Solus Management sells $897k worth of Bristow Group shares Via Investing.com
Solus Alternative Asset Management LP managers, including Managing Member Christopher Pucillo, sold $897,499 worth of Bristow Group Inc. stock. (NYSE:VTOL), according to its most recent SEC filing. The transaction took place over several days, with shares trading at prices ranging from $33.0437 to $33.25.
The latest filing shows that on June 17, 2024, a total of 2,503 shares were sold at an average price of $33.0437. After this transaction, management held 3,448,525 shares of Bristow Group Inc. The next day, on June 18, an additional 23,207 shares were sold at an average price of $33.2285, leaving management with 3,425,318 shares. The latest sale took place on June 20, with 1,313 shares sold at a price of $33.25, reducing their holding to 3,424,005 shares.
Shares are held directly or indirectly by certain funds and accounts managed by Solus Alternative Asset Management LP and/or its subsidiaries. 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 be beneficial owners of the securities reported herein regardless of the level of his interest therein. Solus Clients have expressly disclosed beneficial ownership of any shares of Common Stock.
SEC filings provide transparency to investors and the market, explaining transactions made by corporate executives and key shareholders. These filings are a regular part of SEC compliance and provide details on actions taken by those with deep knowledge of the company.
In other recent news, Bristow Group Inc. showed a promising start to 2024 with strong financial results for Q1, exceeding expectations thanks to new contracts in Norway and Brazil. The company has confirmed its full-year guidance and expects a compound annual growth rate in adjusted EBITDA of more than 22% from 2022 to 2026. Bristow Group’s strong Q1 performance led to a positive outlook for Offshore Energy Services (OES) and Government Services. sectors. The company, which has a contract backlog of $4.2 billion, plans to reset prices in current market conditions as legacy contracts expire and has announced orders for new helicopters, which are expected to drive EBITDA growth. Despite acknowledging risks in contract renewals with customers likely to opt for low-cost operators, Bristow remains confident of good performance levels for the next 2-3 years, particularly in markets with long lead times for contract negotiations, such as Norway. Bristow also aims to integrate AAM technology into its fleet by the end of 2025 or early 2026, and plans to spend more money in 2025 and beyond to repay potential shareholders.
InvestingPro Insights
Among the recent work carried out by managers of Solus Alternative Asset Management LP, Bristow Group Inc. (NYSE:VTOL) presents a mixed financial situation. The company boasts a market capitalization of $924.19 million and trades at multiple earnings, with a P/E ratio of 677.71. However, when adjusted for the last twelve months from Q1 2024, the P/E ratio stands at 182.05, indicating a possible reassessment of the market’s earnings potential.
Revenue growth remains a bright spot for Bristow Group, with an increase of 9.23% in the last twelve months from Q1 2024, and a quarterly growth of 12.43% in Q1 2024. This suggests an upward trajectory for the company’s revenue, which may be an interesting point. to investors. In addition, Bristow Group’s liquid assets are reported to exceed its short-term obligations, indicating a strong financial position that may reassure investors of the company’s ability to meet its immediate obligations.
The InvestingPro tip highlights that Bristow Group is expected to see revenue growth this year, in line with analysts’ forecasts that the company will be profitable in the same period. In addition, Bristow Group did not pay dividends to shareholders, which may indicate a strategy to reinvest income into the growth of the company or focus on debt repayment.
For investors looking for in-depth analysis and additional InvestingPro tips, there is more information available for Bristow Group on InvestingPro. Interested readers can check out these tips and consider using a coupon code PRONEWS24 for an additional 10% discount on annual or bi-annual Pro and Pro+ subscriptions, enriching their investment strategy with expert analysis and real-time data.
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