DELPHI ENERGY $1.26 - Toronto symbol DEE

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.

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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Dividend stocks make cash payouts that serve as a way for companies to share the wealth they’ve accumulated. These payouts are drawn from earnings and cash flow and paid to the shareholders of the company. Typically, these dividends are paid quarterly, although they may be paid annually or even monthly as well.

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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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