Bristow Group Inc. (NYSE:VTOL) Executive Vice President and Chief Technology Officer, David F. Stepanek, has sold a total of 16,667 shares of the company's common stock, realizing over $548,000 from the sale. The transactions were carried out on June 13, 2024, with the weighted average selling price of the shares being approximately $32.92.
The executed sale was reported in a filing with the prices ranging from $32.69 to $33.09 per share. The exact number of shares sold at each price point within this range is available upon request, as noted in the footnotes of the filing. Following the sale, Stepanek's direct ownership in Bristow Group decreased to 47,668 shares of common stock.
On the same day, Stepanek also acquired 16,667 shares of the company's stock at a price of $15.76 per share, totaling approximately $262,671. It is important to note that these acquired shares are separate from the subsequent sale and reflect a transaction where stock options were exercised.
Bristoy Group Inc., headquartered in Houston, Texas, specializes in air transportation services, particularly non-scheduled aviation services. The company has been a key player in the industry and is known for its extensive fleet and global operations.
Investors and interested parties can access the detailed transaction data through the Securities and Exchange Commission's filings, which provide a transparent view of executive stock ownership changes in the company. The recent transactions by Stepanek offer insights into executive movements within Bristow Group's stock ownership.
In other recent news, Bristow Group Inc. reported a strong first quarter for 2024, exceeding expectations due to new contracts in Norway and Brazil. The company provided an optimistic outlook for the Offshore Energy Services and Government Services sectors, forecasting a compound annual growth rate in adjusted EBITDA of over 22% from 2022 to 2026. Bristow Group also affirmed its full-year guidance for 2024 and anticipates significant growth for the following two years.
Bristow has a contractual backlog of $4.2 billion and plans to adjust rates to current market conditions as legacy contracts expire. The company also announced orders for new helicopters, which are expected to drive EBITDA growth. Bristow expects to incorporate Advanced Air Mobility (AAM) technology into its fleet by the end of 2025 or early 2026.
Despite acknowledging risks in contract renewals, Bristow remains confident in positive activity levels for the next 2-3 years. The company anticipates increasing demand for offshore helicopter services due to more drilling and exploration activity, and it has been awarded large contracts in the UK and Ireland. These recent developments underscore Bristow's continued growth in the vertical flight market.
InvestingPro Insights
As Bristow Group Inc. (NYSE:VTOL) navigates the dynamic aviation services industry, its financial metrics and strategic moves by executives such as David F. Stepanek offer a glimpse into the company's performance and outlook. According to InvestingPro data, Bristow Group has a market capitalization of $911.42 million, reflecting the market's valuation of the company. Despite the company's significant debt burden, as highlighted by one of the InvestingPro Tips, Bristow's liquid assets have managed to surpass short-term obligations, indicating a level of financial flexibility.
The company's P/E Ratio, standing at a high 666.87, may raise eyebrows among investors looking for value, although the adjusted P/E ratio for the last twelve months as of Q1 2024 has been reported at a lower 176.97. This suggests that while the company is trading at a high earnings multiple, there may be expectations of future earnings growth to justify these values. Indeed, another InvestingPro Tip points to an anticipated net income growth this year, which could be a contributing factor to the company's strong return over the last three months, noted at an impressive 28.11%.
For those interested in further analysis and tips, there are additional insights available on InvestingPro. Subscribers can access a comprehensive list of tips, and by using the coupon code PRONEWS24, new users can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With the next earnings date slated for July 31, 2024, keeping an eye on Bristow Group's financial health and market performance will be crucial for investors and analysts alike.
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