Warren Buffett Continues to Cut Constellation Energy Stake
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Warren Buffett's Berkshire Hathaway is still chipping away at the almost 20 million shares of Constellation Energy it received last December as part of its break-up fee.
Berkshire's MidAmerican Energy Holdings had made a deal a few months before, at the height of the credit crisis, to buy Constellation. Constellation decided to go with France's ECF instead. It handed over the 20 million shares for changing its mind.
As of mid-February, Berkshire had sold over five million CEG shares for a total of $137 million. That brought its Constellation stake down to 14.8 million shares.
Today, an SEC filing lists another series of sales that brings Berkshire's stake down by 2.3 million shares to 12,476,154. That's 6.26 percent of Constellation shares outstanding, down from 7.45 percent in mid-February and 10 percent at the end of last year.
Here's a listing of the sales detailed in the latest filing:
Berkshire's Constellation Sales: April-May
| Date | Shares Sold | Price/Share | Total Price |
|---|---|---|---|
| April 9 | 41,736 | $23.07 | $962,850 |
| April 13 | 3,330 | $23.02 | $76,657 |
| April 15 | 40,000 | $23.06 | $922,400 |
| April 17 | 3,100 | $23.05 | $71,455 |
| April 23 | 2,513 | $23.01 | $57,824 |
| April 24 | 60,600 | $23.04 | $1,396,224 |
| April 27 | 30,800 | $23.03 | $709,324 |
| April 28 | 26,400 | $23.10 | $609,840 |
| April 29 | 100,000 | $23.12 | $2,312,000 |
| April 30 | 100,000 | $23.69 | $2,369,000 |
| May 1 | 100,000 | $24.57 | $2,457,000 |
| May 5 | 100,000 | $24.47 | $2,447,000 |
| May 6 | 133,527 | $24.75 | $3,304,793 |
| May 7 | 300,000 | $25.49 | $7,647,000 |
| May 8 | 500,000 | $26.04 | $13,020,000 |
| May 11 | 304,045 | $26.08 | $7,929,494 |
| May 12 | 500,000 | $26.25 | $13,125,000 |
| May 13 | 6,002 | $26.05 | $156,352 |
| TOTAL | 2,352,053 | $25.33 | $59,574,212 |
As you can see in this graph, the size of the daily sales (purple bars) increased as Constellation's stock price (blue line) moved higher.
In its first quarter earnings release last week, Berkshire revealed it had cut its stake in ConocoPhillips , selling millions of shares at a loss.
Late tomorrow (Friday) afternoon, we should get Berkshire's latest portfolio 'snapshot' as it files its quarterly 13-F with the SEC.
Current Berkshire stock prices:
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