Michael Sabol, Vice President of Securities and Exchange Commission Financial Reporting at Vitesse Energy, Inc. (NYSE:VTS), an energy company with a market cap of $792 million and a notable dividend yield of 7.74%, recently sold part of its holdings in the company. according to InvestingPro According to the data, the stock is currently trading near its 52-week high with relatively low volatility. According to a filing with the Securities and Exchange Commission, Sabol sold 6,714 shares of common stock on January 14, 2025. The shares were sold at an average price of $26.6954, resulting in a total transaction value of approximately $179,232. The stock has shown strong momentum, returning 46% over the past year.
Following this transaction, Sabol owns 63,411 shares in Vitesse Energy. The sale was effected under a pre-specified 10b5-1 plan, which was prepared to cover the tax liabilities from the vesting of restricted stock units. Shares were sold in multiple transactions, at prices ranging from $26.58 to $26.89. For deeper insights into the VTS valuation and 7 additional ProTips, including detailed financial health analysis, visit InvestingPro.
In other recent news, Vitesse Energy announced its financial and operating results for the third quarter of 2024, with a focus on strong performance and a strategic approach to capital allocation. The company reported a flat production rate and a significant reduction in capital expenditures (CapEx), while maintaining production guidance. Vitesse Energy paid a dividend of $0.525 per share in September, declared another dividend for December, and revised its 2024 guidance, cutting capital stock by 18% while keeping production within the previous range.
In light of these developments, Vitesse expects production growth of 7% with a slight reduction in capital expenditures for 2025. Production in the third quarter averaged 13,009 barrels of oil equivalent per day. The company has hedged a significant portion of its future oil production at favorable prices and has a leverage ratio of 0.68 times, with reduced debt and amended credit facilities.
Furthermore, Vitesse Energy expects continued capital efficiency and flexibility in response to market conditions. The company is looking to ramp up production at the end of the fourth quarter of 2024 and into early 2025, with preliminary 2025 forecasts indicating production at 13,750 to 14,500 barrels of oil per day, and total capital expenditures between $105 million and $120 million. These latest developments underscore Vitesse Energy's disciplined approach to capital management and strong operating performance.
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