DELPHI ENERGY $1.26 (Toronto symbol DEE; TSINetwork Rating: Speculative) (403-265-6171; www.delphienergy.ca; Shares outstanding: 131.0 million; Market cap: $165.1 million; No dividends paid) explores for oil and natural gas in Alberta and B.C. Gas makes up 73% of Delphi’s daily output; the remaining 27% is oil.
In the three months ended March 31, 2012, Delphi’s average daily output rose 8.8%, to 8,993 barrels of oil equivalent (including natural gas) from 8,259 barrels a year earlier.
The higher production couldn’t offset lower natural gas prices. As a result, the company’s cash flow per share fell 38.5%, to $0.08 from $0.13.
Delphi continues to add more drilling targets and increase its reserves by acquiring undeveloped land. Its production could rise to as high as 9,600 barrels per day this year, and over 10,000 barrels next year.
The company’s debt of $97.5 million is equal to 59.1% of its market cap. Delphi trades at only 3.9 times its forecast 2012 cash flow of $0.32 a share.
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