Long-Term Returns of Carl Icahn’s 10 Activist Targets

8. Occidental Petroleum Corporation (NYSE:OXY)

Stock Return: 64.05%
S&P 500 Return: 76.83%
Investment date: 3/12/2020

Occidental Petroleum Corporation (NYSE:OXY) is an international oil and gas exploration and production company and a leading producer and largest acreage holder in the Permian basin. Icahn built a 10% stake in the company triggering a bitter standoff with the company over ways to unlock shareholder value.

Icahn had been critical of Occidental Petroleum Corporation (NYSE:OXY) outbidding Chevron on the acquisition of Anadarko Petroleum for $10 billion. He had also been pushing for the ouster of CEO Vicki Hollub. The company came under immense pressure as oil prices plunged in 2020 at the height of the pandemic.

Icahn would exit his stakes in the company as its shares started edging higher, having accrued a profit of over $1 billion n in the sock. Icahn would end up generating a return of 64.05% in the stock, slightly below the 76.83% gain of the S&P 500 Over the two years she held the stock.