DELPHI ENERGY $1.16 (Toronto symbol DEE; TSINetwork Rating: Speculative) (403- 265-6171; www.delphienergy.ca; Shares outstanding: 131.2 million; Market cap: $152.2 million; No dividends paid) has raised $33 million in two share issues: the company sold 17.2 million shares at $1.45 each and 4.6 million shares for $1.75 each.
The company produces and explores for oil (about 75% of production) and natural gas (25% of production).
Delphi plans to use the proceeds from the share issues to pay down debt. As of June 30, 2012, its long-term debt was $134.4 million. That’s a high 88% of its $152.2-million market cap (or the value of all of its outstanding shares). However, that mainly reflects the drop in the company’s share price due to lower natural gas prices.
The stock trades at 4.3 times Delphi’s forecast 2012 cash flow of $0.27 a share.
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