DELPHI ENERGY $4.27 (Toronto symbol DEE; TSINetwork Rating: Speculative) (403-265-6171; www.delphienergy.ca; Shares outstanding: 155.2 million; Market cap: $670.6 million; No dividends paid) develops, produces and explores for oil and natural gas. About 67% of its output is gas. The remaining 33% is oil.
In the three months ended June 30, 2014, the company’s production rose 36.2%, to 10,397 barrels of oil equivalent a day from 7,635 barrels a year earlier.
Cash flow per share jumped to $0.09 from $0.05. The production increase was the main reason for the gain. The company also realized higher prices for its oil and gas in the latest quarter.
Delphi’s $114.6 million of debt is a reasonable 18.3% of its $625.6-million market cap.
The company spent $68.6 million on exploration and development in 2013. During the year, it drilled six wells with a 100% success rate.
This year, Delphi plans to spend between $71.0 and $78.0 million to drill seven wells. As a result of that spending, it expects to end 2014 with production of 11,500 to 12,000 barrels of oil equivalent per day.
The shares have risen 194% from $1.45 a year ago, but we still think they have gains ahead. Delphi trades at 11.9 times its cash flow, based on the latest quarter.
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