Solus executives sell Bristow Group shares worth $897k By Investing.com

Executives at Solus Alternative Asset Management LP, including Managing Member Christopher Pucillo, have sold a total of $897,499 worth of Bristow Group Inc. (NYSE:VTOL) shares, according to recent SEC filings. The transactions took place over several days, with shares sold at prices ranging from $33.0437 to $33.25.

The recent filings indicate that on June 17, 2024, a total of 2,503 shares were sold at a weighted average price of $33.0437. Following this transaction, the executives held 3,448,525 shares of Bristow Group Inc. The next day, on June 18, an additional 23,207 shares were sold at a weighted average price of $33.2285, leaving the executives with 3,425,318 shares. The most recent sale occurred on June 20, with 1,313 shares sold at a price of $33.25, reducing their holdings to 3,424,005 shares.

The shares are held directly or indirectly by certain funds and accounts managed by Solus Alternative Asset Management LP and/or affiliates thereof. Solus GP LLC is the general partner of Solus, and Christopher Pucillo is the managing member of Solus GP. It is noted that the reporting persons may be deemed to have beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein. The Solus Clients have expressly disclaimed beneficial ownership of any shares of Common Stock.

The SEC filings provide transparency to investors and the market, detailing the transactions made by company executives and significant shareholders. These filings are a routine part of compliance with SEC regulations and provide insights into the actions taken by those with intimate knowledge of the company.

In other recent news, Bristow Group Inc. has demonstrated a promising start to 2024 with robust Q1 financial results, exceeding expectations due to new contracts in Norway and Brazil. The company has affirmed its full-year guidance and anticipates a compound annual growth rate in adjusted EBITDA of over 22% from 2022 to 2026. Bristow Group’s positive Q1 performance has led to an optimistic outlook for the Offshore Energy Services (OES) and Government Services sectors. The company, with a contractual backlog of $4.2 billion, plans to reset rates to current market conditions as legacy contracts expire and has announced orders for new helicopters, expected to drive EBITDA growth. Despite acknowledging risks in contract renewals with customers potentially opting for lower-cost operators, Bristow remains confident in positive activity levels for the next 2-3 years, particularly in markets with long lead times for contract negotiations, such as Norway. Bristow also intends to incorporate AAM technology into its fleet by the end of 2025 or early 2026, and plans to use excess cash in 2025 and beyond for potential shareholder returns.

InvestingPro Insights

Amidst the recent activity by Solus Alternative Asset Management LP executives, Bristow Group Inc. (NYSE:VTOL) presents a mixed financial landscape. The company boasts a market capitalization of $924.19 million and is trading at a significant earnings multiple, with a P/E ratio of 677.71. However, when adjusted for the last twelve months as of Q1 2024, the P/E ratio stands at a more reasonable 182.05, indicating a potential reevaluation by the market of the company’s earnings capacity.

Revenue growth remains a bright spot for Bristow Group, with a 9.23% increase over the last twelve months as of Q1 2024, and a quarterly growth of 12.43% in Q1 2024. This suggests an upward trajectory in the company’s revenue streams, which may be a point of interest for investors. Furthermore, Bristow Group’s liquid assets have been reported to exceed its short-term obligations, indicating a solid liquidity position that could reassure investors of the company’s ability to meet its immediate financial liabilities.

An InvestingPro Tip highlights that Bristow Group is expected to see net income growth this year, aligning with analysts’ predictions that the company will be profitable within the same timeframe. Additionally, Bristow Group has not paid dividends to shareholders, which could signify a strategy of reinvesting earnings back into the company’s growth or a focus on debt repayment.

For investors seeking a deeper analysis and more InvestingPro Tips, there are additional insights available for Bristow Group on InvestingPro. Interested readers can explore these tips and consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, enriching their investment strategy with expert analysis and real-time data.

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