Maryanne Miller, a director at Bristown Group Inc. (NYSE:VTOL), has sold a total of 1,600 shares of the company's common stock, according to a recent SEC filing. The transactions, which took place on June 4, 2024, amounted to over $52,796 in total value, with shares sold at a weighted average price of $32.9981.
The sales were conducted in multiple transactions at prices ranging from $32.76 to $33.24. Following the sale, Miller's direct ownership in the company stands at 16,957 shares of common stock.
Bristow Group Inc., known for its air transportation services, particularly in non-scheduled sectors, has seen various transactions from its executives and directors from time to time, which are publicly disclosed through SEC filings. These transactions provide insights into the trading activities of the company's insiders.
Investors often look at insider selling and buying as a signal of the executives' confidence in the company's future performance. The details provided in the SEC filings, such as the number of shares sold and the price range, offer transparency and allow shareholders to understand the context of these transactions.
The SEC filing was signed by Justin D. Mogford, attorney-in-fact for Maryanne Miller, on June 5, 2024. It is not uncommon for company insiders to engage attorneys to handle their securities transactions to ensure compliance with all regulatory requirements.
For those interested in the specific details of the transactions, the filing indicates that Miller is willing to provide full information regarding the number of shares sold at each separate price within the reported range upon request.
The trading symbol for Bristow Group Inc. is listed on the New York Stock Exchange under the ticker VTOL. The company's stock performance and insider trading activities are often monitored by investors looking to make informed decisions about their investments in the company.
In other recent news, Bristow Group Inc. reported strong financial results for the first quarter of 2024, exceeding expectations due to new contracts in Norway and Brazil. The company also reaffirmed its full-year guidance for 2024 and projected significant growth for 2025 and 2026. Bristow anticipates a compound annual growth rate in adjusted EBITDA of over 22% from 2022 to 2026, backed by a contractual backlog of $4.2 billion.
The company's optimistic outlook is driven by anticipated growth in the Offshore Energy Services and Government Services sectors. In addition to this, Bristow announced orders for new helicopters, expected to drive EBITDA growth. The company also plans to use excess cash in 2025 and beyond for potential shareholder returns.
However, Bristow acknowledged risks in contract renewals, with customers potentially opting for lower-cost operators. Delays in spare parts for the S-92 aircraft are being addressed, with improvements expected by year-end. Despite these challenges, the company's disciplined approach to capital allocation and strong balance sheet position it well for future growth.
These recent developments suggest that Bristow is poised for continued growth in the vertical flight market. The company expects most contracts to renew by 2027, with active renewals starting in 2026, and is looking forward to incorporating AAM technology into its fleet by the end of 2025 or early 2026.
InvestingPro Insights
Following the recent insider transactions at Bristow Group Inc. (NYSE:VTOL), investors may be keen to understand the company's financial health and market performance. According to InvestingPro data, Bristow Group Inc. has a market capitalization of approximately $965.08 million. The company's Price/Earnings (P/E) ratio stands at 709.79, reflecting a high earnings multiple, which might indicate that investors have high expectations for future earnings growth.
On the positive side, Bristow Group's revenue has grown by 9.23% over the last twelve months as of Q1 2024, showing a steady increase in the company's earning potential. Moreover, the company has experienced a significant share price growth, with a 20.72% return over the last month and a 26.0% increase over the last six months, potentially signaling strong market confidence.
InvestingPro Tips suggest that while Bristow Group operates with a significant debt burden, its liquid assets exceed short-term obligations, which could imply financial stability in meeting its immediate liabilities. Additionally, analysts forecast that the company will be profitable this year, supported by the fact that it has been profitable over the last twelve months. It's also worth noting that the company does not pay a dividend to shareholders, which could be a factor for income-focused investors to consider.
For those interested in a deeper dive into Bristow Group Inc.'s financials and performance metrics, InvestingPro offers additional insights and tips. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking access to exclusive content that may further inform investment decisions. Currently, there are 10 more InvestingPro Tips available for VTOL, which can be found at: https://www.investing.com/pro/VTOL
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