Published: Monday, March 7, 2022 · 10:24 PM | Updated: Monday, March 7, 2022 · 10:24 PM
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🗝️ Key Points
- Key business update or insight will appear here.
Occidental Petroleum Corp. (
OXY, Financial) disclosed in a regulatory filing this week that two of its board members designated by
Carl Icahn (Trades, Portfolio) stepped down from the board in connection with Icahn’s exit from its entire position in the company.
Guru reports closure of his firm’s position in Occidental
Icahn disclosed in a Schedule 13D filing that his firm owned 18,058,879 shares of the Houston-based energy giant as of March 1, down 59.87% from the September 2021 quarter holding. The guru said on Sunday in a letter to Occidental’s board that his firm has sold the remainder of the stake.
The activist guru invested in 33,244,429 shares of Occidental in July 2019, denouncing in a letter to the board of directors the company’s superior offer proposal to acquire Anadarko Petroleum. Based on GuruFocus estimates, Icahn’s estimated loss on the stock is approximately 5.03%.
Company reports that two directors are stepping down, shares fall
Occidental Reported that Andrew Langham and Gary Hu, directors designated by Icahn as part of the company’s agreement, stepped down from the board in connection with Icahn’s closure of the position.
Shares of Occidental Traded at an intraday low of $54.46, down approximately 3% from the previous close of $56.44. Despite this, the stock is significantly overvalued based on Monday’s price-to-GF Value ratio of 1.35.
GuruFocus ranks the company’s profitability 7 out of 10 on the back of a high Piotroski F-score of 8 and profit margins and three-year revenue growth rates outperforming more than 70% of global competitors.
Gurus with holdings in Occidental include Dodge & Cox and
David Tepper (Trades, Portfolio)’s Appaloosa LP.
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