Dahlman Rose & Co. Mantains Hold Rating On Pride International (PDE)

Omar M. Nokta, Head of research in Dahlman Rose & Co., reiterated a hold rating on Pride International, Inc. PDE after the earnings report. Dahlman Rose & Co. believes that PDE's net asset value is approximately $29, which means that it trades at 80% of its actual equity value. Mr. Nokta thinks that management's cautious guidance for 3Q 2010 will make it difficult for this stock to bridge this gap. Pride International's (PDE) management sees some pressures in both deepwater and midwater market, and doesn't expect activity to pick up until well into 2011. Pride International, Inc. (PDE) fell 4.96% today, and closed at $23.38.