Westlake Chemical posted downbeat quarterly earnings.
- What Westlake Chemical Partners Does: Westlake Chemical Partners LP is a part of the chemical industry in the United States. Its operations are conducted through OpCo, it acquires and develop ethyelene production facilities, which convert ethane into ethylene.
Check This Out: Top 5 Energy Stocks That May Collapse In Q3
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.