Bristow Group Inc. (NYSE:VTOL) director Wesley E. Kern has recently sold a total of 1,885 shares of the company's common stock, with the sale amounting to over $63,000. The transactions took place on June 12, 2024, and were reported in a recent filing with the Securities and Exchange Commission.
The shares were sold at a weighted average price of $33.8499, with individual transactions occurring at prices ranging from $33.50 to $34.22. Following the sale, Kern still owns 32,531 shares of Bristow Group Inc., which specializes in air transportation services.
Investors often keep a close eye on insider transactions as they can provide insights into the company's performance and the confidence that executives and directors have in the business's outlook. The details of the transactions, including the exact number of shares sold at each price point within the range, can be provided upon request to the issuer or the SEC.
Bristow Group Inc. has not made any official statement regarding this transaction, and it remains a routine disclosure as part of the company's financial reporting obligations. Shareholders and potential investors in Bristow Group Inc. can stay informed about insider transactions by reviewing the filings available on the SEC's website.
In other recent news, Bristow Group Inc. reported a strong start to 2024 with robust financial results for the first quarter. The company's Q1 performance exceeded expectations due to new contracts in Norway and Brazil, setting a positive tone for the upcoming years. Bristow Group also projects significant growth for 2025 and 2026, anticipating a compound annual growth rate in adjusted EBITDA of over 22% from 2022 to 2026.
The company's outlook remains optimistic with a contractual backlog of $4.2 billion and plans to reset rates to current market conditions as legacy contracts expire. Bristow also announced orders for new helicopters, which are expected to drive EBITDA growth. The company acknowledges potential risks in contract renewals, and supply chain challenges with the S-92 aircraft, but expects improvements by year-end.
According to recent developments, Bristow anticipates increasing demand for offshore helicopter services due to more drilling and exploration activity. The company has been awarded large contracts in the UK and Ireland, requiring significant investments that promise attractive long-term cash flow yields. Bristow is also excited about the prospects and partnerships in the Advanced Air Mobility (AAM) sector, expecting to incorporate AAM technology into its fleet by the end of 2025 or early 2026.
InvestingPro Insights
Bristow Group Inc. (NYSE:VTOL) has been navigating through the market with a significant capitalization and a notable earnings multiple. The company, with a market capitalization of $911.42 million, is trading at an adjusted P/E ratio of 176.97 for the last twelve months as of Q1 2024. This high earnings multiple may reflect market expectations for future growth, aligning with one of the InvestingPro Tips that net income is expected to grow this year.
The company's performance over time shows a robust trajectory, with a strong return over the last three months, indicated by a 28.11% price total return. This positive trend is further supported by the fact that the company's liquid assets exceed its short-term obligations, suggesting a stable financial position for managing debt and funding operations.
Investors looking at the operational efficiency of Birstow Group Inc. would note the gross profit margin for the last twelve months as of Q1 2024, standing at 24.79%. This indicates the company's ability to retain a significant portion of its revenue as gross profit.
For those considering deeper analysis and seeking more insights, there are additional InvestingPro Tips available. For instance, while the company does not pay a dividend, analysts predict it will be profitable this year, which could be a compelling factor for growth-focused investors. To access these further insights and tips, visit https://www.investing.com/pro/VTOL and remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With a total of 9 additional InvestingPro Tips listed in InvestingPro, investors can gain a comprehensive understanding of Bristow Group Inc.'s financial health and outlook.
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