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The Energy Sector has really blossomed since Friday and rising in tandem is Delta Petroleum Corp., (DPTR) http://www.deltapetro.com/ which gained 25% ($0.57) in early trading today. DPTR is currently trading in the $2.85 range on the Nasdaq. DPTR has a 3-Month average daily trading volume of 3,821,060 and topped 15,115,017 by 11 a.m. EST.
The exciting thing about DLTR is first, its reputation and secondly, its shareholders. About its reputation, it is considered by industry-insiders and pundits to be a bit of a maverick in its model of exploration and production. Secondly, its shareholders include Kirk Kerkorian's Tracinda Corporation (34%) and Steinberg Asset Management (43%) and that concentration either leads to going with Kerkorian's thinking in holding DLTR or the fear that if he bails out, the stock will collapse.
Perhaps a third excitement is that DLTR has an exploration possibility that will make it the premier beneficiary and the stock could bolt upward. DLTR owns producing and non-producing oil and natural gas interests, undeveloped leasehold interests, and related assets in 17 states, as well as interests in a producing Federal unit offshore California and undeveloped offshore Federal leases near Santa Barbara, California. DLTR also engages in contract drilling operations, as well as marketing trucking services in the Casper, Wyoming area. As of December 31, 2008, DLTR had approximately 827.7 billion cubic feet of natural gas and 9.5 Mmbbls of crude oil.
At $2.85, DLTR is below its 52-week high of $21.95 set on 09-19-08 and is above its 52-week low of $0.88 set on 03-09-09. At $2.85, DLTR is ahead of both its 50-day and 200-day moving averages. DLTR has trailing twelve month revenues of $175 million. Widely held by institutions and insiders, the DLTR shares out versus float ratio is a little lopsided, but not enough to raise any red flags about stability unless there is a complete sell-off by Kerkorian or Steinberg.
and from the breadbasket of the United States...
North Dakota based Titan Machinery Inc., (TITN) http://www.titanmachinery.com/ gained 9.85% ($1.24) this morning on news that its Q2 2009 profited soared 46%. TITN is currently trading on the Nasdaq in the $13.77 range with a new market cap of $244 million. TITN has a 3-Month average daily trading volume of 275,877 shares and easily tripled that today surpassing 952,307 shares by 11 a.m. EST.
TITN reported today that its customers were finding credit easier to come by in order purchase TITN products. TITIN posted a rise in net income for Q2 09 of 27 cents per share or $4.9 million which was up from Q2 08 that posted 19 cents per share on $3.3 million. TITN beat Wall Street estimates of gaining 18 cents per share. TITN revenue of $193.2 million for the quarter, ended July 31 was up 43% from $134.9 million in the year-ago period.
"Our agriculture equipment business remained strong in the second quarter as our customers continue to have solid balance sheets and ample access to credit, which enables them to invest in equipment," said David Meyer, chairman and CEO of TITN.
TITN re-affirmed its earnings guidance for the fiscal year ending Jan. 31, 2010, of between 92 cents per share and $1.04 per share and revenue of $750 million to $790 million. Analysts expect earnings of 92 cents per share on revenue of $736.2 million.
TITN owns and operates networks of full service agricultural and construction equipment stores in North America. It engages in new and used equipment sales; parts sales; repair and maintenance services; and equipment rental and other activities. TITN serves farmers, construction contractors, public utilities, municipalities, and maintenance contractors, as well as single machine owners and large farming/contracting firms. As of December 31, 2008, TITN operated 62 agricultural and construction equipment stores, including two outlet stores in North Dakota, South Dakota, Iowa, Montana, Wyoming, Nebraska, and Minnesota.
At $13.77, TITN is below its 52-week high of $25.44 set on 09-12-08 and is above its 52-week low of $7.50 set 03-06-09. At $13.77, TITN is ahead of both its 50-day and 200-day moving averages. TITN has trailing twelve month revenues of $704 million and a trailing twelve month diluted EPS of $0.93. TITN is widely held by institutions. Its shares out versus float ratio is near-parity.
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