Equities analysts at Jones Trading recently initiated coverage on shares of Bristow Group (NYSE:VTOL), awarding the company a “buy” rating. This development was reported on Friday, October 19, 2023, and follows a series of positive assessments from other financial institutions. Wall Street Zen upgraded Bristow Group from a “hold” rating to a “buy” the same day, while Weiss Ratings reaffirmed a “buy (B-)” rating on Wednesday.
As of now, two analysts have rated Bristow Group with a buy recommendation. According to data from MarketBeat.com, the stock currently holds an average rating of “Buy.”
Stock Performance and Financial Metrics
On the trading floor, Bristow Group’s stock opened at $43.74 on Friday. The company maintains a quick ratio of 1.53, a current ratio of 1.91, and a debt-to-equity ratio of 0.63. Over the past year, the stock has fluctuated significantly, with a twelve-month low of $25.11 and a high of $44.55. The stock’s 50-day moving average price stands at $37.86, while the 200-day moving average is $37.61. With a market capitalization of $1.26 billion, Bristow Group has a price-to-earnings ratio of 9.15 and a beta of 1.39.
The company’s most recent quarterly earnings report, released on November 5, indicated earnings per share (EPS) of $1.72, surpassing analysts’ consensus estimate of $0.94 by $0.78. Despite the positive earnings, Bristow Group’s revenue for the quarter was reported at $386.29 million, falling short of expectations of $400.00 million. The company achieved a return on equity of 14.83% and a net margin of 9.71%.
Insider Transactions and Institutional Investor Activity
In related news, insider trading activity has indicated some shifts in ownership. Director Robert Manzo sold 6,000 shares of the stock on November 11 for an average price of $38.75, amounting to a total of $232,500. Following this sale, Manzo retains 32,583 shares valued at approximately $1,262,591.25, representing a 15.55% decrease in his ownership.
Another director, Lorin L. Brass, sold 2,500 shares on November 26 at an average price of $38.00, resulting in a transaction value of $95,000. Brass now holds 21,705 shares worth about $824,790, a decrease of 10.33% in ownership. In the last ninety days, company insiders have sold a total of 221,000 shares, valued at $8,417,775. Currently, corporate insiders hold 13.40% of the company’s stock.
In terms of institutional investment, several hedge funds have adjusted their positions in Bristow Group. Vanguard Group Inc. increased its stake by 4.8% in the third quarter, owning 1,984,961 shares valued at $71,617,000 after acquiring an additional 91,116 shares. Dimensional Fund Advisors LP also raised its holdings by 1.1%, owning 1,678,326 shares worth $60,555,000 following a purchase of 18,978 shares.
Other notable investors include Taconic Capital Advisors LP, which increased its stake by 6.4%, and Brown Advisory Inc., which boosted its holdings by 21.3%. American Century Companies Inc. also expanded its position by 11.2%. Overall, institutional investors now control 93.29% of Bristow Group’s stock.
Bristow Group operates as a global provider of helicopter services, primarily serving the offshore energy sector and search-and-rescue operations. The company plays a crucial role in transporting personnel and supplies to offshore oil and gas platforms, in addition to offering emergency response services. With a diverse fleet that includes medium- and heavy-lift helicopters, Bristow Group continues to support the energy industry in challenging environments worldwide.
