Pete Davidson and Colin Jost were never in a feud … but Pete definitely regrets how he behaved in the past before he went to rehab and got clean — so he bought CJ a very fancy gift to apologize.

Sources with direct knowledge tell TMZ … reports claiming Pete and Colin had become enemies were way overblown — and that was not the reason PD gifted Jost a $20,000 Cartier watch.

The real reason for the swanky timepiece is Pete wanted to offer a mea culpa — or as Pete would likely say, “My bad, dawg” — for his behavior prior to checking into rehab.

Specifically, Pete wanted to make clear he was taking his sobriety situation seriously … he wanted to show Colin he would be a reliable business partner after they went in on their joint ownership of the Staten Island Ferry.

Our sources say the two pretty much lost touch after Pete left ‘SNL’ … aside from their hilariously random co-purchase of the ferry — a choice Pete previously said was made when they weren’t fully sober.

Don’t get it twisted … Pete and Colin are on fine terms, our sources say … but, they also have their own lives — and, they weren’t ever really best buds. We’re told they used to spend a lot of time together ’cause they were colleagues, and now they don’t work together anymore.

The two comedians bonded on “Saturday Night Live” over a shared connection — Pete’s dad and Colin’s grandfather were both New York City firefighters — and, obviously, Pete was a regular fixture on “Weekend Update” when still on ‘SNL.’

However, our sources say when Pete was struggling with his sobriety, he was too much for Colin … something Pete realized when he got clean after going to rehab last summer.

As we told you … Davidson checked into a wellness facility to focus on his mental health. He also spent time in a facility in 2023 to help manage his PTSD and borderline personality disorder.