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.
Showing posts with label Pride International. Show all posts
Showing posts with label Pride International. Show all posts
Thursday, December 30, 2010
Thursday, September 16, 2010
Pride (NYSE:PDE) CEO Louis Raspino Looks at Zero Risk in Offshore Drilling
Talking at the Barclays Capital (NYSE:BCS) CEO Energy-Power Conference in New York, Pride International Inc (NYSE:PDE) CEO Louis Raspino, said the Obama administration is attempting to get "how close to zero" they can concerning the risks of offshore drilling.
But like the mountaintop removal by coal companies, that's usually another way of saying they're attempting to kill the industry; at least in the Gulf region.
The idea perfection is always an evil one, as it creates the unreachable idea of utopianism, which always ends up being destructive and hurting human beings in one way or the other.
Raspino added, "Quite frankly, the industry has to show the government that it can do a better job than it could do in its last blowout."
While that's not necessarily a bad thing, it's secondary to the ideology behind the proposed changes.
In light of all this, Raspino has predicted there will probably never be a return to the rig count in the Gulf in the future. Welcome to utopia.
But like the mountaintop removal by coal companies, that's usually another way of saying they're attempting to kill the industry; at least in the Gulf region.
The idea perfection is always an evil one, as it creates the unreachable idea of utopianism, which always ends up being destructive and hurting human beings in one way or the other.
Raspino added, "Quite frankly, the industry has to show the government that it can do a better job than it could do in its last blowout."
While that's not necessarily a bad thing, it's secondary to the ideology behind the proposed changes.
In light of all this, Raspino has predicted there will probably never be a return to the rig count in the Gulf in the future. Welcome to utopia.
Monday, April 5, 2010
Pride International (NYSE:PDE) Selling?
Offshore oil and gas acquisitions
Although it seems like the optimum time for acquisitions to be made in the offshore oil and natural gas industry, most companies are holding back from making deals, but one that may be ready to sell is Pride International (NYSE:PDE).
The overall problem in the industry is everyone wants to buy but not sale, as they look to enhance the scale of their own companies, but not someone else's.
Even though Pride rejected a bid from Seadrill in 2008, the reasoning was connected to the timing in relationship to market conditions, rather than simply not wanting to be acquired. Seadrill still has a 10 percent stake in Pride.
Pride has also streamlined recently, selling off its shallow-water division, Seahawk Drilling in anticipation of a boom in deep-water drilling.
Some analysts are high on Pride International, saying they are the third-fastest growing stock in the sector, estimating annual earnings of 23.1 percent in the years ahead. That would make them a great acquisition if they're on the market.
Although it seems like the optimum time for acquisitions to be made in the offshore oil and natural gas industry, most companies are holding back from making deals, but one that may be ready to sell is Pride International (NYSE:PDE).
The overall problem in the industry is everyone wants to buy but not sale, as they look to enhance the scale of their own companies, but not someone else's.
Even though Pride rejected a bid from Seadrill in 2008, the reasoning was connected to the timing in relationship to market conditions, rather than simply not wanting to be acquired. Seadrill still has a 10 percent stake in Pride.
Pride has also streamlined recently, selling off its shallow-water division, Seahawk Drilling in anticipation of a boom in deep-water drilling.
Some analysts are high on Pride International, saying they are the third-fastest growing stock in the sector, estimating annual earnings of 23.1 percent in the years ahead. That would make them a great acquisition if they're on the market.
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