Delphi is now a hold

Article Excerpt

DELPHI ENERGY $0.09 (Toronto symbol DEE; TSINetwork Rating: Speculative) (403-265-6171; www.delphienergy.ca; Shares o/s: 185.5 million; Market cap: $16.7 million) explores for, develops and produces oil and natural gas. In the quarter ended June 30, 2019, Delphi’s cash flow per share fell 25.0%, to $0.06 from $0.08 a year earlier. The decline came from a 13.8% drop in production. Oil and gas prices were also lower. The company’s $183.2 million in long-term debt is a very high 11.0 times its currently depressed market cap of $16.7 million. Like most oil and gas stocks, Delphi’s shares have dropped considerably over the last couple of years. The company’s assets and overall operations will let it rebound when energy stocks recover, but how soon that will happen for juniors like Delphi is far from certain. Delphi Energy is now a hold. hold. …

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