Buy - Price 19.97 on April 7
by Jesup & Lamont

This large offshore driller updated fleet-status, [showing] further downtime...we've lowered our 2009-E earnings from $3 a share to $2.80; and we have lowered our 2010-E earnings to $3 a share from $3.55. Pride is planning to spin off its shallow-jackup fleet in a tax-free division...it expects this to occur in mid-'09. New management in recent years has refocused on deepwater [drilling], and shed...its South American oilfield-service company and land fleet and...platform fleet[s]. Pride has also been paying down debt the last five years; we expect continued improvement in its debt/equity ratio, which is now 14%. Our Buy is based on a new target of 24 (down from 28.40), derived from a multiple of 8 times 2010 estimated earnings. Market cap: $3.4 billion.

Charlie Maxwell

I’m long Pride (PDE), Transocean (RIG) and Flowserve (FLS), says Finerman.

From a recent Mad Money show:

"There is so much drilling going on; I want to own a contract driller. We will see some pain now, but the gains will be coming."

From a recent Mad Money show:

"There is so much drilling going on; I want to own a contract driller. We will see some pain now, but the gains will be coming."

Pride International (PDE) was upgraded from Underperform to Buy at Merrill Lynch. $44-$55 price target. PDE's transition to a pure deepwater play is commanding a premium multiple and upside M&A potential.

Pride International (PDE) was downgraded from Market Perform to Underperform at Wachovia. Pride will most likely underperform the mean return of covered offshore drillers in either direction, and could depreciate even if the universe trades up.

Deutsche downgraded seven offshore drillers. RIG and ESV were downgraded to Sell, Deutsche Bank said. Ratings on DO, HERO, NE, PDE and RDC were also cut to Hold, as the stocks are already pricing in several quarters of strong results.

excellent growth story

50 shares at 36.55

Icahn dumped it