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PDE: Bull or Bear?

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attractive valuation and underappreciated deepwater drilling leverage. PDE

22%

-9.89% in 631 days Zacks Our continued positive view of Pride shares reflects the company s attractive valuation and underappreciated deepwater drilling leverage. Last year s divestitures have transformed Pride into a pure-play offshore driller with a growing deepwater presence and a roughly $8 billion worth of backlog We believe that greater appreciation of the company s deepwater leverage will aid valuation. We are keeping our 2008 EPS estimate unchanged, but raising our 2009 estimate to $4.22 from $4.02 to reflect an improved dayrate outlook. Visit also: about me at marketocracy ... ... Continue reading »

From the Blogosphere

Producer Price Index Tame – Analyst Blog

38%

In September, the Producer Price Index rose by 0.3%. While this is an acceleration from the 0.6% decline in September, it is well below consensus expectations of a 0.5% increase. All of the price pressures were coming from food and energy. If they are stripped out to get the Core Producer Price Index, prices fell by 0.6% for the month -- a much faster decline than the 0.1% decline last month, and even farther below the consensus expectations of a 0.1% increase for the month. Both food and energy rose by 1.6% at the finished level in September. For energy, though, it was just a partial reversa... Continue reading »

Pride Tops Despite Low Utilizations – Analyst Blog

38%

Pride International Inc. (PDE) reported its third quarter results of 48 cents per share, compared to the Zacks Consensus Estimate of 42 cents and the year-earlier earnings of 82 cents. Before adjusting one-time items, the earnings were 45 cents.  While the earnings came in above expectations, they were significantly lower from the year-earlier level mainly due to lower utilization. The company’s deepwater and midwater fleets were experiencing lower utilization rates due to out-of-service time.  Revenue from Pride’s eight-rig Deepwater fleet was $191.8 million, down approximately 32% seque< />< />< />< />< />< />< />< />< /><>< /><>< /><><>< /><>< /><>< />< />... Continue reading »

Analyst upgrades, downgrades and initiations: ANF, FDX, IBM, RBS, SNDK, T

Filed under: Analyst reports, Analyst upgrades and downgrades, Analyst initiations Analyst upgrades <> Baird upgraded Con-Way (NYSE: CNW) and Old Dominion (NASDAQ: ODFL) to Outperform from Neutral due to the benefits of a likely bankruptcy of YRC Worldwide (NASDAQ: YRCW). Old Dominion's target was raised to $40 from $26 and Con-Way's was raised to $42 from $22. Citigroup upgraded Pride International (NYSE: PDE) to Hold from Sell as it believes higher valuation levels are warranted with the upcoming spin-off of Seahawk Drilling. Citi raised its target on shares to $25 from $18. <>Jesup ... Continue reading »

The week in preview: A glimmer at the end of the tunnel?

Filed under: Earnings reports, Forecasts, CVS Corp (CVS), Economic data Among all the negative economic data that came out last week was a positive surprise: retail sales were higher in January. A fluke or a glimmer at the end of the tunnel? That may depend on whether we see any positive surprises arising from items on this week's economic calendar: <> Consumer Analyst Group of New York Conference: Monday through Friday NY Empire Manufacturing Index (Feb. 2009): Tuesday, 8:30 AM NAHB Housing Market Index (Feb. 2009): Tuesday, 1:00 PM <><>Fed's Bullard speaks before National Associati... Continue reading »

What Happened In The Market Today...26 Jan 09

56%

What’s Happening In The Market Now... <> Stocks were cautiously up at the open this morning. The announcement of Pfizer's (PFE) acquisition of Wyeth (WYE) shows deals are possible even in a recession. Caterpillar (CAT) said it was "whipsawed" in the final three months of 2008 as a sharp drop in economic conditions and plunging commodity prices hit industries like mining that use the company's equipment. More jobs cuts and poor earnings have served to dampen enthusiasm from the Pfizer deal. <>The National Association of Realtors said <>sales of existing homes rose to an annual rate of 4.74 millio... Continue reading »

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