Bristow Group (BRS) Shares Down 23% on Disappointing Earnings

Bristow Group Inc (NYSE:BRS) dropped 23% on Friday following a weaker than expected earnings announcement. The company traded as low as $9.88 and last traded at $7.73. Approximately 116,033 shares traded hands during trading, a decline of 71% from the average daily volume of 402,211 shares. The stock had previously closed at $10.04.

The oil and gas company reported ($0.78) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.69) by ($0.09). Bristow Group had a negative return on equity of 6.36% and a negative net margin of 11.80%. The company had revenue of $334.70 million during the quarter, compared to analyst estimates of $349.80 million. During the same period in the prior year, the business earned ($0.88) earnings per share. Bristow Group’s quarterly revenue was down 6.5% on a year-over-year basis.

BRS has been the topic of several analyst reports. Zacks Investment Research lowered Bristow Group from a “hold” rating to a “sell” rating in a research report on Wednesday, August 8th. ValuEngine raised Bristow Group from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, September 4th. Finally, Credit Suisse Group dropped their target price on Bristow Group from $14.00 to $13.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 8th.

Institutional investors and hedge funds have recently modified their holdings of the company. Schwab Charles Investment Management Inc. increased its holdings in shares of Bristow Group by 5.6% during the second quarter. Schwab Charles Investment Management Inc. now owns 728,413 shares of the oil and gas company’s stock valued at $10,278,000 after purchasing an additional 38,906 shares during the period. BlackRock Inc. increased its holdings in shares of Bristow Group by 6.8% during the second quarter. BlackRock Inc. now owns 4,401,608 shares of the oil and gas company’s stock valued at $62,108,000 after purchasing an additional 279,167 shares during the period. Investec Asset Management LTD acquired a new position in shares of Bristow Group during the second quarter valued at $4,290,000. Trexquant Investment LP acquired a new position in shares of Bristow Group during the second quarter valued at $206,000. Finally, Piedmont Investment Advisors LLC acquired a new position in shares of Bristow Group during the second quarter valued at $106,000.

The firm has a market cap of $379.83 million, a P/E ratio of -3.62 and a beta of 2.63. The company has a quick ratio of 1.94, a current ratio of 2.32 and a debt-to-equity ratio of 1.25.

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About Bristow Group (NYSE:BRS)

Bristow Group Inc provides industrial aviation services to the offshore energy companies in Europe Caspian, Africa, the Americas, and the Asia Pacific. The company offers helicopter charter services to transport personnel between onshore bases and offshore production platforms, drilling rigs, and other installations, as well as to transport time-sensitive equipment to these offshore locations.

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