U.S. crude oil futures traded lower this morning on Thursday. Investors, meanwhile, focused on some notable insider trades.
When insiders purchase or sell shares, it indicates their confidence or concern around the company's prospects. Investors and traders interested in penny stocks can consider this a factor in their overall investment or trading decision.
Below is a look at a few recent notable insider transactions for penny stocks. For more, check out Benzinga's insider transactions platform.3
FTAI Infrastructure
- The Trade: FTAI Infrastructure Inc. (NASDAQ:FIP) CFO, CAO Scott Christopher bought a total of 7,500 shares at an average price of $2.71. To acquire these shares, it cost around $20.3 thousand.
- What's Happening: The company's stock has gained 10% since the start of the year.
- What FTAI Infrastructure Does: FTAI Infrastructure Inc's operations consist of three primary business lines: Ports and Terminals, Railroads and companies and assets participating in global Energy Transition.
PHX Minerals
- The Trade: PHX Minerals Inc. (NYSE:PHX) 10% owner Jonathan Brolin acquired a total of 19,035 shares at an average price of $3.04. The insider spent around $57.94 thousand to buy those shares.
- What's Happening: PHX Minerals is expected to release results for its fiscal 2022 third quarter ended June 30, 2022, on Monday, Aug. 8, 2022.
- What PHX Minerals Does: PHX Minerals, previously Panhandle Oil & Gas, is an oil and natural gas mineral company that has employed a strategy to shift the core of its business away from drilling and toward perpetual mineral and natural gas ownership.
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Ring Energy
- The Trade: Ring Energy, Inc. (NYSE:REI) 10% owner Deborah Kruse acquired a total of 507,214 shares at an average price of $2.67. To acquire these shares, it cost around $1.35 million.
- What's Happening: Roth Capital recently downgraded Ring Energy from Buy to Neutral and announced a $7.5 price target.
- What Ring Energy Does: Ring Energy Inc is an oil and gas exploration and production company based in Midland, Texas.