"And Peter answered Him and said, 'Lord, if it is You, command me to come to You on the water.' So He said, 'Come.' And when Peter had come down out of the boat, he walked on the water to go to Jesus. But when he saw that the wind was boisterous, he was afraid; and beginning to sink he cried out, saying, 'Lord, save me!' And immediately Jesus stretched out His hand and caught him and said to him, 'O you of little faith, why did you doubt?' And when they got into the boat, the wind ceased. Then those who were in the boat came and worshiped Him, saying, 'Truly You are the Son of God.'"
This incident is consistent with the character of Peter at this time in his life. He had a rash willingness to go into danger, yet he often lacked the steadfastness to endure it (e.g., 26:31-35,69-75). He surely believed that this was Jesus or he wouldn't have ever stepped out of the boat!
Jesus gave the command to "Come" and Peter obeyed. He was able to walk on the water like Jesus (here is miracle #3 in this context)! Today, Jesus' disciples need to see His power and be encouraged in order that they, like Peter, can do great things when they walk by faith and trust in His power (cf. II Cor. 5:7). Christians should depend upon God and free themselves from worry and anxiety. God will help His children through any trial and temptation if we trust Him fully.
"But when he saw that the wind was boisterous, he was afraid" (Matt. 14:30). Peter soon found himself in a more trying situation than he had anticipated. At that moment he was too far from the ship to grab hold of it for safety and too far from Jesus to reach out to Him. He allowed his fear for personal safety to overcome his faith. To have a victorious faith, one must overcome fear, one of Satan's many tools. If the devil can get us to take our eyes off Jesus (cf. Heb. 12:1,2) because of fear or any other reason, then we'll falter and drown before very long.
"And beginning to sink he cried out, saying, 'Lord, save me!" Peter was able to stand on the surface of the water by the power that came through faith in Jesus, but as soon as he became afraid, he began to sink. The only thing left for him to do was to cry out for help.
"And immediately Jesus stretched out His hand and caught him, and said to him, 'O you of little faith, why did you doubt?'" (Matt. 14:31). Although Jesus immediately helped, He also chastised Peter. Peter should not have doubted because Jesus was there. The One who performed all sorts of miracles would surely take care of Peter as he walked upon the water!
Miracle #4 is recorded in Matthew 14:32. The wind ceased as soon as Peter and Jesus got into the boat. John 6:21 records the fifth miracle - "Immediately the boat was at the land where they were going."
"Then those who were in the boat came and worshiped Him, saying, 'Truly You are the Son of God'" (Matt. 14:33). According to Mark 6:52, their hearts had been "hardened" previously in that they didn't respond with this sort of confession after the feeding of the 5000 (even though they should have!). But now, after seeing Him walk upon the water, calm the wind, and transport the ship to shore, they realize and freely confess His divinity. Had they fully understood Jesus' divinity earlier, they wouldn't have been surprised to see Him manipulate nature at will.
The chapter closes with the following words - "When they had crossed over, they came to the land of Gennesaret. And when the men of that place recognized Him, they sent out into all that surrounding region, brought to Him all who were sick, and begged Him that they might only touch the hem of His garment. And as many as touched it were made perfectly well" (Matt. 14:34-36).
Once Jesus was recognized, the word spread rapidly regarding His location and many were brought to Him for healing. Those who came to be healed were content to merely touch the hem of His garment in order to be miraculously cured. Evidently, the healing of the woman who had touched His garment had deeply impressed those in this region (cf. 9:20).