Around $589M Bet On Occidental Petroleum? Check Out These 4 Stocks Insiders Are Buying

Although U.S. stocks closed sharply higher on Wednesday following the Fed’s rate decision, 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.

Lovesac Company

  • The Trade: The Lovesac Company LOVE 10% owner Randy Eisenman acquired a total of 151,784 shares an average price of $25.46. To acquire these shares, it cost around $3.86 million.
  • What’s Happening: On Dec. 6, the company posted upbeat quarterly sales.
  • What Lovesac Company Does: The Lovesac Co designs, manufactures and sells alternative furniture which is comprised of modular couches called sactionals and premium foam beanbag chairs called sacs.

Occidental Petroleum

  • The Trade: Occidental Petroleum Corporation OXY 10% owner Warren E Buffett acquired a total of 10,482,162 shares at an average price of $56.16. To acquire these shares, it cost around $588.67 million
  • What’s Happening: Occidental Petroleum recently entered into a purchase agreement to acquire Midland-based oil and gas producer CrownRock L.P. for cash and stock in a transaction valued at about $12.0 billion, including assumption of debt.
  • 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.

Don’t forget to check out our premarket coverage here

J. M. Smucker

  • The Trade: The J. M. Smucker Company SJM Director Tarang Amin bought a total of 1,000 shares at an average price of $125.05. To acquire these shares, it cost around $125,050.
  • What’s Happening: J.M. Smucker Company recently reported better-than-expected earnings for its second quarter.
  • What J. M. Smucker Does: J.M. Smucker is a packaged food company that primarily sells through the U.S. retail channel (77% of forecast fiscal 2024 revenue), with the remaining share consisting of Hostess, foodservice, and international (primarily Canada).

Energy Transfer

  • The Trade: Energy Transfer LP ET Co-CEO Marshall McCrea III bought a total of 50,000 shares at an average price of $13.19. The insider spent around $659,500 to buy those shares.
  • What’s Happening: On Nov. 1, Energy Transfer posted downbeat quarterly earnings.
  • 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.


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