Duncan Williams likes Pride International (NYSE:PDE), and initiated coverage on them with a "Buy" rating.
Duncan said, "Pride is a leading provider of offshore drilling services both domestically and internationally. The company presently operates twenty five rigs with three rigs under construction. Pride has transformed itself over the last six years from a menagerie of businesses in the oilfield service sector to a focused deepwater driller. The company completed this transformation in the third quarter of 2009 with the tax free spin off of Seahawk (NASDAQ:HAWK)(not rated) to its shareholders."
Pride International closed at $33.25, gaining $0.56, or 1.71 percent. Duncan has a price target of $36 on them.
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