Billionaire investor Kirk Kerkorian's investment vehicle, Tracinda, increased its holdings to 37,228,000 shares (36.02%), after buying 1.1 million shares on Nov. 11 and 12 at about $5.61 apiece. Tracinda purchased the shares because it believes that Delta's stock is "significantly undervalued." Tracinda supports Delta Petroleum's decision, announced Oct. 31, to consider joint-venture alternatives, as well as possible partial-sale transactions, involving the company's oil and gas interests in the Piceance Basin of Colorado.

Delta Petroleum ()

energy pick

asset play

Delta Petroleum (DPTR) was downgraded from Neutral to Sell, Merrill Lynch said. Company did not execute on its high potential exploration programs, and the stock is the most richly valued in the universe.

Upgraded by AG Edwards from Hold to Buy

Oil and Gas E&P in hot
areas - possible take over play

A small oil and gas company with a couple of huge development and exploration opportunities. Big discovery in Paradox basin in Utah that will be developed over next few years after pipeline is built. Huge potential holdings in overpressurized Columbia River Basin - if it works it is worth a lot. And some higher risk oil prospects along the Utah hingeline. Meanwhile they have some safer areas to develop with hundreds of development sites in Piceance and in Newton County Texas that arrn't that special but will provide some cash flow. DPTR is high risk but has huge potential value.

10 bagger

% Below 50-Day Moving Average: -17%

"Delta Petroleum can ill afford to disappoint investors. If it does, its stock, already off this year but still at a premium to its peers, soon could slide another 20% or more."

Short