Pride International (NYSE:PDE) EPS Lowered on Late Start Ups

Pride International (NYSE:PDE) had their EPS estimate for 2011 lowered by Barclays, which cited late start ups as the reasoning behind their decision.

Barclays says, "Lowering Estimates: Primarily due to later than expected start ups for the Deep Ocean Ascension and the Deep Ocean Clarion, we are reducing our 2011 EPS estimate to $2.75 (from $2.90). Our 4Q10 estimate of $0.41 remains unchanged. We are also modestly lowering our 2012 EPS estimate to $3.30 (from $3.37) as we now expect the Pride South Seas to remain stacked through 2012."

Barclays maintains an "Overweight" rating on Pride International (PDE), which closed Monday at $32.55, down $0.08, or 0.25 percent. Barclays has a price target on Pride of $35.