DELPHI ENERGY $1.19 - Toronto symbol DEE

DELPHI ENERGY $1.19 (Toronto symbol DEE; TSINetwork Rating: Speculative) (403-265-6171; www.delphienergy.ca; Shares outstanding: 131.2 million; Market cap: $156.1 million; No dividends paid) explores for oil and natural gas in Alberta and B.C. Gas makes up 74% of Delphi’s daily output; the remaining 26% is oil. In the three months ended June 30, 2012, Delphi’s average daily output fell 3.0%, to 8,636 barrels of oil equivalent (including natural gas) from 8,906 barrels a year earlier. Disruptions at third-party processing facilities were the main reason for the decline.

The lower production, plus lower natural gas prices, pushed down Delphi’s cash flow to $0.05 a share from $0.15.

The company’s debt of $134.4 million is a high 86.1% of its market cap. However, Delphi trades at 4.4 times its forecast 2012 cash flow of $0.27 a share, and only 3.1 times the 2012 forecast cash flow of $0.38 a share.

Delphi is a buy for aggressive investors.

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Blue chip stocks are big, well-established, dividend-paying corporations with strong business prospects. These are companies that also have sound management that should be able to make the right moves to keep competing successfully in a changing marketplace.

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One of the sweetest and most profitable pleasures of successful investing is to buy high-quality “value stocks” (or stocks that are reasonably priced, if not cheap, in relation to its sales, earnings or assets), then hold on to them as mainstream investors recognize the value and push up the share price.

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