Warren Buffett Sells an 8%-Yielding Stock: Time to Follow?
Trades made by Warren Buffett's Berkshire Hathaway are always closely followed, for obvious reasons. So after Berkshire's latest Securities and Exchange Commission (SEC) filing listed a closing of a position in small-cap oil and gas company Vitesse Energy (NYSE: VTS), it's probably a good idea to take notice. Does Berkshire's move mean investors should dump the stock, with its 8.2% dividend yield? Here's the lowdown.
Berkshire's position in Vitesse was always tiny, at least by Berkshire standards. As I write this, the 51,026 shares sold are worth slightly less than $1.2 million, based on their price of $23.39.
Moreover, it's unclear whether Berkshire acquired any stock in the first place or whether the entire holding resulted from Berkshire's stake in Jefferies Financial Group (NYSE: JEF). In January, Jefferies, the investment banking and capital markets firm, distributed its Vitesse Energy shares to Jefferies shareholders as Vitesse became a publicly listed, independent company.
Source Fool.com
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