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Not all high yielders are created equal. Some companies are well managed and the dividend is sustainable. They are particularly appealing for long term buy & hold, because the cash payout by itself provides a good margin of safety for the investment. Some other companies, however, have seemingly high yield that can be eliminated any time.

The following companies have very high dividend yield (at least 8%), and with their stock prices making 52-week low. Investors should use a lot of caution before buying into these companies.

Cellcom Israel Ltd. (NYSE:CEL) is a wireless communications company. It has a market cap of $681.06 million. This company pays out a dividend of 14.90%. Its ex-dividend date is 7-9-2012. Cellcom Israel provides cellular communications services in Israel. It offers basic and advanced cellular telephone services, text and multimedia messaging services, and advanced cellular content and data services. As of December 31, 2011, Cellcom Israel had approximately 3.349 million subscribers. With a P/E ratio of 3.85 and a sub-one PEG ratio, the stock appears cheap in valuation. Cellcom Israel has an enterprise value / EBITDA ratio of 4.07. This month, 1.07 million shares are being shorted. Comparing to 0.86 million shares shorted over the previous month, the shared short has increased by 24%. The short ratio of Cellcom Israel Ltd. is 2.10, accounting for 2.10% of floating shares.

Enerplus Corporation (NYSE:ERF) is an oil & gas drilling & exploration company. It has a market cap of $2.37 billion. This company pays a dividend of 17.40%. Enerplus engages in the exploration and development of crude oil and natural gas in United States and Canada. Its price shows near term weakness, close to 52-week low. While the stock appears it might have bottomed, investors should proceed with caution. Its P/E ratio of 48.94 is on the expensive side. Its price/book ratio is 0.70. Such a low price/book ratio often suggests the market is discounting the asset value of the company. One concern is the company isn't profitable at this point.

Pengrowth Energy Corporation (NYSE:PGH) is an oil & gas drilling & exploration company. It has a market cap of $2.33 billion. This company pays a dividend of 12.90%. Pengrowth Energy engages in the acquisition, exploration, development, and production of oil and natural gas reserves in Canada. It primarily explores for crude oil, natural gas, and natural gas liquids in the provinces of Alberta, British Columbia, Saskatchewan, and Nova Scotia. Its price is at its 52-week low. Pengrowth Energy has an enterprise value / EBITDA ratio of 5.13. The EV/EBITDA ratio indicates this company is cheap. Both its revenue and earnings declined in double digits over the latest quarter, by 10.70% and 86.70%, respectively.

Partner Communications Company Ltd. (NASDAQ:PTNR) is a wireless communications company. It has a market cap of $658.38 million. The dividend is 16.00%. Partner Communications provides various telecommunication services in Israel. It offers cellular telephony services on GSM/GPRS and UMTS/HSPA networks. Partner Communications Company Ltd. has an enterprise value / EBITDA ratio of 3.54, so slow that it suggests the market doesn't see its revenue source sustainable. Both its revenue and earnings declined in double digits over the latest quarter, by 11.30% and 42.50%, respectively. Recently, the stock is not traded actively.

Penn West Petroleum Ltd. (NYSE:PWE) is an oil & gas drilling & exploration company. It has a market cap of $6.07 billion. This company pays a dividend of 8.20%. Its ex-dividend date is tomorrow, 6/27. Penn West engages in acquiring, exploring, developing, exploiting, and holding interests in petroleum and natural gas properties and related assets in Western Canada. Its P/E ratio of 15.47 is on the expensive side. Investors should use some cautious because of this valuation. The PEG ratio is way above one, another signal to be cautious about. Penn West Petroleum Ltd. has an enterprise value / EBITDA ratio of 5.33, relatively cheap. It operating cash flow is 1.37 billion, but its free cash flow is -561.87 million. This month, 1.68 million shares are being shorted. Comparing to 1.12 million shares shorted over the previous month, the shared short has increased by 49%.

RadioShack Corp. (NYSE:RSH) is an electronics stores company. It has a market cap of $421.57 million. This company pays a dividend of 11.80%. RadioShack Corporation engages in the retail sale of consumer electronic goods and services through its RadioShack store chain. Its price is only around 4.69% off its 52-week low. Its P/E ratio of 15.20 is on the expensive side. Investors should use some cautious because of this valuation. Its price/book ratio is 0.56. Such a low price/book ratio often suggests the market is discounting the asset value of the company. RadioShack Corp. has a very low operating margin of 2.96%. The company had an EBITDA of $212.50 on a revenue of $4.37 billion. Its debt burden is $674.90 million, not too heavy given its EBITDA. Average trading volume is observed lately. This month, 35.60 million shares are being shorted. Comparing to 34.45 million shares shorted over the previous month, the shared short has increased by 3%. The short ratio of RadioShack is 10.00, accounting for 35.80% of floating shares. Such a high short ratio means two things: 1. the market is bearish about the stock in general, and 2. short squeeze could easily happen with suitable news.

Tsakos Energy Navigation Ltd. (NYSE:TNP) is a shipping company. It has a market cap of $226.42 million. This company pays out a dividend of 12.20%. Tsakos Energy Navigation provides seaborne crude oil and petroleum product transportation services worldwide. Tsakos Energy Navigation Limited was founded in 1993 and is based in Athens, Greece. Its price is only around 2.51% off its 52-week low. While the stock appears it might have bottomed, investors should proceed with caution. Its price/book ratio is 0.25. Tsakos Energy Navigation Ltd. has an enterprise value / EBITDA ratio of 17.40. It is on the expensive side. Lately the trading volume has been low on Tsakos.

Universal Insurance Holdings Inc. (NYSE:UVE) is a property & casualty insurance company. It has a market cap of $131.52 million. The dividend is generous at 9.60%. Universal Insurance Holdings operates as an insurance company in the United States. The company primarily offers homeowners' insurance; and covers various aspects of insurance underwriting, distribution, and claims processing. It also provides property and casualty insurance products. Its price/book ratio is 0.88. Its revenue declined by 6.30% and its net income declined by 29.00% during the most recent quarter. The company has $427.21 million cash on its balance sheet. Its debt burden is $50.01 million, or approximately 31.94 in debt/equity ratio. So liquidity is not yet a problem.

Knightsbridge Tankers Limited (NASDAQ:VLCCF) is a shipping company. It has a market cap of $199.31 million. The dividend is generous at 17.20%. Knightsbridge Tankers engages in the seaborne transportation of crude oil and dry bulk cargoes worldwide. The company's customers include oil companies, tanker companies, dry bulk companies, petroleum products traders, government agencies, and other entities. Its price is at 0.74% off its 52-week low. At a P/E ratio of 6.43, the stock appears fairly cheap in valuation. Knightsbridge Tankers Limited has an enterprise value / EBITDA ratio of 5.05. I like Knightsbridge's operating margin of 38.71%. Its revenue grew by 3.60% and its net income declined by 17.10% during the most recent quarter. This month, 2.12 million shares are being shorted. Comparing to 2.07 million shares shorted over the previous month, the shared short has increased by 2%. The short ratio of Knightsbridge Tankers Limited is 7.40, accounting for 8.70% of floating shares.

Source: Caution On These High Yield Companies Making 52-Week Lows