Although US stock futures traded lower this morning amid rising Russia-Ukraine concerns, 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: NYSE:OXY) 10% owner Warren E Buffett acquired a total of 61,351,818 shares at an average price of $50.88. To acquire these shares, it cost around $3.12 billion.
- What’s Happening: The company’s stock jumped over 80% since the start of the year.
- 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.
- The Trade: Revolution Medicines, Inc. (NASDAQ: RVMD) Director Thilo Schroeder acquired a total of 3,206,441 shares at an average price of $26.30. To acquire these shares, it cost around $28.62 million.
- What’s Happening: The company recently posted a wider-than-expected quarterly loss.
- What Revolution Medicines Does: Revolution Medicines Inc is a clinical-stage precision oncology company focused on developing novel targeted therapies to inhibit elusive, frontier targets within notorious growth and survival pathways, with particular emphasis on the RAS and mTOR signaling pathways.
PG&E Corporation
- The Trade: PG&E Corporation (NYSE: PCG) 10% owner Newtyn Management Llc bought a total of 363,468 shares at an average price of $25.87. To acquire these shares, it cost around $9.4 million.
- What’s Happening: The, last month, reported in-line quarterly earnings.
- What PG&E Does: PG&E is a holding company whose main subsidiary is Pacific Gas and Electric, a regulated utility operating in Central and Northern California that serves 5.3 million electricity customers and 4.4 million gas customers in 47 of the state's 58 counties.
- The Trade: DraftKings Inc. (NASDAQ: DKNG) Director Hany Nada bought a total of 50,000 shares at an average price of $23.28. The insider spent around $1.16 million to buy those shares.
- What’s Happening: Argus Research downgraded DraftKings from Buy to Hold.
- What DraftKings Does: DraftKings Inc is a digital sports entertainment and gaming company. The company provides users with daily fantasy sports (DFS), sports betting, and iGaming opportunities and is also involved in the design & development of sports betting and casino gaming platform software for online and retail sportsbook and casino gaming products.
Read at Benzinga