Wells Fargo (NYSE:WFC) downgraded Pride International (NYSE:PDE) from "Outperform" to "Market Perform," citing valuation, which they did raise from $32-35 to $34-36.
Wells said, "After strong price performance for the offshore drilling group since 9/7 (+19% on average versus +7% for the SPX), and PDE in particular (+23%), we believe the risk/reward profile for PDE shares is less compelling at current valuation of 7.0x 2011E EBITDA and 120% EV/estimated NAV. While we remain comfortable with our estimates and PDE management's ability to execute, the drilling fleet is largely contracted through 2011, so we see limited opportunity for positive near-term catalysts, to continue this recent outperformance."
Pride ended Friday's trading session at $31.95, gaining $0.15, or 0.47 percent.
Volume for the day was up over 50 percent from its daily 3-month average.
Showing posts with label Pride International. Show all posts
Showing posts with label Pride International. Show all posts
Monday, October 18, 2010
Wednesday, October 6, 2010
Barclays (NYSE:BCS) Sees Strong Third Quarter for Noble (NYSE:NE), Halliburton (NYSE:HAL), Baker Hughes (NYSE:BHI), Others
After visiting a number of U.S. Oil Services & Drilling companies last week in their Oilfield Tour in Houston, Texas, Barclays (NYSE:BCS) said they see most companies performing strongly in the third quarter in the sector.
Barclays said:
"Last week we hosted the 21st "Original" Oilfield Tour in Houston,
Texas. The companies we visited on the tour included Baker Hughes (NYSE:BHI), CGGVeritas, FMC Technologies (NYSE:FTI), Halliburton (NYSE:HAL), National Oilwell Varco (NYSE:NOV), Noble Corporation (NYSE:NE), Patterson-UTI Energy (Nasdaq:PTEN), Pride International (NYSE:PDE), Superior Energy Services (NYSE:SPN) and Weatherford International (NYSE:WFT)."
The many companies, for the most part, are positive about the global cycle they feel is now taking hold.
"Similar to the themes highlighted at our 2010 CEO Energy Conference, the companies we visited continued to express optimism that the international upcycle is taking hold. Third quarter results in North America for most companies are likely to be strong. The view of the offshore markets was mixed, with optimism expressed for ultra-deepwater and premium jackup demand globally, while the outlook in the Gulf of Mexico remains weak," concluded Barclays.
Barclays said:
"Last week we hosted the 21st "Original" Oilfield Tour in Houston,
Texas. The companies we visited on the tour included Baker Hughes (NYSE:BHI), CGGVeritas, FMC Technologies (NYSE:FTI), Halliburton (NYSE:HAL), National Oilwell Varco (NYSE:NOV), Noble Corporation (NYSE:NE), Patterson-UTI Energy (Nasdaq:PTEN), Pride International (NYSE:PDE), Superior Energy Services (NYSE:SPN) and Weatherford International (NYSE:WFT)."
The many companies, for the most part, are positive about the global cycle they feel is now taking hold.
"Similar to the themes highlighted at our 2010 CEO Energy Conference, the companies we visited continued to express optimism that the international upcycle is taking hold. Third quarter results in North America for most companies are likely to be strong. The view of the offshore markets was mixed, with optimism expressed for ultra-deepwater and premium jackup demand globally, while the outlook in the Gulf of Mexico remains weak," concluded Barclays.
Tuesday, September 21, 2010
Barclays (NYSE:BCS) Response to 'U.S. Oil Services & Drilling: 2010 CEO Energy Conference'
Barclays (NYSE:BCS) said the companies presenting at the 2010 Barclays Capital CEO Energy Conference were overall positive.
They said, "Presenting companies at the 2010 Barclays Capital CEO Energy Conference were generally optimistic. The international E&P spending recovery has begun and appears poised to accelerate into 2011. North America was most often predicted to flatten. The view on the offshore markets was mixed with optimism expressed for ultra-deepwater and premium jackup demand, while the mid-water and commodity jackup markets are likely to remain under pressure. The outlook on the Gulf of Mexico was clearly one of caution."
Barclays went on to describe what they were looking for in companies and specific companies they liked:
"We continue to emphasize companies with leverage to major secular growth themes in the industry. Our top picks are Weatherford (NYSE:WFT), Schlumberger (NYSE:SLB), Cameron International (NYSE:CAM), National Oilwell Varco (NYSE:NOV), Dresser-Rand Group (NYSE:DRC), SeaDrill Limited (NYSE:SDRL) and Pride International (NYSE:PDE)."
They said, "Presenting companies at the 2010 Barclays Capital CEO Energy Conference were generally optimistic. The international E&P spending recovery has begun and appears poised to accelerate into 2011. North America was most often predicted to flatten. The view on the offshore markets was mixed with optimism expressed for ultra-deepwater and premium jackup demand, while the mid-water and commodity jackup markets are likely to remain under pressure. The outlook on the Gulf of Mexico was clearly one of caution."
Barclays went on to describe what they were looking for in companies and specific companies they liked:
"We continue to emphasize companies with leverage to major secular growth themes in the industry. Our top picks are Weatherford (NYSE:WFT), Schlumberger (NYSE:SLB), Cameron International (NYSE:CAM), National Oilwell Varco (NYSE:NOV), Dresser-Rand Group (NYSE:DRC), SeaDrill Limited (NYSE:SDRL) and Pride International (NYSE:PDE)."
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