Delta Air Lines (NYSE:DAL) caught many investors and analysts offguard today after chief executive Richard Anderson hinted that the company may be interested in pursuing some deals during an earnings conference call earlier this week. The news caused widespread speculation on possible targets.

Anderson commented that consolidation "could make sense for Delta if it's done thoughtfully from a position of strength". The executive also made it clear that Delta "wants to be in control" as an acquirer as opposed to an acquisition target itself. The comments caught many by surprise given rising energy prices and pressure within the industry to increase profitability.

Interestingly, Delta recently emerged from bankruptcy itself after resisting a hostile takeover bid from US Airways Group. Many had speculated that Delta would sell itself during the bankruptcy process to settle with debtors; however, the airliner surprised many by emerging as an independent company.

Airline mergers are a traditionally difficult thing to make happen, but many industry analysts believe that Northwest Airlines may be the most likely target. Others suggest that the company may look into a more niche airline like JetBlue or Alaska Air Group. Smaller niche airlines may enhance certain routes, but larger acquisitions would offer more flexibility when it comes to supplier negotiations and leveraging economies of scale.

In the end, all of this speculation is just talk as of right now. However, any acquisitions in the airline industry would certainly make for an interesting strategy on behalf of Delta given its position. Combined, these factors make DAL a stock worth watching!

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