Shares of Occidental Petroleum Corp. OXY, -2.29% 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 XLE, -1.31% has rallied 27.6% and the S&P 500 SPX, +0.30% has gained 8.9%.
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