Home / Market News / Billionaire Carl Icahn sold $180 million worth of Occidental Petroleum shares this week

Billionaire Carl Icahn sold $180 million worth of Occidental Petroleum shares this week

Shares of Occidental Petroleum Corp. shed 3.1% in morning trading Thursday after it was disclosed that billionaire Carl Icahn trimmed his large stake in the oil and natural gas exploration and production company. A Form 4 filing with the Securities and Exchange Commission late Wednesday showed that on April 5, Icahn sold 7.0 million Occidental shares in the open market at a weighted average price of $25.65, valuing the shares sold at $179.6 million. After the sales, Icahn indirectly owned 73.63 million Occidental shares, representing 7.9% of the shares outstanding as of Jan. 31, which would make him the company’s third largest shareholder, according to FactSet data. Occidental’s stock has run up 41.6% year to date, while the SPDR Financial Select Sector ETF has rallied 27.6% and the S&P 500 has gained 8.9%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Read Full Story