DELPHI ENERGY $1.78 (Toronto symbol DEE; TSINetwork Rating: Speculative)(403-265-6171; www.delphienergy.ca; Shares outstanding: 155.5 million; Market cap: $269.0 million; No dividends paid) develops, produces and explores for oil and natural gas in Alberta. Its average daily production of 12,035 barrels of oil equivalent is 69% gas and 31% oil.
In the quarter ended December 31, 2014, Delphi’s cash flow per share rose 42.9%, to $0.10 from $0.07. That’s because it raised its production by 33.9% and realized higher oil prices.
Like Birchcliff, Delphi will cut spending this year: its outlays will now total $50 million, down from $101 million in 2014. However, that should still let it keep production steady at today’s levels. The company could also raise its spending later this year if oil and gas prices move higher.
Delphi’s $156.8 million of debt is now a somewhat high 58% of its $269.0-million market cap (or the value of all of its outstanding shares). But that’s partly because its market cap has dropped along with those of most oil and gas stocks.
The company is forecast to generate cash flow of $0.26 a share in 2015, based on today’s low oil and gas prices, down from $0.41 in 2014. The stock trades at 6.8 times this year’s estimate.
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