Michael Sabol, Vice President of SEC and Financial Reporting at Vitesse Energy, Inc. (NYSE:VTS), a $792 million market cap energy company with a significant dividend yield of 7.74%, recently sold a portion of its stake in the company. According to InvestingPro according to the data, the stock is currently trading near a 52-week high with relatively low volatility. According to a filing with the Securities and Exchange Commission, Sabol sold 6,714 ordinary shares 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.
After this transaction, Sabol holds 63,411 Vitesse Energy shares. The sale was made under a predetermined 10b5-1 plan, which was set up to cover tax liabilities from the acquisition of restricted stock units. Shares were sold in multiple transactions, with prices ranging from $26.58 to $26.89. For a deeper insight into the VTS valuation and 7 additional expert tips, including a detailed analysis of the financial situation, visit InvestingPro.
In other recent news, Vitesse Energy released its financial and operating results for the third quarter of 2024, highlighting robust performance and a strategic approach to capital allocation. The company reported a stable production rate and a significant reduction in capital expenditures (CapEx), while maintaining its production guidance. Vitesse Energy paid a dividend of $0.525 per share in September and declared another dividend for December, and revised its guidance for 2024, cutting capex by 18% but keeping production within its previous range.
In light of these developments, Vitesse expects production growth of 7% with slightly reduced capex to 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 bargain prices and its gearing ratio was 0.68x, along with debt reduction and a modified credit facility.
Furthermore, Vitesse Energy anticipates continued capital efficiency and flexibility in response to market conditions. The company is looking forward to ramping up production in late fourth quarter 2024 and early 2025, with preliminary 2025 outlook suggesting production in the range of 13,750 to 14,500 BOE per day and total capital expenditures between $105 million and $120 million. These recent developments underscore Vitesse Energy’s disciplined approach to capital management and solid operational efficiency.
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