Delta Petroleum Corp. (NASDAQ: DPTR) has been on a rampage on more than just heavy volume after the company had reportedly received approval to drill four new exploratory gas wells in Washington. At 10:52 AM EST we have shares trading up another 9.5% at $3.32 on over 10.7 million shares. The average volume is 4.7 million shares, but that figure was actually closer to 3.5 million before yesterday’s monstrous volume surge. Its 52-week trading range will show just how zany this stock is: $0.88 to $21.95.
On Wednesday we saw some 63.9 million shares trade hands and it closed at $3.03, but that is a huge gain compared to the 11.1 million shares after a $2.28 close on Tuesday and after a $1.96 close on Friday.
Delta has been around almost longer than many trading careers if you are under 40 or 45 years old. From 2006 to earlier in 2008, this one spent most of the time trading between $15.00 and $30.00. The mudslide in the stock chart here started in summer of 2008 and all of these gains which seem to be ludicrous are minor when you compare it to where this one has been in the past for a stock that is still under $1 billion in market cap today.
Analysts expect losses for the next two years and its history of earnings and revenues is a spotty one, particularly as revenues are expected to be one-third to half of what they used to be.
JON C. OGG
SEPTEMBER 10, 2009
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