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Pride International, Inc. (PDE) [hlAlert]

Rating:
Hold PDE

Pride International, Inc. (PDE) rated Hold by Citigroup

Posted on: Friday,  Sep 12, 2008  8:25 AM ET by Citigroup

Pride Intl
(PDE) rated Hold by Citigroup.

Pride International, Inc. (Pride) is an offshore drilling contractor operating, as of February 02, 2009, a fleet of 44 rigs, consisting of two deepwater drillships, 12 semisubmersible rigs, 27 jackups and three managed deepwater drilling rigs. The Company has four ultra-deepwater drillships under construction. Its customers include integrated oil and natural gas companies, state-owned national oil companies and independent oil and natural gas companies. Pride?s operations are conducted in oil and natural gas basins, including South America, the Gulf of Mexico, West Africa, the Mediterranean Sea, the Middle East and Asia Pacific. It provides contract drilling services to oil and natural gas exploration and production companies through the use of mobile offshore drilling rigs in United States and international waters. Pride provides the rigs and drilling crews and is responsible for the payment of operating and maintenance expenses.

Citi Investment Research is a highly respected research unit and is comprised of 390 research analysts across 22 countries. Citi Investment Research covers 3,100 companies, representing 90 percent of the market capitalization of the major global indices, and provides macro and quantitative analysis of global markets and sector trends. Combined with Citi's exceptional sales and trading capabilities and Smith Barney's financial consultants, the core focus of the group is to help investing clients make informed decisions by providing value-added, independent, insightful analysis.
Stock Market Advice
Date/Time (ET)SymbolRatingTermPrice (*)Target
9/12/2008 8:25 AM Hold
None
34.24
as of 12/24/2008
1 Week down  -0.38 %
1 Month up  16.23 %
3 Months up  43.66 %
1 YTD down  -32.44 %

(*) Stock Price at the time of the recommendation.
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